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Registration number: 08252955

The Glanvilles Stud Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

The Glanvilles Stud Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

The Glanvilles Stud Limited

Company Information

Directors

Dr G W Guy

W D Procter

Registered office

1 Church Terrace
Yeovil
Somerset
BA20 1HX

Accountants

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Glanvilles Stud Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Glanvilles Stud Limited for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of The Glanvilles Stud Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Glanvilles Stud Limited and state those matters that we have agreed to state to the Board of Directors of The Glanvilles Stud Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Glanvilles Stud Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Glanvilles Stud Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Glanvilles Stud Limited. You consider that The Glanvilles 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 accounts of The Glanvilles 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 accounts.

......................................

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

29 November 2024

 

The Glanvilles Stud Limited

(Registration number: 08252955)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,227

44,420

Current assets

 

Stocks

5

152,800

152,800

Debtors

6

28,828

80,163

Cash at bank and in hand

 

10,853

2,522

 

192,481

235,485

Creditors: Amounts falling due within one year

7

(178,304)

(178,590)

Net current assets

 

14,177

56,895

Total assets less current liabilities

 

31,404

101,315

Creditors: Amounts falling due after more than one year

7

(1,175,726)

(1,183,672)

Net liabilities

 

(1,144,322)

(1,082,357)

Capital and reserves

 

Called up share capital

8

88

88

Share premium reserve

8,000

8,000

Retained earnings

(1,152,410)

(1,090,445)

Shareholders' deficit

 

(1,144,322)

(1,082,357)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

 

The Glanvilles Stud Limited

(Registration number: 08252955)
Balance Sheet as at 29 February 2024

.........................................
W D Procter
Director

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Church Terrace
Yeovil
Somerset
BA20 1HX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.
The undertaking of horse breeding activities is a lengthy process and it can take considerable time to develop a successful yard of breeding stock.
Although the company shows a net liability position at 28 February 2023, the company is supported by its director and he has agreed he will not seek repayment of his loan to the company until it has sufficient funds available to do so.
At 28 February 2023 the amount owed to the director was £1,081,098. This amount together with £25,625 owed to the directors wife and £58,128 owed to a limited company part owned by the director are included in creditors amounts falling due after more than one year.
The director believes that, due to his continued financial support, the company will be able to meet its obligations as they fall due and as a result the going concern basis of preparation of the accounts is appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

10% straight line

Motor vehicles

20% straight line

Plant and machinery

10% straight line

Fixtures and fittings

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

60,970

3,429

75,794

206,136

346,329

Additions

-

328

-

1,377

1,705

At 29 February 2024

60,970

3,757

75,794

207,513

348,034

Depreciation

At 1 March 2023

51,546

2,828

66,873

180,662

301,909

Charge for the year

6,097

340

3,817

18,644

28,898

At 29 February 2024

57,643

3,168

70,690

199,306

330,807

Carrying amount

At 29 February 2024

3,327

589

5,104

8,207

17,227

At 28 February 2023

9,424

601

8,921

25,474

44,420

Included within the net book value of land and buildings above is £3,327 (2023 - £9,423) in respect of long leasehold land and buildings.
 

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Other inventories

152,800

152,800

6

Debtors

Current

2024
£

2023
£

Trade debtors

23,783

69,274

Prepayments

3,304

8,281

Other debtors

1,741

2,608

 

28,828

80,163

 

The Glanvilles Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,782

7,750

Trade creditors

 

121,038

130,848

Taxation and social security

 

29,493

26,943

Accruals and deferred income

 

2,625

2,624

Other creditors

 

14,366

10,425

 

178,304

178,590

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,175,726

1,183,672

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,875

18,820

Other borrowings

1,164,851

1,164,852

1,175,726

1,183,672

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,750

7,750

Other borrowings

3,032

-

10,782

7,750

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,500 (2023 - £26,867).