REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
NORTHGATE LODGE STUD LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
NORTHGATE LODGE STUD LIMITED |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NORTHGATE LODGE STUD LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 October 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Equinox House |
Clifton Park, Shipton Road |
York |
Yorkshire |
YO30 5PA |
BANKERS: |
13 Parliament Street |
York |
YO1 8XS |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Northgate Lodge Stud Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £1. |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures; |
- Section 33 ‘Related Party Disclosures’ : Compensation for key management personnel . |
The financial statements of the company are consolidated in the financial statements of M.Brittain (York) Limited. These consolidated financial statements are available from its registered office, Northgate Lodge, Northgate Lane, Warthill, York YO19 5XR. |
Judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the director is required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover represents amounts receivable for the keep, training and racing of thoroughbred horses, net of VAT. |
Tangible fixed assets |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Leasehold property and improvements | 10% On Cost |
Plant and machinery | 10% Reducing Balance |
Fixtures, fittings & equipment | 20% Reducing Balance |
Motor vehicles | 25% Reducing Balance |
Gains or losses arising on the disposal of an asset are determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss account . |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Thoroughbred horses are stated at the lower of cost and estimated selling price less costs to sell. At each reporting date, an assessment is made for impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The company meets its day to day working capital requirements through the support of the parent |
company, along with a group overdraft facility which is repayable on demand. |
The support of Lloyds bank and the parent company is continuing, and the director considers that the company will continue to operate within the current group borrowing facility. The current facility is due for renewal on 30 November 2024, when the company's bankers are due to consider renewing the group facility for a further year. The director is confident the group borrowing facility will be renewed on similar terms. |
On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
On 31 July 2008 an Omnibus Guarantee and Set-Off Agreement (OGSA) was created to secure all monies and liabilities then due or which might thereafter become due to the bank on any account whatsoever, from either the company or M Brittain (York) Limited (the parent company). |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
and 31 October 2023 |
NORTHGATE LODGE STUD LIMITED (REGISTERED NUMBER: 01663677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |