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Registration number: 00820649

Kirtlington Stud Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kirtlington Stud Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Kirtlington Stud Limited

(Registration number: 00820649)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,734

1,734

Tangible assets

5

1,540,624

1,589,322

 

1,542,358

1,591,056

Current assets

 

Stocks

6

260,608

260,225

Debtors

7

129,379

120,967

Cash at bank and in hand

 

2,143

148,653

 

392,130

529,845

Creditors: Amounts falling due within one year

8

(255,956)

(253,784)

Net current assets

 

136,174

276,061

Total assets less current liabilities

 

1,678,532

1,867,117

Creditors: Amounts falling due after more than one year

8

(20,589)

(23,129)

Net assets

 

1,657,943

1,843,988

Capital and reserves

 

Called up share capital

9

28,000

28,000

Share premium reserve

301,000

301,000

Retained earnings

1,328,943

1,514,988

Shareholders' funds

 

1,657,943

1,843,988

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Kirtlington Stud Limited

(Registration number: 00820649)
Balance Sheet as at 30 June 2024

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr Christopher Maitland Budgett
Director

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Kirtlington Stud
Kirtlington
Oxon
OX5 3EU

These financial statements were authorised for issue by the Board on 21 March 2025.

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

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

Straight line over fifty years

Plant and machinery

25% Reducing balance

Fixtures, fittings and equipment

10% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

1,734

1,734

At 30 June 2024

1,734

1,734

Amortisation

Carrying amount

At 30 June 2024

1,734

1,734

At 30 June 2023

1,734

1,734

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,430,749

95,145

155,178

320,368

3,001,440

Additions

900

-

2,215

10,270

13,385

Disposals

-

-

-

(6,250)

(6,250)

At 30 June 2024

2,431,649

95,145

157,393

324,388

3,008,575

Depreciation

At 1 July 2023

965,132

69,185

116,493

261,308

1,412,118

Charge for the year

33,840

6,490

4,090

17,223

61,643

Eliminated on disposal

-

-

-

(5,810)

(5,810)

At 30 June 2024

998,972

75,675

120,583

272,721

1,467,951

Carrying amount

At 30 June 2024

1,432,677

19,470

36,810

51,667

1,540,624

At 30 June 2023

1,465,617

25,960

38,685

59,060

1,589,322

Included within the net book value of land and buildings above is £1,432,677 (2023 - £1,465,616) in respect of freehold land and buildings.
 

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

9,039

12,373

Other inventories

251,569

247,852

260,608

260,225

7

Debtors

2024
£

2023
£

Trade debtors

65,881

70,862

Prepayments

4,314

4,267

Other debtors

59,184

45,838

129,379

120,967

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

81,594

17,063

Trade creditors

 

34,259

57,429

Taxation and social security

 

21,560

62,321

Accruals and deferred income

 

4,897

4,119

Other creditors

 

113,646

112,852

 

255,956

253,784

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

20,589

23,129

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

28,000

28,000

28,000

28,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

20,589

23,129

 

Kirtlington Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

70,283

-

Hire purchase contracts

11,311

17,063

81,594

17,063

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

116,000

116,000

Contributions paid to money purchase schemes

2,513

2,514

118,513

118,514

Other transactions with directors

The amount included in trade debtors relating to directors is £20,751 (2023 - £48,323). At the balance sheet date the amount due to C M and J Budgett was £92,603 (2023 - £102,538).