Floors Stud Limited 12972878 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the commercial breeding of thoroughbred horses. Digita Accounts Production Advanced 6.30.9574.0 true 12972878 2023-01-01 2023-12-31 12972878 2023-12-31 12972878 bus:Director1 1 2023-12-31 12972878 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 12972878 core:CurrentFinancialInstruments 2023-12-31 12972878 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12972878 core:PlantMachinery 2023-12-31 12972878 bus:SmallEntities 2023-01-01 2023-12-31 12972878 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12972878 bus:FullAccounts 2023-01-01 2023-12-31 12972878 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12972878 bus:RegisteredOffice 2023-01-01 2023-12-31 12972878 bus:Director1 2023-01-01 2023-12-31 12972878 bus:Director1 1 2023-01-01 2023-12-31 12972878 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12972878 core:PlantMachinery 2023-01-01 2023-12-31 12972878 countries:EnglandWales 2023-01-01 2023-12-31 12972878 2022-12-31 12972878 bus:Director1 1 2022-12-31 12972878 core:PlantMachinery 2022-12-31 12972878 2022-01-01 2022-12-31 12972878 2022-12-31 12972878 bus:Director1 1 2022-12-31 12972878 core:CurrentFinancialInstruments 2022-12-31 12972878 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12972878 core:PlantMachinery 2022-12-31 12972878 bus:Director1 1 2022-01-01 2022-12-31 12972878 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 12972878

Floors Stud Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Floors Stud Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Floors Stud Limited

(Registration number: 12972878)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

487

649

Other financial assets

5

2,768,288

1,889,349

 

2,768,775

1,889,998

Current assets

 

Stocks

6

1,803,600

2,246,300

Debtors

7

74,437

19,631

Cash at bank and in hand

 

1,208,411

1,079,919

 

3,086,448

3,345,850

Creditors: Amounts falling due within one year

8

(6,253,095)

(5,424,047)

Net current liabilities

 

(3,166,647)

(2,078,197)

Total assets less current liabilities

 

(397,872)

(188,199)

Provisions for liabilities

(122)

(162)

Net liabilities

 

(397,994)

(188,361)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(398,094)

(188,461)

Shareholders' deficit

 

(397,994)

(188,361)

 

Floors Stud Limited

(Registration number: 12972878)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Virginia Duchess of Roxburghe
Director

 

Floors Stud Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of bloodstock sales,
keep fees and recharged expenses made during the year. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Floors Stud Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for bloodstock sold, keep fees and expenses recharged in the ordinary course of business.

Bloodstock

Bloodstock is stated at the lower of cost and market value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Floors Stud Limited

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

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,155

1,155

At 31 December 2023

1,155

1,155

Depreciation

At 1 January 2023

506

506

Charge for the year

162

162

At 31 December 2023

668

668

Carrying amount

At 31 December 2023

487

487

At 31 December 2022

649

649

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

1,889,349

1,889,349

Cash invested into fund (net)

1,130,000

1,130,000

Income received into fund net of fees

42,581

42,581

Loss on disposal of investments

(83,585)

(83,585)

Fair value adjustments

(210,057)

(210,057)

At 31 December 2023

2,768,288

2,768,288

Impairment

Carrying amount

At 31 December 2023

2,768,288

2,768,288

 

Floors Stud Limited

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

6

Stocks

2023
£

2022
£

Breeding stock

1,503,600

1,946,300

Horses in training

300,000

300,000

1,803,600

2,246,300

7

Debtors

2023
£

2022
£

Trade debtors

32,974

-

Prepayments

33,990

16,306

Other debtors

7,473

3,325

74,437

19,631

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

861,239

21,896

Taxation and social security

43,270

39,407

Other creditors

5,348,586

5,362,744

6,253,095

5,424,047

 

Floors Stud Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Virginia Duchess of Roxburghe

Directors loan account

(5,362,743)

20,000

(843)

(5,343,586)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Virginia Duchess of Roxburghe

Directors loan account

(5,368,226)

6,358

(875)

(5,362,743)