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Registration number: 06909495

Hillwood Bloodstock Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Hillwood Bloodstock Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hillwood Bloodstock Limited

Company Information

Directors

Mr Charles Stewart Cliffe Vigors

Mrs Tracy Vigors

Company secretary

Mrs Tracy Vigors

Registered office

Hillwood Stud
Stock Lane
Aldbourne
Marlborough
Wiltshire
SN8 2NU

Accountants

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

 

Hillwood Bloodstock Limited

(Registration number: 06909495)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

281,791

272,862

Current assets

 

Stocks

5

258,154

241,681

Debtors

6

128,466

124,253

Cash at bank and in hand

 

486

7,661

 

387,106

373,595

Creditors: Amounts falling due within one year

7

(371,075)

(377,159)

Net current assets/(liabilities)

 

16,031

(3,564)

Total assets less current liabilities

 

297,822

269,298

Creditors: Amounts falling due after more than one year

7

(57,458)

(113,944)

Provisions for liabilities

(28,858)

(20,877)

Net assets

 

211,506

134,477

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

211,406

134,377

Shareholders' funds

 

211,506

134,477

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

 

Hillwood Bloodstock Limited

(Registration number: 06909495)
Balance Sheet as at 31 July 2023 (continued)

.........................................
Mr Charles Stewart Cliffe Vigors
Director

 

Hillwood Bloodstock 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:
Hillwood Stud
Stock Lane
Aldbourne
Marlborough
Wiltshire
SN8 2NU

These financial statements were authorised for issue by the Board on 16 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Hillwood Bloodstock Limited

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

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

15% on reducing balance

Improvements to property

10% straight line

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.

 

Hillwood Bloodstock Limited

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hillwood Bloodstock Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Hillwood Bloodstock Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

285,775

268,901

150,720

705,396

Additions

30,515

28,436

-

58,951

At 31 July 2023

316,290

297,337

150,720

764,347

Depreciation

At 1 August 2022

133,906

190,367

108,261

432,534

Charge for the year

23,364

16,044

10,614

50,022

At 31 July 2023

157,270

206,411

118,875

482,556

Carrying amount

At 31 July 2023

159,020

90,926

31,845

281,791

At 31 July 2022

151,869

78,534

42,459

272,862

Included within the net book value of land and buildings above is £159,019 (2022 - £151,869) in respect of long leasehold land and buildings.
 

 

Hillwood Bloodstock Limited

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

5

Stocks

2023
£

2022
£

Raw materials and consumables

2,500

2,500

Other inventories

255,654

239,181

258,154

241,681

6

Debtors

Current

2023
£

2022
£

Trade debtors

127,887

123,674

Prepayments

382

382

Other debtors

197

197

 

128,466

124,253

 

Hillwood Bloodstock Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

52,456

65,066

Trade creditors

 

132,232

138,104

Taxation and social security

 

68,542

41,725

Accruals and deferred income

 

52,395

52,395

Other creditors

 

65,450

79,869

 

371,075

377,159

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

57,458

113,944

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Hillwood Bloodstock Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

36,052

65,566

Hire purchase contracts

21,406

48,378

57,458

113,944

Current loans and borrowings

2023
£

2022
£

Bank borrowings

29,514

29,515

Bank overdrafts

17,368

23,977

Hire purchase contracts

5,574

11,574

52,456

65,066