Norris Bloodstock Limited 09793360 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of the full range of thoroughbred stud farming services. Digita Accounts Production Advanced 6.30.9574.0 true true 09793360 2023-04-01 2024-03-31 09793360 2024-03-31 09793360 core:CurrentFinancialInstruments 2024-03-31 09793360 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09793360 core:Non-currentFinancialInstruments 2024-03-31 09793360 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09793360 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09793360 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 09793360 core:MotorVehicles 2024-03-31 09793360 core:OfficeEquipment 2024-03-31 09793360 core:PlantMachinery 2024-03-31 09793360 bus:SmallEntities 2023-04-01 2024-03-31 09793360 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09793360 bus:FilletedAccounts 2023-04-01 2024-03-31 09793360 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09793360 bus:RegisteredOffice 2023-04-01 2024-03-31 09793360 bus:Director2 2023-04-01 2024-03-31 09793360 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09793360 core:ComputerEquipment 2023-04-01 2024-03-31 09793360 core:FurnitureFittings 2023-04-01 2024-03-31 09793360 core:LandBuildings 2023-04-01 2024-03-31 09793360 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09793360 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 09793360 core:MotorVehicles 2023-04-01 2024-03-31 09793360 core:OfficeEquipment 2023-04-01 2024-03-31 09793360 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09793360 core:PlantMachinery 2023-04-01 2024-03-31 09793360 countries:EnglandWales 2023-04-01 2024-03-31 09793360 2023-03-31 09793360 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09793360 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 09793360 core:MotorVehicles 2023-03-31 09793360 core:OfficeEquipment 2023-03-31 09793360 core:PlantMachinery 2023-03-31 09793360 2022-04-01 2023-03-31 09793360 2023-03-31 09793360 core:CurrentFinancialInstruments 2023-03-31 09793360 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09793360 core:Non-currentFinancialInstruments 2023-03-31 09793360 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09793360 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09793360 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 09793360 core:MotorVehicles 2023-03-31 09793360 core:OfficeEquipment 2023-03-31 09793360 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09793360

Norris Bloodstock Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Norris Bloodstock Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Norris Bloodstock Limited

(Registration number: 09793360)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

109,930

461,716

Current assets

 

Stocks

7

81,774

24,696

Debtors

8

222,871

115,278

Cash at bank and in hand

 

73,442

70,170

 

378,087

210,144

Creditors: Amounts falling due within one year

9

(92,379)

(152,036)

Net current assets

 

285,708

58,108

Total assets less current liabilities

 

395,638

519,824

Creditors: Amounts falling due after more than one year

9

(29,167)

(155,240)

Provisions for liabilities

(22,127)

(21,826)

Net assets

 

344,344

342,758

Capital and reserves

 

Called up share capital

100

100

Retained earnings

344,244

342,658

Shareholders' funds

 

344,344

342,758

 

Norris Bloodstock Limited

(Registration number: 09793360)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 18 January 2025
 

.........................................
Jenny Teresa Norris
Director

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Lads Cottage
Redenham Park
Andover
Hampshire
SP11 9AQ

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.

Revenue recognition

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

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Computer equipment

33% straight line

Furniture and fittings

25% straight line

Motor vehicles

25% straight line

Property improvements

2% straight line

Land and buildings

Nil

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Taxation

2024

2023

£

£

Corporation tax

6,100

8,348

Deferred tax

301

(361)

6,401

7,987

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Other operating income

2024

2023

£

£

Bounce back loan market rate interest

-

554

Rural payments agency

6,256

7,515

6,256

8,069

5

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Land and buildings
£

Property improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

344,999

107,073

65,901

7,463

25,000

550,436

Additions

-

-

-

1,395

5,495

6,890

Disposals

(344,999)

(6,095)

4,687

-

-

(346,407)

At 31 March 2024

-

100,978

70,588

8,858

30,495

210,919

Depreciation

At 1 April 2023

-

8,439

49,323

5,958

25,000

88,720

Charge for the year

-

2,020

7,865

1,819

687

12,391

Eliminated on disposal

-

(122)

-

-

-

(122)

At 31 March 2024

-

10,337

57,188

7,777

25,687

100,989

Carrying amount

At 31 March 2024

-

90,641

13,400

1,081

4,808

109,930

At 31 March 2023

344,999

98,634

16,578

1,505

-

461,716

Included within the net book value of land and buildings above is £Nil (2023 - £344,999) in respect of freehold land and buildings and £90,641 (2023 - £98,634) in respect of short leasehold land and buildings.
 

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Bloodstock

81,774

24,696

8

Debtors

Current

2024
£

2023
£

Trade debtors

88,307

100,060

Prepayments

14,146

12,718

Other debtors

120,418

2,500

 

222,871

115,278

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Net obligations under hire purchase contracts

10

5,556

26,571

Trade creditors

 

38,367

20,131

Taxation and social security

 

34,215

56,284

Other creditors

 

14,241

49,050

 

92,379

152,036

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Net obligations under hire purchase contracts

10

29,167

155,240

 

Norris Bloodstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

21,015

Other borrowings

5,556

5,556

5,556

26,571

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

120,518

Other borrowings

29,167

34,722

29,167

155,240

11

Related party transactions

Other transactions with the director

J Norris (director) had a loan with the company. At the balance sheet date, the amount due from/(to) J Norris was £87,918, (2023: £(28,623)).