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REGISTERED NUMBER: 01271471 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

London Thoroughbred Services Limited

London Thoroughbred Services Limited (Registered number: 01271471)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


London Thoroughbred Services Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J Wigan
Mrs A Wigan



REGISTERED OFFICE: The Stud Office
West Blagdon
Cranborne
Dorset
BH21 5RY



REGISTERED NUMBER: 01271471 (England and Wales)



AUDITORS: Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY



SOLICITORS: Edmondson Hall Solicitors
25 Exeter Road
Newmarket
CB8 8AR

London Thoroughbred Services Limited (Registered number: 01271471)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,063 9,100

CURRENT ASSETS
Stocks 5 910,993 851,134
Debtors 6 324,054 311,276
Cash at bank 552,261 658,322
1,787,308 1,820,732
CREDITORS
Amounts falling due within one year 7 341,312 391,429
NET CURRENT ASSETS 1,445,996 1,429,303
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,453,059

1,438,403

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 9 1,448,059 1,433,403
SHAREHOLDERS' FUNDS 1,453,059 1,438,403

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





J Wigan - Director


London Thoroughbred Services Limited (Registered number: 01271471)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

London Thoroughbred Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concering the future. The resulting accounting estimates will, by definition, seldon equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are address below:

(i) Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal.

Shares in stallions are valued at cost of purchase, less amounts written off over the stallions' estimated useful life of up to 10 years.

The cost of foals bred by the company is based on the nomination fee of the stallion or, where a stallion owned by the company was used, the nomination fee as would be charged to a third party. Costs of maintaining the mare and the foal are also included.

Foals and yearlings are kept for trading purposes and, being difficult to value, are not revalued unless exceptional circumstances apply.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance


London Thoroughbred Services Limited (Registered number: 01271471)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

London Thoroughbred Services Limited (Registered number: 01271471)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Office Motor Computer
Equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 30,131 9,953 41,117 81,201
DEPRECIATION
At 1 August 2023 25,061 9,237 37,803 72,101
Charge for year 757 179 1,101 2,037
At 31 July 2024 25,818 9,416 38,904 74,138
NET BOOK VALUE
At 31 July 2024 4,313 537 2,213 7,063
At 31 July 2023 5,070 716 3,314 9,100

5. STOCKS
2024 2023
£    £   
Stocks 910,993 851,134

Mr J Wigan valued the stock in accordance with the accounting policies set out on page 10. While recognising that Mr J Wigan is a company director, he is also a highly respected and experienced bloodstock agent and breeder. The Directors are therefore of the opinion that such a valuation is accurate and appropriate. The Directors do not consider it would be either commercially justifiable or appropriate to seek an independent valuation.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 279,501 260,220
Prepayments and accrued income 1,208 4,163
280,709 264,383

Amounts falling due after more than one year:
Deferred tax asset 43,345 46,893

Aggregate amounts 324,054 311,276

London Thoroughbred Services Limited (Registered number: 01271471)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 51,397 266,936
Tax 289 -
VAT 3,606 6,504
Directors' current accounts 281,060 113,029
Accruals and deferred income 4,960 4,960
341,312 391,429

8. SECURED DEBTS

An overdraft facility of £200,000 is available to the company until 15 October 2025 and the Directors expect this to be renewed annually. The facility is secured by a mortgage debenture over all the assets of the company which is reviewed annually.

The director, J Wigan, provided a personal guarantee to the company's bankers (Coutts) for £650,000.

9. RESERVES
Retained
earnings
£   

At 1 August 2023 1,433,403
Profit for the year 15,156
Dividends (500 )
At 31 July 2024 1,448,059

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul King F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Morley & Co (UK) Ltd

London Thoroughbred Services Limited (Registered number: 01271471)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. RELATED PARTY DISCLOSURES

The director, J Wigan, operates a loan account, a sales ledger account and a purchase ledger account with the company. During the year the company made sales of £1,038,496 (2023: £1,045,389) to J Wigan and purchases of £112,425 (2023: £142,902) from J Wigan. Transactions with J Wigan were conducted at commercial rates.

At the balance sheet date the company owed £281,060 to the director (2023: £113,029 owed to the director). Interest has been charged on overdrawn balances at the HMRC approved rate.

J Wigan's wife, Mrs A Wigan, also operates a sales ledger account with the company. During the year sales of £2,665 (2023: £3,620) were made to Mrs A Wigan. Transactions with Mrs A Wigan were conducted at commercial rates.

At the balance sheet date Mrs A Wigan owed £738 to the company (2023: £1,106 owed by the company). This amount is payable under normal commercial trading terms.