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REGISTERED NUMBER: SC221720 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Kastelruth Racing and Breeding Limited

Kastelruth Racing and Breeding Limited (Registered number: SC221720)






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


Kastelruth Racing and Breeding Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: D A Brand
P Brand





SECRETARY: D A Brand





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC221720 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Kastelruth Racing and Breeding Limited (Registered number: SC221720)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Investments 4 423,201 355,226

CURRENT ASSETS
Stocks 5 9,500 16,500
Debtors 6 100 -
Cash at bank 6,152 4,566
15,752 21,066
CREDITORS
Amounts falling due within one year 7 728,500 719,700
NET CURRENT LIABILITIES (712,748 ) (698,634 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(289,547

)

(343,408

)

PROVISIONS FOR LIABILITIES 8 74,894 65,568
NET LIABILITIES (364,441 ) (408,976 )

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings (364,443 ) (408,978 )
SHAREHOLDERS' FUNDS (364,441 ) (408,976 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





D A Brand - Director


Kastelruth Racing and Breeding Limited (Registered number: SC221720)

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

1. STATUTORY INFORMATION

Kastelruth Racing and Breeding Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors.

Turnover
Turnover includes revenue earned from prize winnings and the sales of biological assets. The company is not registered for value added tax.

Stocks
Stocks consist of biological assets which have been measured at fair value. Fair value has been calculated based on the directors' valuation, after making due allowances for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. As the exchange rate did not fluctuate significantly during the year, transactions in foreign currency are translated into sterling at the average exchange rate for the year. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investments
Fixed asset investments comprise investments in quoted equity instruments which are measured at fair value. Changes in fair value are recognised in the profit and loss account.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Kastelruth Racing and Breeding Limited (Registered number: SC221720)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS

31.7.24 31.7.23
£    £   
Other investments not loans 423,201 355,226

Additional information is as follows:
Other
investments
£   
COST OR VALUATION
At 1 August 2023 352,887
Disposals (12,236 )
Revaluations 29,506
At 31 July 2024 370,157
NET BOOK VALUE
At 31 July 2024 370,157
At 31 July 2023 352,887

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the investments at acquisition was £87,539.

Investments (neither listed nor unlisted) were as follows:
31.7.24 31.7.23
£    £   
Current account 53,044 2,339

Kastelruth Racing and Breeding Limited (Registered number: SC221720)

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

5. STOCKS

Reconciliation of the carrying amounts of biological assets (horses):

31.7.2331.7.23
££
Opening fair value16,50014,500

Sales in the year(1,289)(2,215)
Purchases in the year-2,904
Movements in fair value(5,711)1,311

Closing fair value 9,50016,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 100 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other creditors 728,500 719,700

8. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 74,894 65,568

Deferred
tax
£   
Balance at 1 August 2023 65,568
Provided during year 9,326
Balance at 31 July 2024 74,894

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
2 Ordinary £1 2 2

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 July 2024, the company owed the director £725,470 (2023: £716,814).

11. RELATED PARTY DISCLOSURES

There were no related party transactions in the year (2023: none).

Kastelruth Racing and Breeding Limited (Registered number: SC221720)

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

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D A Brand.