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Company registration number:
03512280
North Farm Stud Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2025
North Farm Stud Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of North Farm Stud Limited
Year ended
31 March 2025
As described on the statement of financial position, the Board of Directors of
North Farm Stud Limited
are responsible for the preparation of the
financial statements
for the year ended
31 March 2025
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Gina Bartlett t/a Bartlett Accounting Services
2 Wigmore Road
Tadley
Hampshire
RG26 4HH
United Kingdom
Date:
14 November 2025
North Farm Stud Limited
Statement of Financial Position
31 March 2025
20252024
Note££
Fixed assets    
Tangible assets 5
525,860
 
569,706
 
Current assets    
Stocks
222,385
 
200,786
 
Debtors 6
57,174
 
49,501
 
279,559
 
250,287
 
Creditors: amounts falling due within one year 7
(1,471,233
 )
(1,828,971
 )
Net current liabilities
(1,191,674
 )
(1,578,684
 )
Total assets less current liabilities (665,814 ) (1,008,978 )
Creditors: amounts falling due after more than one year 8
(137,440
 )
(178,701
 )
Net liabilities
(803,254
 )
(1,187,679
 )
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(803,354
 )
(1,187,779
 )
Shareholders deficit
(803,254
 )
(1,187,679
 )
For the year ending
31 March 2025
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
14 November 2025
, and are signed on behalf of the board by:
Grace Muir
Director
Company registration number:
03512280
North Farm Stud Limited
Notes to the Financial Statements
Year ended
31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
North Farm Stud
,
North Fawley
,
Wantage
,
Oxfordshire
,
OX12 9NJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis despite the loss for the year, and liabilities exceeding assets. on the4 basis that a large proportion of the current liabilities are owed to the parent company, who will not request repayment until funds are available.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimates means the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
The key judgements made by management in respect of revenue is the pint at which that revenue should be recognised. management consider the underlying contract terms and conclude upon the most appropriate pointy of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual useful lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the assets and the projected disposal value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
2% or 15% on written down value
Plant and machinery
15% reducing balance
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Bloodstock is valued by the directors and is stated at the lower of cost and valuation.
The cost of homebred foals is determined as the aggregate cost of the keep of the broodmare for one year and the annual written down of the stallion share utilized or the cost of nomination as appropriate

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
23
(2024:
16.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2024
941,495
 
392,211
 
1,333,706
 
Additions
4,247
 
22,000
 
26,247
 
Disposals -  
(67,438
 )
(67,438
 )
At
31 March 2025
945,742
 
346,773
 
1,292,515
 
Depreciation      
At
1 April 2024
530,735
 
233,265
 
764,000
 
Charge
24,207
 
23,020
 
47,227
 
Disposals -  
(44,572
 )
(44,572
 )
At
31 March 2025
554,942
 
211,713
 
766,655
 
Carrying amount      
At
31 March 2025
390,800
 
135,060
 
525,860
 
At 31 March 2024
410,760
 
158,946
 
569,706
 

6 Debtors

20252024
££
Trade debtors
28,696
 
20,019
 
Other debtors
28,478
 
29,482
 
57,174
 
49,501
 

7 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
214,017
 
217,119
 
Trade creditors
66,259
 
54,101
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,018,569
 
1,358,509
 
Taxation and social security
40,737
 
40,095
 
Other creditors
131,651
 
159,147
 
1,471,233
 
1,828,971
 

8 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
107,860
 
134,721
 
Other creditors
29,580
 
43,980
 
137,440
 
178,701
 
The loan balances are secured against the assets of North Farm Estates Limited and a debenture is held against the bank overdraft with Weatherby's Bank Limited. Hire purchase liabilities are secured against the assets to which the contracts relate.

10 Controlling party

The ultimate controlling party is North Farm Estates Limited.