11 false false false false false false false false false true false false false false false false No description of principal activity 2021-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 41,063 1,086 42,149 12,172 6,231 18,403 23,746 28,891 xbrli:pure xbrli:shares iso4217:GBP 11460253 2021-10-01 2022-09-30 11460253 2022-09-30 11460253 2021-09-30 11460253 2020-10-01 2021-09-30 11460253 2021-09-30 11460253 core:PlantMachinery 2021-10-01 2022-09-30 11460253 bus:Director2 2021-10-01 2022-09-30 11460253 core:PlantMachinery 2021-09-30 11460253 core:PlantMachinery 2022-09-30 11460253 core:WithinOneYear 2022-09-30 11460253 core:WithinOneYear 2021-09-30 11460253 core:ShareCapital 2022-09-30 11460253 core:ShareCapital 2021-09-30 11460253 core:RetainedEarningsAccumulatedLosses 2022-09-30 11460253 core:RetainedEarningsAccumulatedLosses 2021-09-30 11460253 core:PlantMachinery 2021-09-30 11460253 bus:SmallEntities 2021-10-01 2022-09-30 11460253 bus:AuditExemptWithAccountantsReport 2021-10-01 2022-09-30 11460253 bus:FullAccounts 2021-10-01 2022-09-30 11460253 bus:SmallCompaniesRegimeForAccounts 2021-10-01 2022-09-30 11460253 bus:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30
COMPANY REGISTRATION NUMBER: 11460253
Blue Diamond Stud Farm (UK) Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2022
Blue Diamond Stud Farm (UK) Limited
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
23,746
28,891
Current assets
Stocks
11,295,884
14,651,970
Debtors
6
890,315
455,478
Cash at bank and in hand
95,108
57,861
-------------
-------------
12,281,307
15,165,309
Creditors: amounts falling due within one year
7
27,002,334
24,466,891
-------------
-------------
Net current liabilities
14,721,027
9,301,582
-------------
------------
Total assets less current liabilities
( 14,697,281)
( 9,272,691)
-------------
------------
Net liabilities
( 14,697,281)
( 9,272,691)
-------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 14,697,282)
( 9,272,692)
-------------
------------
Shareholders deficit
( 14,697,281)
( 9,272,691)
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blue Diamond Stud Farm (UK) Limited
Statement of Financial Position (continued)
30 September 2022
These financial statements were approved by the board of directors and authorised for issue on 3 February 2024 , and are signed on behalf of the board by:
Mr I Al Sagar
Director
Company registration number: 11460253
Blue Diamond Stud Farm (UK) Limited
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10th Floor, 240 Blackfriars Road, London, SE1 8NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is financed by the directors, they have confirmed they intend to support the company for the foreseeable future. They believe the company is therefore a going concern.
Revenue recognition
Turnover primarily compromises the fair value of the consideration received or receivable for the sale of horses and provision of breeding services, in the ordinary course of the company's activities. Turnover in respect of horse sales is recognised upon the transfer of risk (generally when passport ownership transfers). Boarding income is recognised evenly through the period as invoiced (normally monthly). Breeding rights income is recognised in line with the contractual agreement. Prize money is is recognised on the race day. Turnover is shown net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Stocks
Stock comprises bloodstock held for the purposes of breeding, training and racing. Such assets are stated at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified the value of the stock is reduced and the reduction immediately charged in the profit and loss account.
Defined contribution plans
The company operates an auto-enrolment scheme for all employees. The assets of pension schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 11 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 October 2021
41,063
Additions
1,086
--------
At 30 September 2022
42,149
--------
Depreciation
At 1 October 2021
12,172
Charge for the year
6,231
--------
At 30 September 2022
18,403
--------
Carrying amount
At 30 September 2022
23,746
--------
At 30 September 2021
28,891
--------
6. Debtors
2022
2021
£
£
Trade debtors
380,356
422,950
Other debtors
509,959
32,528
---------
---------
890,315
455,478
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,314,659
343,646
Social security and other taxes
12,326
4,628
Other creditors
25,675,349
24,118,617
-------------
-------------
27,002,334
24,466,891
-------------
-------------