Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3128642023-04-0113falsefalse12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09801885 2023-04-01 2024-03-31 09801885 2022-04-01 2023-03-31 09801885 2024-03-31 09801885 2023-03-31 09801885 c:Director1 2023-04-01 2024-03-31 09801885 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 09801885 d:Buildings d:LongLeaseholdAssets 2024-03-31 09801885 d:Buildings d:LongLeaseholdAssets 2023-03-31 09801885 d:LandBuildings 2024-03-31 09801885 d:LandBuildings 2023-03-31 09801885 d:PlantMachinery 2023-04-01 2024-03-31 09801885 d:PlantMachinery 2024-03-31 09801885 d:PlantMachinery 2023-03-31 09801885 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09801885 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09801885 d:MotorVehicles 2023-04-01 2024-03-31 09801885 d:MotorVehicles 2024-03-31 09801885 d:MotorVehicles 2023-03-31 09801885 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09801885 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09801885 d:FurnitureFittings 2023-04-01 2024-03-31 09801885 d:FurnitureFittings 2024-03-31 09801885 d:FurnitureFittings 2023-03-31 09801885 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09801885 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09801885 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09801885 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09801885 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 09801885 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 09801885 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 09801885 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 09801885 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 09801885 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 09801885 d:Goodwill 2023-04-01 2024-03-31 09801885 d:Goodwill 2024-03-31 09801885 d:Goodwill 2023-03-31 09801885 d:CurrentFinancialInstruments 2024-03-31 09801885 d:CurrentFinancialInstruments 2023-03-31 09801885 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09801885 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09801885 d:ShareCapital 2024-03-31 09801885 d:ShareCapital 2023-03-31 09801885 d:SharePremium 2024-03-31 09801885 d:SharePremium 2023-03-31 09801885 d:RevaluationReserve 2024-03-31 09801885 d:RevaluationReserve 2023-03-31 09801885 d:RetainedEarningsAccumulatedLosses 2024-03-31 09801885 d:RetainedEarningsAccumulatedLosses 2023-03-31 09801885 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09801885 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09801885 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 09801885 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 09801885 d:OtherDeferredTax 2024-03-31 09801885 d:OtherDeferredTax 2023-03-31 09801885 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09801885 c:OrdinaryShareClass1 2024-03-31 09801885 c:OrdinaryShareClass1 2023-03-31 09801885 c:OrdinaryShareClass2 2023-04-01 2024-03-31 09801885 c:OrdinaryShareClass2 2024-03-31 09801885 c:OrdinaryShareClass2 2023-03-31 09801885 c:FRS102 2023-04-01 2024-03-31 09801885 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09801885 c:FullAccounts 2023-04-01 2024-03-31 09801885 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09801885 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 09801885 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 09801885 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 09801885 2 2023-04-01 2024-03-31 09801885 6 2023-04-01 2024-03-31 09801885 d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 09801885 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09801885 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09801885 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09801885 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09801885










HASCOMBE & VALIANT STUD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024



 
HASCOMBE & VALIANT STUD LIMITED
REGISTERED NUMBER: 09801885

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
136,008
131,463

Biological assets
 5 
8,694,485
10,614,724

Investments
 6 
1
1

  
8,830,494
10,746,188

Current assets
  

Stocks
  
763,188
878,105

Debtors: amounts falling due within one year
 7 
1,028,489
1,571,513

Cash at bank and in hand
  
4,324,912
1,039,527

  
6,116,589
3,489,145

Creditors: amounts falling due within one year
 8 
(2,813,536)
(3,199,262)

Net current assets
  
 
 
3,303,053
 
 
289,883

Total assets less current liabilities
  
12,133,547
11,036,071

  

Net assets
  
12,133,547
11,036,071


Capital and reserves
  

Called up share capital 
 10 
12,500,213
12,500,213

Share premium account
  
2,789,073
2,789,073

Revaluation reserve
  
3,836,900
3,713,923

Profit and loss account
  
(6,992,639)
(7,967,138)

  
12,133,547
11,036,071


Page 1

 
HASCOMBE & VALIANT STUD LIMITED
REGISTERED NUMBER: 09801885

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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: 




................................................
Mr A E Oppenheimer
Director

Date: 18 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hascombe & Valiant Stud Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Hascombe Stud, Moulton Road, Cheveley, Suffolk, CB8 9DW.

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 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 £.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The validity of this assumption is based on the continued support of the directors for the subsequent 12 months. If the directors were to withdraw their support the going concern of the company would need to be reassessed.

Page 3

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.       
                             
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

Page 4

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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, on the following bases.


Long-term leasehold property
-
Plant and equipment
-
25%
Reducing balance basis
Motor vehicles
-
25%
Reducing balance basis (tractors: 20%)
Fixtures and fittings
-
10%
Reducing balance basis

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.

