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Company registration number: 10738702
Rising Sun Bloodstock Limited
Unaudited filleted financial statements
30 April 2024
Rising Sun Bloodstock Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Rising Sun Bloodstock Limited
Directors and other information
Directors Mr Stuart Kenneth Boman
Ms Alice Helen Boman
Company number 10738702
Registered office 35 Dullingham Ley
Dullingham
Newmarket
Suffolk
CB8 9XG
Accountants Fleming Accountancy Services
29 Lower Patrick Street
Kilkenny
Co Kilkenny
Ireland
Rising Sun Bloodstock Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 189,189 156,661
Investments 7 38,313 38,313
_______ _______
227,502 194,974
Current assets
Stocks 230,800 177,941
Debtors 8 253,234 30,209
Cash at bank and in hand 779 2,403
_______ _______
484,813 210,553
Creditors: amounts falling due
within one year 9 ( 390,348) ( 200,092)
_______ _______
Net current assets 94,465 10,461
_______ _______
Total assets less current liabilities 321,967 205,435
Creditors: amounts falling due
after more than one year 10 ( 177,553) ( 162,332)
Provisions for liabilities ( 31,522) ( 38,023)
_______ _______
Net assets 112,892 5,080
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 112,890 5,078
_______ _______
Shareholders funds 112,892 5,080
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr Stuart Kenneth Boman Ms Alice Helen Boman
Director Director
Company registration number: 10738702
Rising Sun Bloodstock Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 2 234 236
Profit for the year 131,844 131,844
_______ _______ _______
Total comprehensive income for the year - 131,844 131,844
Dividends paid and payable ( 127,000) ( 127,000)
_______ _______ _______
Total investments by and distributions to owners - ( 127,000) ( 127,000)
_______ _______ _______
At 30 April 2023 and 1 May 2023 2 5,078 5,080
Profit for the year 107,812 107,812
_______ _______ _______
Total comprehensive income for the year - 107,812 107,812
_______ _______ _______
At 30 April 2024 2 112,890 112,892
_______ _______ _______
Rising Sun Bloodstock Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Rising Sund Cottage, 35 Dullingham Ley, Dullingham, Newmarket, Suffolk, CB8 9XG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries - 16,683
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 20,000 20,000
_______ _______
Amortisation
At 1 May 2023 and 30 April 2024 20,000 20,000
_______ _______
Carrying amount
At 30 April 2024 - -
_______ _______
At 30 April 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Improvement to property Total
£ £ £ £ £
Cost
At 1 May 2023 16,788 15,259 170,000 35,917 237,964
Additions - 1,570 56,600 - 58,170
_______ _______ _______ _______ _______
At 30 April 2024 16,788 16,829 226,600 35,917 296,134
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 7,061 13,319 29,575 31,347 81,302
Charge for the year 1,945 2,611 19,702 1,385 25,643
_______ _______ _______ _______ _______
At 30 April 2024 9,006 15,930 49,277 32,732 106,945
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 7,782 899 177,323 3,185 189,189
_______ _______ _______ _______ _______
At 30 April 2023 9,727 1,940 140,425 4,570 156,662
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 May 2023 and 30 April 2024 38,313 38,313
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 38,313 38,313
_______ _______
At 30 April 2023 38,313 38,313
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 34,236 5,588
Other debtors 218,998 24,621
_______ _______
253,234 30,209
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 61,460 24,759
Trade creditors 99,390 66,629
Corporation tax 84,226 58,193
Social security and other taxes 45,527 28,569
Other creditors 99,745 21,942
_______ _______
390,348 200,092
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 55,391 30,833
Other creditors 122,162 131,499
_______ _______
177,553 162,332
_______ _______