Registration number: 07259401

Chapel Stud Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Chapel Stud Limited

(Registration number: 07259401)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,695,686	1,693,915
Current assets
Stocks	5	86,600	84,250
Debtors	6	78,644	57,417
Cash at bank and in hand		44,230	14,655
		209,474	156,322
Creditors: Amounts falling due within one year	7	(69,361)	(84,072)
Net current assets		140,113	72,250
Total assets less current liabilities		1,835,799	1,766,165
Creditors: Amounts falling due after more than one year	7	(1,698,295)	(1,734,764)
Net assets		137,504	31,401
Capital and reserves
Called up share capital		100	100
Share premium reserve		119,900	119,900
Retained earnings		17,504	(88,599)
Shareholders' funds		137,504	31,401

Chapel Stud Limited

(Registration number: 07259401)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2025
 

......................................... Ms Roisin Susanna Close Director

Chapel Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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

As at 31 December 2024 the company had net assets of £143,504 and net current assets of £146,113. Included within creditors falling due within more than one year is the sum of £1,036,553 which is owed to the director, who has confirmed that this sum will only be repayable on the express condition that the company will remain solvent immediately following repayment. The director is therefore of the view that Chapel Stud Limited will have sufficient resources available to meet its liabilities as they fall due for the foreseable future and the financial statements have therefore been prepared on the going concern basis, which assumes that this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of keep fees and bloodstock sales during the year in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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
Plant and machinery	25% on reducing balance

Chapel Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Furniture and fittings	25% on reducing balance
Motor vehicles	25% on reducing balance

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.

Debtors

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

Stocks

Bloodstock is valued individually at the lower of cost and net realisable value with the exception of horses that have been transferred to or from training. These are valued individually at the lower of valuation at the date of transfer and valuation at the balance sheet date.

This accounting treatment is accepted within the bloodstock industry as appropriate to the nature of the business. However, it represents a departure from the 'cost model' set out in FRS 102 in that, when a horse is transferred to or from training, its book value may be adjusted to a figure in excess of original cost and an unrealised gain may be reflected in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

Chapel Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 the director) during the year, was 7 (2023 - 9).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	1,613,706	2,581	122,063	84,203	1,822,553
Additions	-	149	-	24,495	24,644
Disposals	-	-	(1,295)	-	(1,295)
At 31 December 2024	1,613,706	2,730	120,768	108,698	1,845,902
Depreciation
At 1 January 2024	-	2,092	67,009	59,537	128,638
Charge for the year	-	160	13,687	8,719	22,566
Eliminated on disposal	-	-	(988)	-	(988)
At 31 December 2024	-	2,252	79,708	68,256	150,216
Carrying amount
At 31 December 2024	1,613,706	478	41,060	40,442	1,695,686
At 31 December 2023	1,613,706	489	55,054	24,666	1,693,915

Included within the net book value of land and buildings above is £1,613,706 (2023 - £1,613,706) in respect of freehold land and buildings.
 

Chapel Stud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Stocks

	2024 £	2023 £
Bloodstock	86,600	84,250

6

Debtors

Current	2024 £	2023 £
Trade debtors	76,577	56,488
Other debtors	2,067	929
	78,644	57,417

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	11,009	15,266
Trade creditors		17,560	32,082
Taxation and social security		18,292	12,610
Other creditors		22,500	24,114
		69,361	84,072