Company No: OC359451 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	Jillian Jameson Walker
	Julian Arthur Walker

Registered office	Westdown Farm
	Shipley Hills Road
	Meopham
	DA13 0JP
	United Kingdom

Registered number

OC359451 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

	Note	31.03.2025		31.12.2023
		£		£
Fixed assets
Tangible assets	3	428,899		449,858
		428,899		449,858
Current assets
Stocks	4	74,820		50,520
Debtors	5	1,069		605,502
Cash at bank and in hand	6	437		1,005
		76,326		657,027
Creditors: amounts falling due within one year	7	( 19,341)		( 24,890)
Net current assets		56,985		632,137
Total assets less current liabilities		485,884		1,081,995
Creditors: amounts falling due after more than one year	8	( 177,500)		( 60,000)
Net assets attributable to members		308,384		1,021,995
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		0		1,021,895
Other amounts		308,284		0
		308,284		1,021,895
Members' other interests
Members' capital classified as equity		100		100
		100		100
		308,384		1,021,995
Total members' interests
Amounts due from members (included in debtors)		0		(600,928)
Loans and other debts due to members		308,284		1,021,895
Members' other interests		100		100
		308,384		421,067

For the financial period ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Southern Cross Stud LLP (registered number: OC359451) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

Jillian Jameson Walker Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£	£
Amounts due to members				1,021,895	0	1,021,895
Amounts due from members					(487,991)	(487,991)
Balance at 01 January 2023	100	0	100	1,021,895	(487,991)	533,904	534,004
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	0	0	0	(10,901)	(10,901)	(10,901)
Loss for the financial period/year available for discretionary division among members	0	(108,930)	(108,930)	0	0	0	(108,930)
Members' interest after loss for the financial period/year	100	(108,930)	(108,830)	1,021,895	(498,892)	523,003	414,173
Division of loss	0	108,930	108,930	0	(108,930)	(108,930)	0
Drawings	0	0	0	0	6,894	6,894	6,894
Amounts due to members				1,021,895	0	1,021,895
Amounts due from members					(600,928)	(600,928)
Balance at 31 December 2023	100	0	100	1,021,895	(600,928)	420,967	421,067
Loss for the financial period/year available for discretionary division among members	0	(154,654)	(154,654)	0	0	0	(154,654)
Members' interest after loss for the financial period/year	100	(154,654)	(154,554)	1,021,895	(600,928)	420,967	266,413
Division of loss	0	154,654	154,654	0	(154,654)	(154,654)	0
Introduced by members	0	0	0	50,456	0	50,456	50,456
Drawings	0	0	0	0	(8,485)	(8,485)	(8,485)
Adjustment to prior years	0	0	0	(1,072,351)	1,072,351	0	0
Amounts due to members				0	308,284	308,284
Balance at 31 March 2025	100	0	100	0	308,284	308,284	308,384

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southern Cross Stud LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Westdown Farm, Shipley Hills Road, Meopham, DA13 0JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length 15 months

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery etc.	4 - 5 years straight line
	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	Period from 01.01.2024 to 31.03.2025		Year ended 31.12.2023
	Number		Number
Monthly average number of persons employed by the LLP during the period	1		1

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	580,824		117,610		698,434
Additions	0		380		380
At 31 March 2025	580,824		117,990		698,814
Accumulated depreciation
At 01 January 2024	149,543		99,033		248,576
Charge for the financial period	14,522		6,817		21,339
At 31 March 2025	164,065		105,850		269,915
Net book value
At 31 March 2025	416,759		12,140		428,899
At 31 December 2023	431,281		18,577		449,858

4. Stocks

	31.03.2025		31.12.2023
	£		£
Stocks	74,420		50,120
Work in progress	400		400
	74,820		50,520

5. Debtors

	31.03.2025		31.12.2023
	£		£
Amounts owed by members	0		600,928
Prepayments	160		248
VAT recoverable	909		2,975
Other debtors	0		1,351
	1,069		605,502

6. Cash and cash equivalents

	31.03.2025		31.12.2023
	£		£
Cash at bank and in hand	437		1,005

7. Creditors: amounts falling due within one year

	31.03.2025		31.12.2023
	£		£
Trade creditors	14,273		20,097
Accruals	4,200		3,710
Other taxation and social security	762		968
Other creditors	106		115
	19,341		24,890

8. Creditors: amounts falling due after more than one year

	31.03.2025		31.12.2023
	£		£
Other creditors	177,500		60,000

9. Ultimate controlling party

The LLP is jointly controlled by the Designated Members.