Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-01-01No description of principal activity43true47The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01274171 2023-01-01 2023-12-31 01274171 2022-01-01 2022-12-31 01274171 2023-12-31 01274171 2022-12-31 01274171 c:Director1 2023-01-01 2023-12-31 01274171 d:Buildings 2023-01-01 2023-12-31 01274171 d:Buildings 2023-12-31 01274171 d:Buildings 2022-12-31 01274171 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01274171 d:MotorVehicles 2023-01-01 2023-12-31 01274171 d:MotorVehicles 2023-12-31 01274171 d:MotorVehicles 2022-12-31 01274171 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01274171 d:FurnitureFittings 2023-01-01 2023-12-31 01274171 d:FurnitureFittings 2023-12-31 01274171 d:FurnitureFittings 2022-12-31 01274171 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01274171 d:OfficeEquipment 2023-01-01 2023-12-31 01274171 d:OfficeEquipment 2023-12-31 01274171 d:OfficeEquipment 2022-12-31 01274171 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01274171 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01274171 d:FreeholdInvestmentProperty 2023-12-31 01274171 d:FreeholdInvestmentProperty 2022-12-31 01274171 d:CurrentFinancialInstruments 2023-12-31 01274171 d:CurrentFinancialInstruments 2022-12-31 01274171 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01274171 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01274171 d:ShareCapital 2023-12-31 01274171 d:ShareCapital 2022-12-31 01274171 d:CapitalRedemptionReserve 2023-12-31 01274171 d:CapitalRedemptionReserve 2022-12-31 01274171 d:InvestmentPropertiesRevaluationReserve 2023-12-31 01274171 d:InvestmentPropertiesRevaluationReserve 2022-12-31 01274171 d:RetainedEarningsAccumulatedLosses 2023-12-31 01274171 d:RetainedEarningsAccumulatedLosses 2022-12-31 01274171 c:FRS102 2023-01-01 2023-12-31 01274171 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01274171 c:FullAccounts 2023-01-01 2023-12-31 01274171 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01274171 2 2023-01-01 2023-12-31 01274171 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01274171









MICHAEL STOUTE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MICHAEL STOUTE LIMITED
REGISTERED NUMBER: 01274171

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
302,368
315,262

Investments
 5 
443,623
478,106

Investment property
 6 
600,000
600,000

  
1,345,991
1,393,368

Current assets
  

Stocks
  
4,697
5,770

Debtors: amounts falling due within one year
 8 
312,222
339,001

Current asset investments
 9 
896,081
810,812

Cash at bank and in hand
 10 
4,649,557
4,605,727

  
5,862,557
5,761,310

Creditors: amounts falling due within one year
 11 
(417,953)
(514,689)

Net current assets
  
 
 
5,444,604
 
 
5,246,621

Total assets less current liabilities
  
6,790,595
6,639,989

Provisions for liabilities
  

Deferred tax
  
(99,071)
(105,900)

  
 
 
(99,071)
 
 
(105,900)

Net assets
  
6,691,524
6,534,089


Capital and reserves
  

Called up share capital 
  
250
250

Capital redemption reserve
  
250
250

Investment property reserve
  
376,589
408,292

Profit and loss account
  
6,314,435
6,125,297

  
6,691,524
6,534,089


Page 1

 
MICHAEL STOUTE LIMITED
REGISTERED NUMBER: 01274171
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Sir M. R. Stoute
Director

Date: 22 April 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Michael Stoute Limited is a private company limited by shares, incorporated in England on 20 August 1976 (registered number: 01274171). 
The registered office address of the company is Freemason Lodge, Bury Road, Newmarket, Suffolk, CB8 7BY. 
The principal activity of the company continued to be that of race horse training.
The financial statements are presented in Sterling, which is the functional currency of the company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of straight line and reducing balance methods as follows:.

Depreciation is provided on the following basis:

Freehold property
-
2.5% Straight Line
Motor vehicles
-
25% Reducing Balance
Fixtures, Fittings and stable equipments
-
20% Reducing Balance
Office equipment
-
20% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 7

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
1,441,805
1,632,763

Social security costs
135,844
148,695

Cost of defined contribution scheme
24,419
24,619

1,602,068
1,806,077


The average monthly number of employees, including directors, during the year was 43 (2022 - 47).


4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
473,471
182,928
356,101
69,097
1,081,597


Additions
-
-
-
414
414



At 31 December 2023

473,471
182,928
356,101
69,511
1,082,011



Depreciation


At 1 January 2023
192,925
173,976
334,336
65,097
766,334


Charge for the year on owned assets
5,918
2,238
4,353
800
13,309



At 31 December 2023

198,843
176,214
338,689
65,897
779,643



Net book value



At 31 December 2023
274,628
6,714
17,412
3,614
302,368



At 31 December 2022
280,546
8,952
21,764
4,000
315,262

Page 9

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
478,106


Amounts written off
(34,483)



At 31 December 2023
443,623





6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
600,000



At 31 December 2023
600,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
180,217
180,217

Accumulated depreciation and impairments
(55,877)
(55,877)

124,340
124,340


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,697
5,770

4,697
5,770


Page 10

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
306,409
329,643

Other debtors
43
1,091

Prepayments and accrued income
5,770
8,267

312,222
339,001



9.


Current asset investments

2023
2022
£
£

Listed investments
896,081
810,812

896,081
810,812



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,649,557
4,605,727

4,649,557
4,605,727



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
51,069
94,493

Corporation tax
67,227
114,169

Other taxation and social security
111,707
128,583

Other creditors
114,976
104,124

Accruals and deferred income
72,974
73,320

417,953
514,689


Page 11

 
MICHAEL STOUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,419 (2022 - £24,619).   Contributions totalling £5,209 (2022 - £5,352) were payable to the fund at the balance sheet date and are included within other creditors.


13.


Related party transactions

Included within the Creditors is an amount of £108,979 (2022 - £98,570) owed to Sir Michael R Stoute, the director of the company.

 
Page 12