REGISTERED NUMBER: 12804638 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Hildare Stud Farm Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs A Sims-Hilditch

SECRETARY:

H J Sims-Hilditch

REGISTERED OFFICE:

14a Forest Gate

Pewsham

Chippenham

Wiltshire

SN15 3RS

REGISTERED NUMBER:

12804638 (England and Wales)

FIXED ASSETS

Tangible assets

5

827,519

899,906

Investment property

6

473,500

-

1,301,019

899,906

CURRENT ASSETS

Stocks

575,054

615,054

Debtors

7

13,218

26,686

Cash at bank and in hand

91,166

355,428

679,438

997,168

CREDITORS

Amounts falling due within one year

8

4,657,098

3,895,947

NET CURRENT LIABILITIES

(3,977,660

)

(2,898,779

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,676,641

)

(1,998,873

)

PROVISIONS FOR LIABILITIES

9

17,208

39,647

NET LIABILITIES

(2,693,849

)

(2,038,520

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,693,850

)

(2,038,521

)

(2,693,849

)

(2,038,520

)

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

Mrs A Sims-Hilditch - Director

1.	STATUTORY INFORMATION

Hildare Stud Farm 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern basis

The accounts show negative retained earnings of £2,693,849 (2023: £2,038,521).

The directors have obtained confirmation from the company's parent company, Coronel Investments Ltd, that financial support will continue to be provided to the company for the foreseeable future and that the parent company will not seek repayment of any intra-group loan balances until such time as the company is in a position to make repayment. For this reason, the accounts have been prepared on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied;

- The company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- The company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

- The amount of revenue can be measured reliably;

- It is probable that the economic benefits associated with the transaction can be measured reliably;

Turnover earned but not billed to customers is included in trade debtors and amounts billed in advance of the revenue being recognised are included in deferred income. Sales of goods are recognised on transfer of title of the goods on dispatch.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on straight line basis

Plant and machinery

-

20% on straight line basis

Motor vehicles

-

20% on straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Repairs and maintenance costs are expensed as incurred.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock relates to horses, stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are shown within administrative expenses.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

424,043

348,906

86,807

Additions

-

44,216

38,379

At 31 December 2024

424,043

393,122

125,186

DEPRECIATION

At 1 January 2024

-

91,915

59,956

Charge for year

-

39,313

25,037

At 31 December 2024

-

131,228

84,993

NET BOOK VALUE

At 31 December 2024

424,043

261,894

40,193

At 31 December 2023

424,043

256,991

26,851

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

3,255

449,005

903

1,312,919

Additions

-

-

-

82,595

At 31 December 2024

3,255

449,005

903

1,395,514

DEPRECIATION

At 1 January 2024

796

259,984

362

413,013

Charge for year

651

89,801

180

154,982

At 31 December 2024

1,447

349,785

542

567,995

NET BOOK VALUE

At 31 December 2024

1,808

99,220

361

827,519

At 31 December 2023

2,459

189,021

541

899,906

6.	INVESTMENT PROPERTY

Total

£

COST

Additions

473,500

At 31 December 2024

473,500

NET BOOK VALUE

At 31 December 2024

473,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

VAT

5,620

17,250

Prepayments

7,598

9,436

13,218

26,686

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

12,801

3,761

Amounts owed to group undertakings

4,534,001

3,868,214

Directors' current accounts

84,462

-

Accrued expenses

25,834

23,972

4,657,098

3,895,947

Amounts owed to group undertakings are unsecured, and repayable on demand. Interest is charged at 2% annually on balances owed to the parent company.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

17,208

39,647

Deferred

tax

£

Balance at 1 January 2024

39,647

Credit to Income Statement during year

(22,439

)

Balance at 31 December 2024

17,208

The deferred taxation provision is in respect of the timing differences between capital allowances for tax purposes and depreciation for accounting purposes at the 25% corporation tax rate substantially enacted under the Finance Act.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of Coronel Investments Ltd, a company incorporated in Jersey. The ultimate controlling party of Coronel Investments Ltd are Hugh and Anna Sims-Hilditch .