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Registered number: 11581565










WESTERBERG LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WESTERBERG LIMITED
REGISTERED NUMBER: 11581565

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

  

Current assets
  

Stocks
 5 
4,204,546
4,408,639

Debtors: amounts falling due within one year
 6 
467,991
1,021,337

Cash at bank and in hand
 7 
23,586
195,522

  
4,696,123
5,625,498

Creditors: amounts falling due within one year
 8 
(21,694,511)
(20,884,580)

Net current liabilities
  
 
 
(16,998,388)
 
 
(15,259,082)

Total assets less current liabilities
  
(16,998,388)
(15,259,082)

  

Net liabilities
  
(16,998,388)
(15,259,082)


Capital and reserves
  

Called up share capital 
 9 
100,000
100,000

Profit and loss account
  
(17,098,388)
(15,359,082)

  
(16,998,388)
(15,259,082)


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 on 29 November 2024.




L Waldner
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
WESTERBERG LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022 (as restated)
100,000
(13,261,746)
(13,161,746)



Loss for the year
-
(2,097,336)
(2,097,336)



At 1 January 2023 (as restated)
100,000
(15,359,082)
(15,259,082)



Loss for the year
-
(1,739,306)
(1,739,306)


At 31 December 2023
100,000
(17,098,388)
(16,998,388)


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WESTERBERG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Westerberg Limited is a private company limited by shares incorporated in England and Wales (company number: 11581565). The registered office is Malverleys Fullers Lane, East End, Newbury, RG20 0AA.

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

Despite the loss for the year of £1,739,306 and the Company having net liabilities at the Balance Sheet date of £16,998,388, the directors have considered and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, through available cash resources and the ongoing support of fellow group companies, which are the entity's major creditors. The directors of the parent company have indicated that the group companies will not demand repayment of the intercompany loans for a period of at least twelve months from the date of approval of these financial statements. The directors therefore have adopted the going concern basis of preparation for these financial statements. 

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WESTERBERG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.6

Taxation

For tax purposes the Company's activities are separated into two trades, being Horse Racing and Horse Breeding activities. For UK taxation income and expenditure related to Horse Racing is neither taxable or tax deductible, while income and expenditure relating to Horse Breeding is taxable and tax deductible in the period incurred.

  
2.7

Stocks

The treatment of stock of horses is detailed in Note 3.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

Page 4

 
WESTERBERG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial year are as follows:
Valuation of bloodstock
Bloodstock is carried at the lower of cost and fair value reviewed annually by the directors, with reference to external valuers where available and derived from a number of factors including the pedigree of the bloodstock and its health overall. 


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Stocks

2023
2022
£
£

Bloodstock
4,204,546
4,408,639

4,204,546
4,408,639



6.


Debtors

2023
2022
£
£


Trade debtors
338,090
935,217

Other debtors
118,478
86,120

Prepayments and accrued income
11,423
-

467,991
1,021,337



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
23,586
195,522

23,586
195,522


Page 5

 
WESTERBERG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022 restated
£
£

Trade creditors
35,765
714,534

Amounts owed to group undertakings
21,415,344
19,867,165

Other taxation and social security
33,911
192,394

Other creditors
25
1,087

Accruals and deferred income
209,466
109,400

21,694,511
20,884,580



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



10.


Prior year adjustment

The comparative figures have been restated to incorporate the impact of omitted expenses during the year to 31 December 2021. The adjustment has resulted in the prior year retained earnings decreasing by £18,045 with accruals and deferred income increasing by the same amount. There has been no impact on corporation tax liabilities from this adjustments due to the overall loss being incurred by the Company.


11.


Related party transactions

The Company has taken advantage of the exemption available in accordance with FRS 102 Section 33 (para 33.11) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions. Consolidated financial statements are prepared by the ultimate parent company, and these are available from Hansa Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland. 
During the year the company paid for expenses totalling £38,443 (2022 - £1,009) on behalf of GVO S-1 Limited, a connected company by virtue of common control. At the year end the company was owed £1,402 (2022 - £1,009) by GVO S-1 Limited, this is included within other debtors in the accounts.


12.


Controlling party

The ulimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding in the issued share capital of the company. 

Page 6

 
WESTERBERG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

A disclaimer of opinion was provided since it has not been possible to obtain confirmation of the existence and valuation of the horse stock at 31 December 2022 and 31 December 2023. Therefore we were not able to obtain sufficient appropriate audit evidence over the completeness of the stock values at 31 December 2022 or at 31 December 2023 which are included in the Balance Sheet at £4,408,639 and £4,204,546 respectively. We were unable to satisfy ourselves by alternative means therefore as a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of the stock valuations, and the elements making up the Statement of Comprehensive Income and Statement of Changes in Equity. 
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

The audit report was signed on 29 November 2024 by Deborah Graham (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

Page 7