Registration number: 14284753

Phalaris Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Phalaris Limited

(Registration number: 14284753)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	431	861
Current assets
Stocks	5	7,969,524	10,576,978
Debtors	6	220,990	568,143
Cash at bank and in hand		84,998	67,453
		8,275,512	11,212,574
Creditors: Amounts falling due within one year	7	(652,688)	(1,821,317)
Net current assets		7,622,824	9,391,257
Total assets less current liabilities		7,623,255	9,392,118
Creditors: Amounts falling due after more than one year	7	(8,759,357)	(8,139,423)
Net (liabilities)/assets		(1,136,102)	1,252,695
Capital and reserves
Called up share capital		100	100
Retained earnings		(1,136,202)	1,252,595
Shareholders' (deficit)/funds		(1,136,102)	1,252,695

Phalaris Limited

(Registration number: 14284753)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 December 2025
 

......................................... Mr Bjorn Eric Nielsen Director

Phalaris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at 31 December 2024 the company had net current assets of£7,622,824 (2023 £9,391,257) and net (liabilities)/assets of(£1,136,102) (2023 £1,252,695.) Iincluded within creditors falling due after more than one year is the sum of £8,759,357 (2023 £8,139,423) which is owed to the director. The director has confirmed that this sum will only be repayable on the express condition that the company will remain solvent immediately following repayment. He has further confirmed his support of the company for 12 months following the approval of these accounts.

The director is therefore of the view that Phalaris Limited will have sufficient resources available to meet its liabilities as they fall due for the foreseeable future. The financial statements have therefore been prepared on the going concern basis, which assumes that this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of bloodstock sales, prize money received and sponsorship income received in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Phalaris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Bloodstock is stated at the lower of cost and market value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

Phalaris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2024	1,291	1,291
At 31 December 2024	1,291	1,291
Depreciation
At 1 January 2024	430	430
Charge for the year	430	430
At 31 December 2024	860	860
Carrying amount
At 31 December 2024	431	431
At 31 December 2023	861	861

5

Stocks

	2024 £	2023 £
Youngstock	774,545	1,415,405
Broodmares	5,229,501	5,381,180
Nomination Fees	359,912	855,606
Horses in training	1,605,566	2,924,787
	7,969,524	10,576,978

6

Debtors

Current	2024 £	2023 £
Trade debtors	185,899	279,911
Prepayments	8,823	26,809
Other debtors	26,268	261,423
	220,990	568,143

Phalaris Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	521,413	1,625,549
Taxation and social security	125,762	3,872
Other creditors	5,513	191,896
	652,688	1,821,317