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REGISTERED NUMBER: 01663677 (England and Wales)
























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: Mr A P Brittain



SECRETARY: Mrs D S Brittain



REGISTERED OFFICE: Northgate Lodge
Northgate Lane
Warthill
York
YO19 5XR



REGISTERED NUMBER: 01663677 (England and Wales)



AUDITORS: Fortus Audit LLP
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA



BANKERS: HSBC
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 19,213 31,566

CURRENT ASSETS
Stocks 221,523 217,105
Debtors 5 43,094 21,034
Cash at bank and in hand 97,145 139,062
361,762 377,201
CREDITORS
Amounts falling due within one year 6 157,285 114,087
NET CURRENT ASSETS 204,477 263,114
TOTAL ASSETS LESS CURRENT LIABILITIES 223,690 294,680

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 7 10,174 10,174
Retained earnings 212,516 283,506
223,690 294,680

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

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 26 July 2024 and were signed by:





Mr A P Brittain - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 improvements10% On Cost
Plant and machinery 10% Reducing Balance
Fixtures, fittings & equipment20% Reducing Balance
Motor vehicles25% 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 9 (2022 - 9 ) .

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 106,270 220,923 327,193
Disposals - (49,703 ) (49,703 )
At 31 October 2023 106,270 171,220 277,490
DEPRECIATION
At 1 November 2022 85,015 210,612 295,627
Charge for year 10,627 1,352 11,979
Eliminated on disposal - (49,329 ) (49,329 )
At 31 October 2023 95,642 162,635 258,277
NET BOOK VALUE
At 31 October 2023 10,628 8,585 19,213
At 31 October 2022 21,255 10,311 31,566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,378 11,718
Other debtors 22,716 9,316
43,094 21,034

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 555 741
Trade creditors 88,224 52,567
Taxation and social security 3,988 3,730
Other creditors 64,518 57,049
157,285 114,087

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 10,174

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.

Frances Howard (Senior Statutory Auditor)
for and on behalf of Fortus Audit LLP