Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30true22022-07-01falseSupport activities for animal production4falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00376663 2022-07-01 2023-06-30 00376663 2021-07-01 2022-06-30 00376663 2023-06-30 00376663 2022-06-30 00376663 c:Director1 2022-07-01 2023-06-30 00376663 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 00376663 d:Buildings d:LongLeaseholdAssets 2023-06-30 00376663 d:Buildings d:LongLeaseholdAssets 2022-06-30 00376663 d:MotorVehicles 2022-07-01 2023-06-30 00376663 d:MotorVehicles 2023-06-30 00376663 d:MotorVehicles 2022-06-30 00376663 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00376663 d:FurnitureFittings 2022-07-01 2023-06-30 00376663 d:FurnitureFittings 2023-06-30 00376663 d:FurnitureFittings 2022-06-30 00376663 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00376663 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 00376663 d:OtherPropertyPlantEquipment 2023-06-30 00376663 d:OtherPropertyPlantEquipment 2022-06-30 00376663 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00376663 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00376663 d:PatentsTrademarksLicencesConcessionsSimilar 2022-07-01 2023-06-30 00376663 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 00376663 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 00376663 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-01 2023-06-30 00376663 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 00376663 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 00376663 d:CurrentFinancialInstruments 2023-06-30 00376663 d:CurrentFinancialInstruments 2022-06-30 00376663 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 00376663 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 00376663 d:ShareCapital 2023-06-30 00376663 d:ShareCapital 2022-06-30 00376663 d:CapitalRedemptionReserve 2023-06-30 00376663 d:CapitalRedemptionReserve 2022-06-30 00376663 d:RetainedEarningsAccumulatedLosses 2023-06-30 00376663 d:RetainedEarningsAccumulatedLosses 2022-06-30 00376663 c:FRS102 2022-07-01 2023-06-30 00376663 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 00376663 c:FullAccounts 2022-07-01 2023-06-30 00376663 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00376663 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 00376663










CLIVEDEN STUD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
CLIVEDEN STUD LIMITED
REGISTERED NUMBER: 00376663

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Biological assets
 4 
708,000
1,184,500

Tangible assets
 5 
36,744
38,764

  
744,744
1,223,264

Current assets
  

Debtors: amounts falling due within one year
 6 
625,622
259,512

Cash at bank and in hand
  
6,171
7,340

  
631,793
266,852

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(168,815)
(91,166)

Net current assets
  
 
 
462,978
 
 
175,686

Total assets less current liabilities
  
1,207,722
1,398,950

  

Net assets
  
1,207,722
1,398,950


Capital and reserves
  

Called up share capital 
  
332,800
332,800

Capital redemption reserve
  
15,205
15,205

Profit and loss account
  
859,717
1,050,945

  
1,207,722
1,398,950


Page 1

 
CLIVEDEN STUD LIMITED
REGISTERED NUMBER: 00376663

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P W Freedman
Director

Date: 4 November 2024

Page 2

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Cliveden Stud Limited is a private company limited by shares, domiciled in England and Wales, registration number 00376663.  
The registered office of Cliveden Stud Limited is 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB.
The principle place of business of Cliveden Stud Limited is Wergs Manor, Old Burghclere, Newbury, Berkshire, RG20 9NH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The nature of the business is that income and profitability is expected to fluctuate and the Directors expect to provide appropriate funding where required to enable the entity to continue to meet its liabilities as they fall due.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.3
Revenue (continued)


Page 4

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property
-
10%
Motor cars, plant & machinery
-
20%
Fixtures & fittings
-
20%
Other fixed assets
-
2%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Biological assets

Biological assets comprise thoroughbred broodmares, yearlings, foals and horses in training.  Broodmares, yearlings and horses in training are measured at fair value less costs to sell, where fair value is taken to be estimated market value.  Foals are measured at fair value less costs to sell where cost of nomination plus keep costs is considered to reasonably approximate to fair value due to the early stage of life.  Broodmares, yearlings and foals are considered to be one class of asset.  

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of
Page 5

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 6

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.12

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of change on the net obligation outstanding in each period. 

  
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees.A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seperate entity.Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due.Amounts not paid are shown in accruals as a liability in the Balance Sheet.The assets of the plan are held seperately from the Company in independently administrated funds.

 
2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 7

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Biological assets




Broodmares & youngstock
Horses in training
Total

£
£
£



Cost


At 1 July 2022
1,174,000
10,500
1,184,500


Disposals
(471,500)
-
(471,500)


Revaluation
(14,500)
9,500
(5,000)



At 30 June 2023

688,000
20,000
708,000






Net book value



At 30 June 2023
688,000
20,000
708,000



At 30 June 2022
1,174,000
10,500
1,184,500




5.


Tangible fixed assets





Improvements to property
Motor vehicles
Fixtures & fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
11,019
15,034
14,856
45,923
86,832



At 30 June 2023

11,019
15,034
14,856
45,923
86,832



Depreciation


At 1 July 2022
7,162
15,034
14,856
11,016
48,068


Charge for the year on owned assets
1,102
-
-
918
2,020



At 30 June 2023

8,264
15,034
14,856
11,934
50,088



Net book value



At 30 June 2023
2,755
-
-
33,989
36,744



At 30 June 2022
3,857
-
-
34,907
38,764

Page 8

 
CLIVEDEN STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Other debtors
468,372
161,046

Prepayments and accrued income
274
195

Section 455 tax
156,976
98,271

625,622
259,512


Included within other debtors is a loan to a director, amounting to £467,147 (2022: £151,718).
During the year the company made advances of £315,429 (2022: £98,600) to the Director, no repayments were made.
The loan is non-interest bearing and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
147

Trade creditors
23,588
53,141

Corporation tax
140,286
33,278

Accruals and deferred income
4,941
4,600

168,815
91,166



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £175 (2022: £2,100).  Included in creditors is a balance owed in relation to pension payments of £nil (2022: £nil).


9.


Related party transactions

At the year end a Director owed the company £467,147 (2022: £151,718).  
Cliveden Bloodstock Limited, a company controlled by P W Freedman, owns 5.5% of the share capital in Cliveden Stud Limited. The balance due from Cliveden Bloodstock Limited at 30 June 2023 was £818 (2022: £818).


10.


Controlling party

P W Freedman, a director of the company, is the controlling party of Cliveden Stud Limited.


Page 9