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REGISTERED NUMBER: 09471645 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

MGH Sport Horse Stud Limited

MGH Sport Horse Stud Limited (Registered number: 09471645)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGH Sport Horse Stud Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P T McCarthy
Mrs L A McCarthy





REGISTERED OFFICE: The Old Stables
Sutton Manor Farm
Bishops Sutton
Alresford
Hampshire
SO24 0AA





REGISTERED NUMBER: 09471645 (England and Wales)





ACCOUNTANTS: Butler & Co Alresford Limited
Chartered Accountants
The Old Stables
Sutton Manor Farm
Bishops Sutton
Alresford
Hampshire
SO24 0AA

MGH Sport Horse Stud Limited (Registered number: 09471645)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,636 176,993

CURRENT ASSETS
Stocks - 323,000
Debtors 5 6,109 37,443
Cash at bank 9,546 7,736
15,655 368,179
CREDITORS
Amounts falling due within one year 6 15,968 335,333
NET CURRENT (LIABILITIES)/ASSETS (313 ) 32,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,323

209,839

CREDITORS
Amounts falling due after more than one
year

7

(24,992

)

(164,910

)

PROVISIONS FOR LIABILITIES 9 - (2,867 )
NET ASSETS 2,331 42,062

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,231 41,962
2,331 42,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MGH Sport Horse Stud Limited (Registered number: 09471645)

Balance Sheet - continued
31 March 2024


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 13 February 2025 and were signed on its behalf by:





Mrs L A McCarthy - Director


MGH Sport Horse Stud Limited (Registered number: 09471645)

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

1. STATUTORY INFORMATION

MGH Sport Horse Stud 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.

The financial statements have been prepared on a going concern basis. In making this assessment, all information about the foreseeable future including the continued support of the directors have been taken into consideration.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% reducing balance basis
Motor vehicles - 15% reducing balance basis
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

MGH Sport Horse Stud Limited (Registered number: 09471645)

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 5,000 221,902 45,000 1,121 273,023
Additions 47,269 24,268 - 787 72,324
Disposals (52,269 ) (246,170 ) - (1,908 ) (300,347 )
At 31 March 2024 - - 45,000 - 45,000
DEPRECIATION
At 1 April 2023 - 83,168 12,488 374 96,030
Charge for year - 27,280 4,876 636 32,792
Eliminated on disposal - (110,448 ) - (1,010 ) (111,458 )
At 31 March 2024 - - 17,364 - 17,364
NET BOOK VALUE
At 31 March 2024 - - 27,636 - 27,636
At 31 March 2023 5,000 138,734 32,512 747 176,993

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 24,723
VAT - 12,720
Deferred tax asset 6,109 -
6,109 37,443

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 10,000 10,000
Hire purchase contracts 2,919 2,919
Trade creditors - 6,964
Social security and other taxes - 799
Net wages - 1,072
Directors' current accounts 3,049 300,220
Accruals and deferred income - 13,359
15,968 335,333

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 11,667 21,666
Hire purchase contracts 13,325 16,244
Other creditors - 127,000
24,992 164,910

MGH Sport Horse Stud Limited (Registered number: 09471645)

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

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,667 21,666

9. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 2,867

Deferred
tax
£   
Balance at 1 April 2023 2,867
Losses 18,262
Accelerated capital allowance (27,238 )
Balance at 31 March 2024 (6,109 )

10. RELATED PARTY DISCLOSURES

Mrs L A McCarthy and Mr P T McCarthy
Directors and shareholders of the company

During the year the directors provided a loan to the company. The loan was unsecured, interest free and repayable on demand, subject to the company having sufficient cash reserves. The balance outstanding at the year end was £3,049 (2023: £300,220).

11. TRANSFER OF TRADE

At the year end date the business transferred to MGH Sport Horse Stud partnership.