Mike Channon Bloodstock Limited 01122298 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the training and breeding of racehorses. Digita Accounts Production Advanced 6.30.9574.0 true 01122298 2023-01-01 2023-12-31 01122298 2023-12-31 01122298 bus:Director1 1 2023-12-31 01122298 core:CurrentFinancialInstruments 2023-12-31 01122298 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01122298 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 01122298 core:MotorVehicles 2023-12-31 01122298 core:PlantMachinery 2023-12-31 01122298 bus:SmallEntities 2023-01-01 2023-12-31 01122298 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01122298 bus:FilletedAccounts 2023-01-01 2023-12-31 01122298 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01122298 bus:RegisteredOffice 2023-01-01 2023-12-31 01122298 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 01122298 bus:Director1 2023-01-01 2023-12-31 01122298 bus:Director1 1 2023-01-01 2023-12-31 01122298 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01122298 core:Buildings 2023-01-01 2023-12-31 01122298 core:Land 2023-01-01 2023-12-31 01122298 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01122298 core:MotorVehicles 2023-01-01 2023-12-31 01122298 core:PlantMachinery 2023-01-01 2023-12-31 01122298 core:OtherRelatedParties 2023-01-01 2023-12-31 01122298 countries:EnglandWales 2023-01-01 2023-12-31 01122298 2022-12-31 01122298 bus:Director1 1 2022-12-31 01122298 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01122298 core:MotorVehicles 2022-12-31 01122298 core:PlantMachinery 2022-12-31 01122298 2022-01-01 2022-12-31 01122298 2022-12-31 01122298 bus:Director1 1 2022-12-31 01122298 core:CurrentFinancialInstruments 2022-12-31 01122298 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01122298 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01122298 core:MotorVehicles 2022-12-31 01122298 core:PlantMachinery 2022-12-31 01122298 bus:Director1 1 2022-01-01 2022-12-31 01122298 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 01122298

Mike Channon Bloodstock Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mike Channon Bloodstock Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mike Channon Bloodstock Limited

(Registration number: 01122298)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,922,690

1,932,657

Current assets

 

Stocks

5

376,304

625,313

Debtors

6

332,678

3,963,223

Cash at bank and in hand

 

222,549

148,426

 

931,531

4,736,962

Creditors: Amounts falling due within one year

7

(482,021)

(2,930,018)

Net current assets

 

449,510

1,806,944

Net assets

 

2,372,200

3,739,601

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,372,100

3,739,501

Shareholders' funds

 

2,372,200

3,739,601

 

Mike Channon Bloodstock Limited

(Registration number: 01122298)
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 25 September 2024 and signed on its behalf by:
 

.........................................
G H Hedley
Company secretary and director

 

Mike Channon Bloodstock 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:
West Ilsley Stables
West Ilsley
Newbury
Berkshire
RG20 7AE
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 for the provision of thoroughbred racehorse training services and the sale of bloodstock in the ordinary course of the company’s activities. 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.

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

Freehold Buildings

2% straight line & 2% reducing balance

 

Mike Channon Bloodstock Limited

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

Long Term Leasehold Property

Straight line over 108 years

Plant & machinery

20% straight line

Motor vehicles

25% straight line

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 merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 30).

 

Mike Channon Bloodstock Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,641,350

389,975

161,609

3,192,934

Additions

-

26,744

-

26,744

Disposals

-

(2,550)

(147,109)

(149,659)

At 31 December 2023

2,641,350

414,169

14,500

3,070,019

Depreciation

At 1 January 2023

726,579

382,963

150,735

1,260,277

Charge for the year

24,884

6,290

3,625

34,799

Eliminated on disposal

-

(638)

(147,109)

(147,747)

At 31 December 2023

751,463

388,615

7,251

1,147,329

Carrying amount

At 31 December 2023

1,889,887

25,554

7,249

1,922,690

At 31 December 2022

1,914,771

7,012

10,874

1,932,657

Included within the net book value of land and buildings above is £1,889,887 (2022 - £1,914,771) in respect of freehold land and buildings.
 

 

Mike Channon Bloodstock Limited

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

5

Stocks

2023
£

2022
£

Bloodstock

369,738

617,707

Consumables

6,566

7,606

376,304

625,313

6

Debtors

2023
£

2022
£

Trade debtors

174,215

2,161,566

Prepayments

36,450

49,779

Other debtors

122,013

1,751,878

332,678

3,963,223

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

425

98,210

Trade creditors

 

35,643

1,260,156

Taxation and social security

 

3,616

29,658

Other creditors

 

442,337

1,541,994

 

482,021

2,930,018

 

Mike Channon Bloodstock Limited

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

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

425

98,210

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

M R Channon

Directors loan account

1,192,524

91,423

(1,437,000)

(153,053)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

M R Channon

Directors loan account

(161,796)

1,465,005

(110,685)

1,192,524

Other transactions with directors

During the year the directors had loan accounts with the company on which interest has been charged at the HMRC official rate. At the balance sheet date the aggregated amount due to/(from) the directors was £153,053 (2022: (£1,192,524)).

Summary of transactions with other related parties

During the year, income of £nil (2022: £14,512) was received from Insignia Racing Limited in respect of horses sold and the provision of hospitality. Included in trade debtors at the year end is £nil (2022: £598) due from Insignia Racing Limited. M J Channon and G H Hedley are both directors and shareholders of Insignia Racing Limited.