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COMPANY REGISTRATION NUMBER: 10095290
Montcastle Bloodstock Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Montcastle Bloodstock Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
705,000
1,230,000
Debtors
4
28,727
12,308
Cash at bank and in hand
987,766
352,979
------------
------------
1,721,493
1,595,287
Creditors: amounts falling due within one year
5
33,679
101,640
------------
------------
Net current assets
1,687,814
1,493,647
------------
------------
Total assets less current liabilities
1,687,814
1,493,647
------------
------------
Net assets
1,687,814
1,493,647
------------
------------
Capital and reserves
Called up share capital
1,425,000
1,425,000
Profit and loss account
262,814
68,647
------------
------------
Shareholders funds
1,687,814
1,493,647
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr G R Pooley
Director
Company registration number: 10095290
Montcastle Bloodstock Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lushington House, 119 High Street, Newmarket, Suffolk, CB8 9AE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover primarily comprises the fair value of the consideration received or receivable for the sale of horses, stallion income and prize money, in the ordinary course of the company's activities. Turnover in respect of horse sales is recognised upon the transfer of risk (generally when passport ownership transfers). Stallion income is recognised in line with the contractual agreement. Prize money is recognised in line with the actual date of when the race was entered. Turnover is shown net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stock comprises bloodstock held for the purposes of breeding and racing. Such assets are stated at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified the value of the stock is reduced and this reduction is reflected in the profit and loss account.
4. Debtors
2024
2023
£
£
Other debtors
28,727
12,308
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,786
39,519
Social security and other taxes
9,068
60,696
Other creditors
1,825
1,425
--------
---------
33,679
101,640
--------
---------
6. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023: nil).