Normandie Stud Limited 03402590 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is continued to be that of breeding and training horses which are kept at third party stables. Digita Accounts Production Advanced 6.30.9574.0 true true 03402590 2022-08-01 2023-07-31 03402590 2023-07-31 03402590 core:CurrentFinancialInstruments 2023-07-31 03402590 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03402590 bus:SmallEntities 2022-08-01 2023-07-31 03402590 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03402590 bus:FullAccounts 2022-08-01 2023-07-31 03402590 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03402590 bus:RegisteredOffice 2022-08-01 2023-07-31 03402590 bus:Director2 2022-08-01 2023-07-31 03402590 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03402590 countries:EnglandWales 2022-08-01 2023-07-31 03402590 2021-08-01 2022-07-31 03402590 2022-07-31 03402590 core:CurrentFinancialInstruments 2022-07-31 03402590 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 03402590

Normandie Stud Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Normandie Stud Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Normandie Stud Limited

(Registration number: 03402590)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

3,275,000

6,398,000

Debtors

5

94,244

65,478

Cash at bank and in hand

 

4,089,667

245,143

 

7,458,911

6,708,621

Creditors: Amounts falling due within one year

6

(17,885,210)

(19,640,976)

Net liabilities

 

(10,426,299)

(12,932,355)

Capital and reserves

 

Called up share capital

7

2,500,000

2,500,000

Profit and loss account

(12,926,299)

(15,432,355)

Shareholders' deficit

 

(10,426,299)

(12,932,355)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 March 2024
 

.........................................
P J Cooper
Director

 

Normandie Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the director on 1 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis that is dependent on the continued financial support of connected persons.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Normandie Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Bloodstock is valued individually by the director at current market value.

The accounting treatment described represents a departure from the normal statutory requirements,
in that unrealised gains may be reflected in the profit and loss account, with a consequent increase
above cost in the carrying value of some stocks.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Normandie Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Stocks

2023
£

2022
£

Other inventories

3,275,000

6,398,000

5

Debtors

Current

2023
£

2022
£

Trade debtors

73,941

29,214

Prepayments

20,303

-

Other debtors

-

36,264

 

94,244

65,478

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

79,321

97,902

Taxation and social security

330,837

-

Accruals and deferred income

7,590

7,590

Other creditors

17,467,462

19,535,484

17,885,210

19,640,976

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2,500,000

2,500,000

2,500,000

2,500,000

         

8

Related party transactions

Included within other creditors is the total amount of £17,467,463 (2022: £19,535,484) due to connected persons. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.