Registered number
09402852
Elite Stallions (UK) Ltd
Filleted Accounts
30 January 2024
Elite Stallions (UK) Ltd
Registered number: 09402852
Balance Sheet
as at 30 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 36,900 -
Tangible assets 4 285,484 270,544
322,384 270,544
Current assets
Stocks 129,622 73,059
Debtors 5 492,665 393,495
Cash at bank and in hand 253,003 455,821
875,290 922,375
Creditors: amounts falling due within one year 6 (325,973) (469,758)
Net current assets 549,317 452,617
Total assets less current liabilities 871,701 723,161
Creditors: amounts falling due after more than one year 7 (14,246) (24,028)
Net assets 857,455 699,133
Capital and reserves
Called up share capital 100 100
Profit and loss account 857,355 699,033
Shareholders' funds 857,455 699,133
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Wilson
Director
Approved by the board on 23 January 2025
Elite Stallions (UK) Ltd
Notes to the Accounts
for the period from 1 February 2023 to 30 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings over 50 years
Fixtures, fittings, tools and equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 200,000
Additions 41,000
At 30 January 2024 241,000
Amortisation
At 1 February 2023 200,000
Provided during the period 4,100
At 30 January 2024 204,100
Net book value
At 30 January 2024 36,900
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2023 252,421 22,276 25,283 19,500 319,480
Additions - 8,375 - 26,000 34,375
At 30 January 2024 252,421 30,651 25,283 45,500 353,855
Depreciation
At 1 February 2023 5,048 11,298 16,181 16,409 48,936
Charge for the period 5,048 4,838 2,276 7,273 19,435
At 30 January 2024 10,096 16,136 18,457 23,682 68,371
Net book value
At 30 January 2024 242,325 14,515 6,826 21,818 285,484
At 31 January 2023 247,373 10,978 9,102 3,091 270,544
5 Debtors 2024 2023
£ £
Trade debtors 232,248 178,905
Other debtors 260,417 214,590
492,665 393,495
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Directors loan 26,970 37,599
Bad debt provision 13,759 13,759
Trade creditors 113,060 263,550
Amounts owed to group undertakings and undertakings in which the company has a participating interest 12,395 12,395
Taxation and social security costs 90,590 69,875
Other creditors 59,199 62,580
325,973 469,758
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,246 24,028
8 Other information
Elite Stallions (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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