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REGISTERED NUMBER: 08652307 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

A N Breeding Limited

A N Breeding Limited (Registered number: 08652307)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


A N Breeding Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J A Longem
A D Aanensen



REGISTERED OFFICE: Bennett House
The Dean
Alresford
Hampshire
SO24 9BH



REGISTERED NUMBER: 08652307 (England and Wales)



SENIOR STATUTORY AUDITOR: Mrs J M Butler FCA



AUDITORS: Butler & Co Audit Limited
Chartered Accountants and Registered Auditors
Bennett House
The Dean
Alresford
Hampshire
SO24 9BH

A N Breeding Limited (Registered number: 08652307)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 858 1,716
Tangible assets 5 444,805 167,799
445,663 169,515

CURRENT ASSETS
Stocks 6 3,010,577 1,865,176
Debtors 7 89,487 96,555
Cash at bank and in hand 138,845 329,450
3,238,909 2,291,181
CREDITORS
Amounts falling due within one year 8 120,724 53,444
NET CURRENT ASSETS 3,118,185 2,237,737
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,563,848

2,407,252

CREDITORS
Amounts falling due after more than one
year

9

7,076,313

5,055,307
NET LIABILITIES (3,512,465 ) (2,648,055 )

CAPITAL AND RESERVES
Called up share capital 10 4,450,010 4,450,010
Retained earnings (7,962,475 ) (7,098,065 )
SHAREHOLDERS' FUNDS (3,512,465 ) (2,648,055 )

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 Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





A D Aanensen - Director


A N Breeding Limited (Registered number: 08652307)

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

1. STATUTORY INFORMATION

A N Breeding 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The financial statements for the period ended 31 December 2023 have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of these financial statements, whereby funding remains in place to continue to operate the business and it is anticipated that there will be a general increase in incoming cashflows. On this basis, the directors believe that it is appropriate to prepare the accounts on a going concern basis.

The company is reliant on the support of the ultimate controlling party and loan facilities provided by Norconsult Telematics Holdings Ltd, a company registered in Cyprus; to enable A N Breeding Limited to meet its day to day financial obligations.

The directors have obtained confirmation from Norconsult Telematics Holdings Ltd that they will continue to support the company for at least twelve months beyond the approval date of these financial statements, and will not withdraw the loan facility provided if this would render the company unable to pay its liabilities as they fall due.

The directors are considering the re-structuring of the trading arrangements of the company going forward.

Revenue recognition
Turnover is measured at the fair value of consideration received or receivable for the sale of horses and prize money, excluding discounts, rebates, VAT and any other sales taxes arising.

Revenue is recognised on the raising of an invoice for goods and services. Prize money is recognised on the day of the equestrian competition when the final results have been confirmed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 10% reducing balance basis

Impairment of intangible and tangible fixed assets
At each reporting end date, the company reviews the carrying amounts of its intangible and tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks
The valuation of horses is stated at the market value less any costs relating to a sale.

A N Breeding Limited (Registered number: 08652307)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

A N Breeding Limited (Registered number: 08652307)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Business
Intellectual
Goodwill Property Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 8,583 5 8,588
AMORTISATION
At 1 January 2023 6,867 5 6,872
Amortisation for year 858 - 858
At 31 December 2023 7,725 5 7,730
NET BOOK VALUE
At 31 December 2023 858 - 858
At 31 December 2022 1,716 - 1,716

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 9,310 350,271 359,581
Additions 1,575 492,828 494,403
Disposals (3,168 ) (350,271 ) (353,439 )
At 31 December 2023 7,717 492,828 500,545
DEPRECIATION
At 1 January 2023 8,808 182,974 191,782
Charge for year 315 49,283 49,598
Eliminated on disposal (2,666 ) (182,974 ) (185,640 )
At 31 December 2023 6,457 49,283 55,740
NET BOOK VALUE
At 31 December 2023 1,260 443,545 444,805
At 31 December 2022 502 167,297 167,799

6. STOCKS
2023 2022
£    £   
Stallion stock 4,337 4,434
Broodmare stock 26,022 26,604
Youngstock stock 21,550 13,250
Sport horses stock 2,958,668 1,817,088
Breeding costs - 3,800
3,010,577 1,865,176

A professional and independent valuation of the horses is undertaken each year.

A N Breeding Limited (Registered number: 08652307)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Other debtors - 8,246
VAT 7,418 1,924
Prepayments 37,636 41,952
45,054 52,122

Amounts falling due after more than one year:
Other debtors 44,433 44,433

Aggregate amounts 89,487 96,555

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 110,329 35,877
Accrued expenses 10,395 17,567
120,724 53,444

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Norconsult Telematics Holdings
(Various loans) 4,242,100 2,372,769
Norconsult Telematics Holdings
(Working capital loan) 2,834,213 2,682,538
7,076,313 5,055,307

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,450,010 Ordinary £1 4,450,010 4,450,010

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs J M Butler FCA (Senior Statutory Auditor)
for and on behalf of Butler & Co Audit Limited

A N Breeding Limited (Registered number: 08652307)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. RELATED PARTY DISCLOSURES

During the year, the parent company of A N Breeding Limited provided further loans totalling £2,021,006 (2022 - £1,183,087) for commercial and continued trading purposes. These loans are made on an arm's length, market value basis, are subject to a commercial rate of interest of 0.5%. The balance outstanding at the year end of £7,076,313 (2022 - £5,055,307) are included within creditors due after more than one year.

The directors have obtained confirmation that these loan facilities will not be withdrawn and NTH will continue to support A N Breeding Limited for at least twelve months beyond the approval dare of these financial statements.

13. POST BALANCE SHEET EVENTS

The company model was to increase the value of the horses through show jumping as this is the most lucrative area. It was also aiming to have a rider at the very high profile Paris Olympics 2024. Whilst there were some very positive results the goals were not fully achieved. After the balance sheet date the directors are considering restructuring the business and possibly the commercial direction. All the plans to date have been approved by the ultimate holding Company and are currently ongoing

14. ULTIMATE CONTROLLING PARTY

The parent company for which group accounts are drawn up of which this company is a 100% subsidiary is Norconsult Telematics Holdings Limited, with its registered office at 5 Andrea Kalvou, P.O. Box 54650 CY-3726, Limassol, Cyprus.

The ultimate controlling party is Mr J Longem, the principle beneficial owner of Norconsult Telematics Holdings Limited.