Company Registration No. 00714379 (England and Wales)
BURTON AGNES STUD COMPANY LIMITED(THE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
BURTON AGNES STUD COMPANY LIMITED(THE)
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BURTON AGNES STUD COMPANY LIMITED(THE)
COMPANY INFORMATION
- 1 -
Directors
Mrs O C Cunliffe-Lister
Mr S C Cunliffe-Lister
Secretary
Mr S C Cunliffe-Lister
Company number
00714379
Registered office
The Estate Office
Burton Agnes
Driffield
Yorks
YO25 4NB
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
BURTON AGNES STUD COMPANY LIMITED(THE)
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,604,385
1,754,320
Current assets
Stocks
787,115
887,725
Debtors
4
6,437,220
6,220,544
Cash at bank and in hand
548,546
638,038
7,772,881
7,746,307
Creditors: amounts falling due within one year
5
(1,560,489)
(1,541,461)
Net current assets
6,212,392
6,204,846
Total assets less current liabilities
7,816,777
7,959,166
Creditors: amounts falling due after more than one year
6
(1,360,180)
(1,594,415)
Provisions for liabilities
(217,468)
(254,431)
Net assets
6,239,129
6,110,320
Capital and reserves
Called up share capital
77,001
77,001
Share premium account
68,000
68,000
Profit and loss reserves
6,094,128
5,965,319
Total equity
6,239,129
6,110,320
BURTON AGNES STUD COMPANY LIMITED(THE)
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2024
05 April 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr S C Cunliffe-Lister
Director
Company Registration No. 00714379
BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
1
Accounting policies
Company information

Burton Agnes Stud Company Limited(the) is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Burton Agnes, Driffield, Yorks, YO25 4NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
10% straight line
Plant and equipment
5% to 16.67% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
20
3
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 6 April 2023
719,753
418,614
2,811,696
39,795
3,989,858
Additions
-
0
-
0
76,119
-
0
76,119
Disposals
-
0
-
0
(34,909)
-
0
(34,909)
At 5 April 2024
719,753
418,614
2,852,906
39,795
4,031,068
Depreciation and impairment
At 6 April 2023
-
0
417,475
1,794,018
24,045
2,235,538
Depreciation charged in the year
-
0
1,139
201,328
7,875
210,342
Eliminated in respect of disposals
-
0
-
0
(19,197)
-
0
(19,197)
At 5 April 2024
-
0
418,614
1,976,149
31,920
2,426,683
Carrying amount
At 5 April 2024
719,753
-
0
876,757
7,875
1,604,385
At 5 April 2023
719,753
1,139
1,017,678
15,750
1,754,320
BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
586,430
659,536
Other debtors
613,040
316,822
Prepayments and accrued income
653,558
597,494
1,853,028
1,573,852
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
4,584,192
4,646,692
Total debtors
6,437,220
6,220,544
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
175,000
175,000
Obligations under finance leases
65,071
138,589
Trade creditors
87,839
96,709
Corporation tax
149,265
223,874
Other taxation and social security
-
0
8,069
Other creditors
1,066,231
859,231
Accruals and deferred income
17,083
39,989
1,560,489
1,541,461
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,360,180
1,529,344
Obligations under finance leases
-
0
65,071
1,360,180
1,594,415
BURTON AGNES STUD COMPANY LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

HSBC Bank PLC loan is denominated in Sterling with interest rate as follows:

2.78% from 1 February 2017 and 1.5% above base rate from 1 February 2027.

The final instalment is due on 1 February 2032. The carrying amount at year end is £1,535,180 (2023 - £1,704,344).

HSBC Bank PLC holds a fixed charge and negative pledge over all the assets of the Company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
660,180
829,344
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