Page 5

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.9

Biological assets

Biological assets consist of broodmares, stallions and youngstock.
Broodmares bought into the business are initially measured at cost and subsequently measured at cost net of depreciation. Broodmares transferring into biological assets from horses in training stock will be independently valued at the date the mare leaves training and will transfer into biological assets at their market value at that date in line with industry practice. This valuation will become the deemed cost of the broodmare and the horse will subsequently be measured at cost net of depreciation. Any movement in the value of the horse on transfer into biological assets will be recognised through other comprehensive income.
Stallions bought into the business are initially measured at cost and subsequently measured at cost net of depreciation. No transfers are expected from inventory.
Youngstock bought into the business are initially measured at cost and subsequently measured at cost net of depreciation. Foals born into youngstock 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. Youngstock will be transferred to horses in training, within stocks, at the point the date the animal first enters training. An impairment review will be undertaken at the point the youngstock leaves biological assets and any reduction in value will be recognised in profit and loss.
At each reporting date, an assessment 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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Depreciation is recognised so as to write off the cost of assets, less their residual values, over their useful lives on the following bases:
Broodmares  Straight line up to 17 years of age (being 4 years to the initial breeding season      and 13 years estimated breeding life)
Stallions  Over 10 years (excluding rights depreciated over 5 years)
Youngstock  Nil

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks consist of horses in training. All stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Mares transferring into biological assets at the point they cease training will be independently valued at the date they leave training and will transfer into biological assets at their market value at that date in line with industry practice. Any movement in the value of the horse on transfer into biological assets will be recognised through other comprehensive income.
Youngstock transferring into horses in training will be valued at the lower of cost and net realisable value.
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.

Page 6

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.


 
2.15

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 financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 13).

Page 7

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
47,725
88,893
161,151
15,656
313,425


Additions
7,500
27,006
-
-
34,506


Disposals
-
-
-
(3,726)
(3,726)



At 31 March 2024

55,225
115,899
161,151
11,930
344,205



Depreciation


At 1 April 2023
20,950
44,628
110,222
6,162
181,962


Charge for the year on owned assets
-
12,211
12,067
742
25,020


Charge for the year on financed assets
2,864
-
-
-
2,864


Disposals
-
-
-
(1,649)
(1,649)



At 31 March 2024

23,814
56,839
122,289
5,255
208,197



Net book value



At 31 March 2024
31,411
59,060
38,862
6,675
136,008



At 31 March 2023
26,775
44,265
50,929
9,494
131,463




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
31,411
26,775

31,411
26,775


Page 8

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Biological assets




Broodmares
Stallions
Youngstock
Total

£
£
£
£



Cost


At 1 April 2023
6,003,561
4,500,000
4,096,882
14,600,443


Additions
-
-
976,866
976,866


Transfer from training
630,000
-
-
630,000


Disposals
(296,522)
-
(1,236,577)
(1,533,099)


Transfer between biological asset classes
326,675
-
(326,675)
-


Transfer to training
-
-
(579,837)
(579,837)


Impairment
(6,250)
-
(522,250)
(528,500)



At 31 March 2024

6,657,464
4,500,000
2,408,409
13,565,873



Amortisation


At 1 April 2023
2,035,722
1,949,997
-
3,985,719


Charge for the year on owned assets
435,669
450,000
-
885,669



At 31 March 2024

2,471,391
2,399,997
-
4,871,388



Net book value



At 31 March 2024
4,186,073
2,100,003
2,408,409
8,694,485



At 31 March 2023
3,967,839
2,550,003
4,096,882
10,614,724




6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1




The subsidiary company undertakes the work of a corporate trustee company. The duties undertaken are entirely administrative and the company has no right to a share of any assets in the trusts for which it is a trustee.

Page 9

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
147,510
75,205

Corporation tax recoverable
-
60,984

Prepayments and accrued income
480,535
439,635

Irish VAT
49,983
33,061

Other debtors
24,361
22,871

Deferred taxation
326,100
939,757

1,028,489
1,571,513



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
134,941
221,149

Other taxes and social security
117,551
58,652

Accruals and deferred income
40,937
148,540

Other creditors
2,520,107
2,770,921

2,813,536
3,199,262


Page 10

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






At beginning of year
939,757


Charged to profit or loss
(613,657)



At end of year
326,100

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(25,874)
(25,751)

Short term timing differences
117
165

Losses and other deductions
351,857
965,343

326,100
939,757


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21,281 (2023 - 21,281) Ordinary share capital of £0.01 each
213
213
12,500,000 (2023 - 12,500,000) Preference shares of £1.00 each
12,500,000
12,500,000

12,500,213

12,500,213

The company has one class of ordinary share capital which carries no right to fixed income. Each share entitles the owner to one vote at general meetings of the company. Ordinary shareholders rank below unsecured creditors in the event of a winding up.
The company has one class of preference shares. These shares are accounted for as equity in accordance with the provisions of FRS 102.



11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets 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 amount to £22,106 (2023: £20,285). Included in creditors is a balance owed in relation to pension payments of £1,092 (2023: £883).

Page 11

 
HASCOMBE & VALIANT STUD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Related party transactions

During the year the company entered into the following transactions with related parties:
Sale of goods to directors for £845,000 (2023: £670,000).
Rent expense with entities over which the entity has control, joint control, or significant influence for £135,714 (2023: £115,450).
At the balance sheet date the company reported creditors which included loan accounts with the directors of £2,519,014 (2023: £2,740,737).  


Page 12