REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Kingswood Stud Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
Second Floor |
Curzon House |
24 High Street |
Banstead |
Surrey |
SM7 2LJ |
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 |
CURRENT ASSETS |
Inventories | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Racehorses | - |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVENTORIES |
2024 | 2023 |
£ | £ |
Bloodstock - biological assets |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Social security and other taxes |
Deferred tax asset |
Tax losses available |
Prepayments and accrued income |
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 |
Amounts owed to related undertakings |
Directors' current accounts |
Accruals and deferred income |
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. |