Company No: OC454830 (England and Wales)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	31.03.2025
		£
Fixed assets
Tangible assets	3	1,207
		1,207
Current assets
Stocks	4	15,000
		15,000
Creditors: amounts falling due within one year	5	( 950)
Net current assets		14,050
Total assets less current liabilities		15,257
Net assets attributable to members		15,257
Represented by
Loans and other debts due to members within one year
Other amounts		134,644
		134,644
Members' other interests
Other reserves		(119,387)
		(119,387)
		15,257
Total members' interests
Loans and other debts due to members		134,644
Members' other interests		(119,387)
		15,257

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 Topthorn Stud LLP (registered number: OC454830) were approved and authorised for issue by the Board of Directors on 20 December 2025. They were signed on its behalf by:

L C A Waring 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
	Other reserves	Other amounts	Total
	£	£	£
Balance at 10 December 2024	0	0	0
Loss for the financial period available for discretionary division among members	(119,387)	0	(119,387)
Members' interest after loss for the financial period	(119,387)	0	(119,387)
Introduced by members	0	134,644	134,644
Amounts due to members		134,644
Balance at 31 March 2025	(119,387)	134,644	15,257

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, unless otherwise stated.

General information and basis of accounting

Topthorn 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 Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principle place of business is 15 Birch Lane, Sandelheath, Fordingbridge, SP6 1FR, 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Bloodstock sales are recognised once agreement on the sale has been made. Amounts not invoiced before the year end are included in accrued income.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery

25 % reducing balance

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 complete and sell. Bloodstock is revalued to market value upon entering and leaving race training. Stallions are amortised in equal annual instalments until they reach age 10. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	Period from 10.12.2024 to 31.03.2025
	Number
Monthly average number of persons employed by the LLP during the period	0

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 10 December 2024	0		0
Additions	1,211		1,211
At 31 March 2025	1,211		1,211
Accumulated depreciation
At 10 December 2024	0		0
Charge for the financial period	4		4
At 31 March 2025	4		4
Net book value
At 31 March 2025	1,207		1,207

4. Stocks

	31.03.2025
	£
Livestock	15,000

5. Creditors: amounts falling due within one year

	31.03.2025
	£
Accruals	950