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REGISTERED NUMBER: 11887742 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Kingswood Stud Limited

Kingswood Stud Limited (Registered number: 11887742)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Kingswood Stud Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Woodley
G R Woodley





REGISTERED OFFICE: Second Floor
Curzon House
24 High street
Banstead
Surrey
SM7 2LJ





REGISTERED NUMBER: 11887742 (England and Wales)





ACCOUNTANTS: Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Kingswood Stud Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingswood Stud Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kingswood Stud Limited, as a body, in accordance with the terms of our engagement letter dated 8 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Kingswood Stud Limited and state those matters that we have agreed to state to the Board of Directors of Kingswood Stud Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingswood Stud Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kingswood Stud Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kingswood Stud Limited. You consider that Kingswood Stud Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kingswood Stud Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ


30 August 2024

Kingswood Stud Limited (Registered number: 11887742)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 10,768 8,223
10,768 8,223

CURRENT ASSETS
Inventories 5 202,038 150,581
Debtors 6 37,496 28,696
Cash at bank 58,435 43,595
297,969 222,872
CREDITORS
Amounts falling due within one year 7 487,392 385,144
NET CURRENT LIABILITIES (189,423 ) (162,272 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(178,655

)

(154,049

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (178,755 ) (154,149 )
(178,655 ) (154,049 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kingswood Stud Limited (Registered number: 11887742)

Statement of Financial Position - continued
31 March 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





D Woodley - Director


Kingswood Stud Limited (Registered number: 11887742)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Kingswood Stud 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 preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The accounts have been prepared on a going concern basis as the company has been given the continued financial support of one of its directors. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Racehorses - Straight line over 9 years

Stocks
Broodmares are classified as biological assets. Bloodstock is valued individually under the cost model at the lower of cost or valuation at the balance sheet date.

Foals born are valued at their deemed cost of production being their nomination fee plus the costs to keep the mare for the year prior to birth. Foals are deemed to be harvested from biological assets at the date of birth and transfer into inventory at this date at their deemed cost. Uplifts in the value of stock in relation to the foals born are recognised in the statement of comprehensive income through profit on bloodstock.

At each reporting date, an estimate is made for impairment. Any excess of the carrying amount of biological assets over their estimated selling price less costs to sell is recognised as an impairment loss in the statement of comprehensive income. Reversals of impairment losses are also recognised in the statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Kingswood Stud Limited (Registered number: 11887742)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Racehorses
£   
COST
At 1 April 2023 12,000
Additions 11,182
Disposals (12,000 )
At 31 March 2024 11,182
DEPRECIATION
At 1 April 2023 3,777
Charge for year 414
Eliminated on disposal (3,777 )
At 31 March 2024 414
NET BOOK VALUE
At 31 March 2024 10,768
At 31 March 2023 8,223

5. INVENTORIES
2024 2023
£    £   
Bloodstock - biological assets 202,038 150,581

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Social security and other taxes 4,885 2,053
Deferred tax asset
Tax losses available 27,449 23,961
Prepayments and accrued income 5,162 2,682
37,496 28,696

Kingswood Stud Limited (Registered number: 11887742)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,387 2,226
Amounts owed to related undertakings 460,500 360,500
Directors' current accounts 18,605 18,810
Accruals and deferred income 1,900 3,608
487,392 385,144

8. RELATED PARTY DISCLOSURES

Mr G Woodley and Mrs D Woodley, who are directors of the company, are also directors of Request Services Limited. At the balance sheet date the company owed Request Services Limited £460,500 (2023:£360,500). The loan is repayable on demand.

At the balance sheet date, the amounts outstanding were as follows:

2024 2023
Due from Due to Due from Due to
£ £ £ £

Request Services Ltd - 460,500 - 360,500

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.