REGISTERED NUMBER: 08652307 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

A N Breeding Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Longem

A D Aanensen

REGISTERED OFFICE:

The Old Stables

Sutton Manor Farm

Bishops Sutton

Alresford

Hampshire

SO24 0AA

REGISTERED NUMBER:

08652307 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mrs J M Butler FCA

AUDITORS:

Butler & Co Audit Limited

Chartered Accountants and Registered Auditors

The Old Stables

Sutton Manor Farm

Bishop's Sutton

Alresford

Hampshire

SO24 0AA

FIXED ASSETS

Intangible assets

4

-

858

Tangible assets

5

400,136

444,805

400,136

445,663

CURRENT ASSETS

Stocks

6

1,671,359

3,010,577

Debtors

7

131,111

89,487

Cash at bank and in hand

205,005

138,845

2,007,475

3,238,909

CREDITORS

Amounts falling due within one year

8

59,795

120,724

NET CURRENT ASSETS

1,947,680

3,118,185

TOTAL ASSETS LESS CURRENT LIABILITIES

2,347,816

3,563,848

CREDITORS

Amounts falling due after more than one year

9

7,695,547

7,076,313

NET LIABILITIES

(5,347,731

)

(3,512,465

)

CAPITAL AND RESERVES

Called up share capital

10

4,450,010

4,450,010

Retained earnings

(9,797,741

)

(7,962,475

)

SHAREHOLDERS' FUNDS

(5,347,731

)

(3,512,465

)

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 23 December 2025 and were signed on its behalf by:

A D Aanensen - Director

1.	STATUTORY INFORMATION

A N Breeding 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

The financial statements for the period ended 31 December 2024 have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of these financial statements, whereby funding remains in place to continue to operate the business and it is anticipated that there will be a general increase in incoming cashflows. On this basis, the directors believe that it is appropriate to prepare the accounts on a going concern basis.

The company is reliant on the support of the ultimate controlling party and loan facilities provided by Norconsult Telematics Holdings Ltd, a company registered in Cyprus; to enable A N Breeding Limited to meet its day to day financial obligations.

The directors have obtained confirmation from Norconsult Telematics Holdings Ltd that they will continue to support the company for at least twelve months beyond the approval date of these financial statements, and will not withdraw the loan facility provided if this would render the company unable to pay its liabilities as they fall due.

The directors are considering the re-structuring of the trading arrangements of the company going forward.

Revenue recognition

Turnover is measured at the fair value of consideration received or receivable for the sale of horses and prize money, excluding discounts, rebates, VAT and any other sales taxes arising.

Revenue is recognised on the raising of an invoice for goods and services. Prize money is recognised on the day of the equestrian competition when the final results have been confirmed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Motor vehicles

-

10% reducing balance basis

Impairment of intangible and tangible fixed assets

At each reporting end date, the company reviews the carrying amounts of its intangible and tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

The valuation of horses is stated at the market value less any costs relating to a sale.

Financial instruments

The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Business

Intellectual

Goodwill

Property

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

8,583

5

8,588

AMORTISATION

At 1 January 2024

7,725

5

7,730

Amortisation for year

858

-

858

At 31 December 2024

8,583

5

8,588

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

858

-

858

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

7,717

492,828

500,545

DEPRECIATION

At 1 January 2024

6,457

49,283

55,740

Charge for year

315

44,354

44,669

At 31 December 2024

6,772

93,637

100,409

NET BOOK VALUE

At 31 December 2024

945

399,191

400,136

At 31 December 2023

1,260

443,545

444,805

6.

STOCKS

2024

2023

£

£

Stallion stock

-

4,337

Broodmare stock

20,730

26,022

Youngstock stock

14,050

21,550

Sport horses stock

1,636,579

2,958,668

1,671,359

3,010,577

A valuation of the horses is undertaken each year by Marie Longem.

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Other debtors

93,801

-

VAT

221

7,418

Prepayments

-

37,636

94,022

45,054

Amounts falling due after more than one year:

Other debtors

37,089

44,433

Aggregate amounts

131,111

89,487

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

20,975

110,329

Accrued expenses

38,820

10,395

59,795

120,724

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Norconsult Telematics Holdings

(Various loans)

4,739,726

4,242,100

Norconsult Telematics Holdings

(Working capital loan)

2,955,821

2,834,213

7,695,547

7,076,313

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

4,450,010

Ordinary

£1

4,450,010

4,450,010

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

The Report of the Auditors was unqualified.

Mrs J M Butler FCA (Senior Statutory Auditor)

for and on behalf of Butler & Co Audit Limited

12.	RELATED PARTY DISCLOSURES

During the year, the parent company of A N Breeding Limited provided further loans totalling £618,832 (2023 - £2,021,006) for commercial and continued trading purposes. These loans are made on an arm's length, market value basis, are subject to a commercial rate of interest of 0.5%. The balance outstanding at the year end of £7,695,548 (2023 - £7,076,313) are included within creditors due after more than one year.

The directors have obtained confirmation that these loan facilities will not be withdrawn and NTH will continue to support A N Breeding Limited for at least twelve months beyond the approval dare of these financial statements.

13.	POST BALANCE SHEET EVENTS

After the balance sheet date, the directors are considering restructuring the business and possibly the commercial direction. All the plans to date have been approved by the ultimate holding Company, but at the date of the signing of the balance sheet none of the plans have yet been implemented.

14.	ULTIMATE CONTROLLING PARTY

The parent company for which group accounts are drawn up of which this company is a 100% subsidiary is Norconsult Telematics Holdings Limited, with its registered office at 5 Andrea Kalvou, P.O. Box 54650 CY-3726, Limassol, Cyprus.

The ultimate controlling party is Mr J Longem, the principle beneficial owner of Norconsult Telematics Holdings Limited.