Company Registration No. 09551305 (England and Wales)
L&M Breeding Ltd
Unaudited accounts
for the year ended 30 April 2024
L&M Breeding Ltd
Unaudited accounts
Contents
L&M Breeding Ltd
Company Information
for the year ended 30 April 2024
Company Number
09551305 (England and Wales)
Registered Office
83 Lovibonds Avenue
Orpington
Kent
BR6 8EP
England
Accountants
Alison Austin FCA BFP
Home Farm House
St. Leonard's Forest
Horsham
West Sussex
RH13 6PH
L&M Breeding Ltd
Statement of financial position
as at 30 April 2024
Intangible assets
-
58,663
Tangible assets
2,065
3,612
Inventories
172,925
115,120
Cash at bank and in hand
1,815
8,448
Creditors: amounts falling due within one year
(665,040)
(555,332)
Net current liabilities
(488,820)
(404,412)
Net liabilities
(486,755)
(342,137)
Called up share capital
1
1
Profit and loss account
(486,756)
(342,138)
Shareholders' funds
(486,755)
(342,137)
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 October 2024 and were signed on its behalf by
Jason Miller
Director
Company Registration No. 09551305
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2024
L&M Breeding Ltd is a private company, limited by shares, registered in England and Wales, registration number 09551305. The registered office is 83 Lovibonds Avenue, Orpington, Kent, BR6 8EP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets - cloning project
Intangible fixed assets are included at cost. If the project is successful, the costs are transferred to the stock value of the foal or foals. If not, the project costs are written off to the profit and loss account.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Stock is valued at the lower of cost and net realisable value (expected selling price less anticipated costs of sale).
Mares , stallions and foals are valued at acquisition price if purchased from a third party. Where the horse has been bred and reared in-house from foal, the cost included are the costs of rearing and keeping the horse until it is three.
Where there is a nomination fee or semen purchased, these will be held as a separate stock item until the outcome of the breeding is known. If successful, these costs are transferred to the foal produced. If not, they are written off the profit and loss account.
If appropriate, stallions will be depreciated over 10 years.
The stock values are reviewed on an annual basis and written down if the cost recorded is higher than the estimated net realisable value.
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2024
4
Intangible fixed assets
Other
During the year, the costs of the cloning project were transferred to the stock value of the foal successfully produced.
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2023
25,000
7,733
32,733
At 30 April 2024
25,000
7,733
32,733
At 1 May 2023
25,000
4,121
29,121
Charge for the year
-
1,547
1,547
At 30 April 2024
25,000
5,668
30,668
At 30 April 2024
-
2,065
2,065
At 30 April 2023
-
3,612
3,612
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Other creditors
116,965
7,267
Loans from directors
547,715
547,715
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2024
8
Transactions with related parties
During the year L&M Breeding Ltd received an interest-free loan from Jamcap Limited, a company owned by the same shareholder. Last year L&M Breeding Ltd provided a similar loan to Jamcap Limited. At the balance sheet date an amount of £116,965 was owed to Jamcap Limited (2023: £21,710 owed by Jamcap Limited).
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).