REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
A N Breeding Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Mrs J M Butler FCA |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
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 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stallion stock |
Broodmare stock |
Youngstock stock | 21,550 | 13,250 |
Sport horses stock |
Breeding costs | - | 3,800 |
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 |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Accrued expenses |
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 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |
for and on behalf of |
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. |