N.K. Sporthorses Limited NI706607 false 2023-12-18 2024-04-30 2024-04-30 The principal activity of the company is the ownership and management of horses. Digita Accounts Production Advanced 6.30.9574.0 true true NI706607 2023-12-18 2024-04-30 NI706607 2024-04-30 NI706607 bus:OrdinaryShareClass1 2024-04-30 NI706607 core:CurrentFinancialInstruments 2024-04-30 NI706607 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI706607 core:OfficeEquipment 2024-04-30 NI706607 core:PlantMachinery 2024-04-30 NI706607 bus:SmallEntities 2023-12-18 2024-04-30 NI706607 bus:Audited 2023-12-18 2024-04-30 NI706607 bus:FilletedAccounts 2023-12-18 2024-04-30 NI706607 bus:SmallCompaniesRegimeForAccounts 2023-12-18 2024-04-30 NI706607 bus:RegisteredOffice 2023-12-18 2024-04-30 NI706607 bus:Director1 2023-12-18 2024-04-30 NI706607 bus:Director2 2023-12-18 2024-04-30 NI706607 bus:OrdinaryShareClass1 2023-12-18 2024-04-30 NI706607 bus:PrivateLimitedCompanyLtd 2023-12-18 2024-04-30 NI706607 core:OfficeEquipment 2023-12-18 2024-04-30 NI706607 core:PlantMachinery 2023-12-18 2024-04-30 NI706607 countries:NorthernIreland 2023-12-18 2024-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI706607

N.K. Sporthorses Limited

Filleted Financial Statements

for the Period from 18 December 2023 to 30 April 2024

 

N.K. Sporthorses Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

N.K. Sporthorses Limited

(Registration number: NI706607)
Balance Sheet as at 30 April 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

175,601

Current assets

 

Stocks

5

1,520,341

Debtors

6

20,363

Cash at bank and in hand

 

10,448

 

1,551,152

Creditors: Amounts falling due within one year

7

(1,764,250)

Net current liabilities

 

(213,098)

Net liabilities

 

(37,497)

Capital and reserves

 

Called up share capital

8

100

Retained loss

(37,597)

Shareholders' deficit

 

(37,497)

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Allan Davidson
Director

.........................................
Melanie Davidson
Director

 
     
 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

1

General information

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

The address of its registered office is:
20 Old Ballyclare Road
Templepatrick
Ballyclare
County Antrim
BT39 0BJ

These financial statements were authorised for issue by the Board on 14 November 2024.

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.

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 £.
 

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

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 November 2024 was Brian Stewart, who signed for and on behalf of RBCA Limited.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

Plant and machinery

20% per annum straight line

Equipment

20% per annum 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.

 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

Stocks

Stock comprises primarily biological assets, being horses that are owned and managed by the company. These assets are recognised as at the balance sheet date at their value less costs to sell. Fair value is determined as the amount for which the biological assets could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Other inventories are stated at the lower of cost and estimated selling price.

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.

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.

 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities
classified as payable within one year are not amortised.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6.

 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

4

Tangible assets

Plant and machinery
£

Equipment
£

Total
£

Cost or valuation

Additions

146,021

35,150

181,171

At 30 April 2024

146,021

35,150

181,171

Depreciation

Charge for the period

3,227

2,343

5,570

At 30 April 2024

3,227

2,343

5,570

Carrying amount

At 30 April 2024

142,794

32,807

175,601

5

Stocks

2024
£

Biological assets

1,410,000

Other inventories

110,341

1,520,341

6

Debtors

Current

2024
£

Other debtors

20,363

 

20,363

 

N.K. Sporthorses Limited

Notes to the Financial Statements for the Period from 18 December 2023 to 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Trade creditors

 

2,553

Amounts owed to group undertakings

9

1,755,670

Taxation and social security

 

2,668

Accruals and deferred income

 

2,768

Other creditors

 

591

 

1,764,250

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary Shares of £1 each

100

100

   

9

Related party transactions

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

10

Parent company

N.K. Holdings Limited, a company incorporated in Northern Ireland, is considered by the directors as being the company's controlling party and ultimate parent company.

N.K. Holdings Limited has included the results of N.K. Sporthorses Limited in its group financial statements, copies of which are available from its registered office at 40 Trailcock Road, Carrickfergus, BT38 7NU.