REGISTERED NUMBER: SC470409 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

FRIAR INGS STUD LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Johnston

D M Johnston

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

BUSINESS ADDRESS:

Kingsley House

Middleham

North Yorkshire

DL8 4PH

REGISTERED NUMBER:

SC470409 (Scotland)

SENIOR STATUTORY AUDITOR:

Robert Pollock BA CA

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

CURRENT ASSETS

Stocks

123,375

123,375

Debtors

5

3,189

8,604

Cash at bank

43,648

87,952

170,212

219,931

CREDITORS

Amounts falling due within one year

6

170,212

376,510

NET CURRENT LIABILITIES

-

(156,579

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

(156,579

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(2

)

(156,581

)

SHAREHOLDERS' FUNDS

-

(156,579

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M S Johnston - Director

1.	STATUTORY INFORMATION

Friar Ings Stud Ltd 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.

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Non-going concern basis of accounting

The company has ceased trading since the year end with any assets held transferred to its parent company, Johnston Racing Ltd.

The company therefore ceased to trade under its own name and is expected to remain dormant.

The financial statements of the company have therefore not been prepared on a going concern basis.

No adjustments to the financial statements arose as a result of them being prepared on a non-going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Friar Ings Stud Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 derived from horsedealing transactions by the company.

Turnover is measured at the fair value of horsedealing transactions, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Stocks

Stocks are stated at the lower of cost and net realisable value. Costs comprise direct costs of purchase. Overheads are charged to the income statement as incurred.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

4.	EMPLOYEES AND DIRECTORS

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

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

3,189

8,604

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

162,528

346,932

Other creditors

7,684

29,578

170,212

376,510

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

The Report of the Auditors was unqualified.

Robert Pollock BA CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Johnston Racing Limited.