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Registration number: 00872944

New England Stud Farm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

New England Stud Farm Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

New England Stud Farm Limited

(Registration number: 00872944)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,183,941

2,222,382

Other financial assets

5

50,457

50,457

 

2,234,398

2,272,839

Current assets

 

Stocks

6

1,780,526

1,708,996

Debtors

7

384,419

906,690

Cash at bank and in hand

 

23,123

10,609

 

2,188,068

2,626,295

Creditors: Amounts falling due within one year

8

(830,892)

(1,428,136)

Net current assets

 

1,357,176

1,198,159

Total assets less current liabilities

 

3,591,574

3,470,998

Provisions for liabilities

(7,428)

(5,768)

Net assets

 

3,584,146

3,465,230

Capital and reserves

 

Called up share capital

68,000

68,000

Retained earnings

3,516,146

3,397,230

Shareholders' funds

 

3,584,146

3,465,230

 

New England Stud Farm Limited

(Registration number: 00872944)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 11 April 2024 and signed on its behalf by:
 

.........................................
AWA Spiegelberg
Company secretary and director

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of bloodstock sales, keep fees and recharged expenses, farm income and other income from sales made during the year. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 tax payable and deferred tax.

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.

 

New England Stud Farm Limited

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

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

Property improvements

5% reducing balance

Plant and machinery

10%/25% reducing balance

Fixtures and fittings

25 % reducing balance

Motor vehicles

25 % reducing balance

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.

Debtors

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

Stocks

Bloodstock comprises broodmares, yearlings, foals and horses in training which are included at the lower of cost and valuation.

The cost of homebred foals is determined as the cost of the nomination of the stallion utlilised.

Stallion syndicate shares are valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

New England Stud Farm Limited

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

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 25 (2022 - 26).

 

New England Stud Farm Limited

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

4

Tangible assets

Property Improvements
£

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

3,109,460

203,292

18,296

302,960

132,645

3,766,653

Additions

59,575

-

2,429

5,471

22,500

89,975

Disposals

-

-

-

-

(55,655)

(55,655)

At 31 December 2023

3,169,035

203,292

20,725

308,431

99,490

3,800,973

Depreciation

At 1 January 2023

1,205,373

-

17,060

225,501

96,337

1,544,271

Charge for the year

97,502

-

600

13,777

10,965

122,844

Eliminated on disposal

-

-

-

-

(50,083)

(50,083)

At 31 December 2023

1,302,875

-

17,660

239,278

57,219

1,617,032

Carrying amount

At 31 December 2023

1,866,160

203,292

3,065

69,153

42,271

2,183,941

At 31 December 2022

1,904,087

203,292

1,236

77,459

36,308

2,222,382

 

New England Stud Farm Limited

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

5

Other financial assets (current and non-current)

Listed investments
£

Unlisted investments
£

Total
£

Fixed asset investments

Cost or valuation

At 1 January 2023

29,702

20,755

50,457

At 31 December 2023

29,702

20,755

50,457

Impairment

Carrying amount

At 31 December 2023

29,702

20,755

50,457

6

Stocks

2023
£

2022
£

Youngstock

385,992

332,770

Stallion Syndicate shares

392,586

272,643

Horses in training

33,731

47,653

Broodmares

942,217

1,029,930

Feedstuffs and consumable stores

26,000

26,000

1,780,526

1,708,996

7

Debtors

Current

2023
£

2022
£

Trade debtors

328,512

571,470

Prepayments

14,107

16,327

Other debtors

41,800

318,893

 

384,419

906,690

 

New England Stud Farm Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

633,308

1,066,059

Trade creditors

5,082

831

Taxation and social security

186,502

307,970

Other creditors

6,000

53,276

830,892

1,428,136

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

133,308

166,059

Other borrowings

500,000

900,000

633,308

1,066,059