Registration number: 01122298

Mike Channon Bloodstock Limited

Contents

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

Mike Channon Bloodstock Limited

(Registration number: 01122298)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	2,187,192	1,922,690
Current assets
Stocks	5	183,800	376,304
Debtors	6	319,375	332,678
Cash at bank and in hand		107,303	222,549
		610,478	931,531
Creditors: Amounts falling due within one year	7	(318,764)	(482,021)
Net current assets		291,714	449,510
Net assets		2,478,906	2,372,200
Capital and reserves
Called up share capital		100	100
Retained earnings		2,478,806	2,372,100
Shareholders' funds		2,478,906	2,372,200

Mike Channon Bloodstock Limited

(Registration number: 01122298)
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.

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 25 September 2025 and signed on its behalf by:
 

......................................... G H Hedley Company secretary and director

Mike Channon Bloodstock 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:
West Ilsley Stables
West Ilsley
Newbury
Berkshire
RG20 7AE
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.

Revenue recognition

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

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.

Mike Channon Bloodstock Limited

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

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
Freehold Buildings	5% - 10% straight line & 2% reducing balance
Long Term Leasehold Property	Straight line over 108 years
Plant & machinery	20% straight line
Motor vehicles	25% straight line

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Mike Channon Bloodstock Limited

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

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 8).

4	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	2,641,350	414,169	14,500	3,070,019
Additions	237,231	61,516	5,000	303,747
At 31 December 2024	2,878,581	475,685	19,500	3,373,766
Depreciation
At 1 January 2024	751,463	388,615	7,251	1,147,329
Charge for the year	26,456	8,852	3,937	39,245
At 31 December 2024	777,919	397,467	11,188	1,186,574
Carrying amount
At 31 December 2024	2,100,662	78,218	8,312	2,187,192
At 31 December 2023	1,889,887	25,554	7,249	1,922,690

Included within the net book value of land and buildings above is £2,100,662 (2023 - £1,889,887) in respect of freehold land and buildings.
 

Mike Channon Bloodstock Limited

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

5

Stocks

	2024 £	2023 £
Bloodstock	177,234	369,738
Consumables	6,566	6,566
	183,800	376,304

6

Debtors

	2024 £	2023 £
Trade debtors	84,622	174,215
Prepayments	16,303	36,450
Other debtors	218,450	122,013
	319,375	332,678

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	-	425
Trade creditors		41,142	35,643
Taxation and social security		27,174	3,616
Other creditors		250,448	442,337
		318,764	482,021