Registration number: 11358682

Mill House Racing Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Mill House Racing Limited

(Registration number: 11358682)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	239,766	267,231
Current assets
Stocks	5	21,961	13,258
Debtors	6	227,221	246,805
Cash at bank and in hand		98,199	124,949
		347,381	385,012
Creditors: Amounts falling due within one year	7	(180,946)	(188,930)
Net current assets		166,435	196,082
Total assets less current liabilities		406,201	463,313
Creditors: Amounts falling due after more than one year	7	(2,389)	(25,719)
Provisions for liabilities		(14,453)	(19,271)
Net assets		389,359	418,323
Capital and reserves
Called up share capital		100	100
Retained earnings		389,259	418,223
Shareholders' funds		389,359	418,323

Mill House Racing Limited

(Registration number: 11358682)
Balance Sheet as at 31 July 2025

For the financial year ending 31 July 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 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 and 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 29 April 2026
 

......................................... A W Carroll Director

Mill House Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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:
The Cropthorne Stud
Field Barn Lane
Cropthorne
Worcestershire
WR10 3LY

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of thoroughbred racehorse training services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Mill House Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Asset class	Depreciation method and rate
Plant and Machinery	25% reducing balance
Fixtures and Fittings	25% reducing balance
Motor Vehicles	25% reducing balance
Office Equipment	25% reducing balance
Land and buildings	Not depreciated

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 thoroughbred racehorse training services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Mill House Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2024 - 21).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 August 2024	157,371	24,433	94,058	802	56,754	333,418
At 31 July 2025	157,371	24,433	94,058	802	56,754	333,418
Depreciation
At 1 August 2024	-	6,207	47,607	463	11,910	66,187
Charge for the year	-	4,556	11,613	85	11,211	27,465
At 31 July 2025	-	10,763	59,220	548	23,121	93,652
Carrying amount
At 31 July 2025	157,371	13,670	34,838	254	33,633	239,766
At 31 July 2024	157,371	18,226	46,451	339	44,844	267,231

Included within the net book value of land and buildings above is £157,371 (2024 - £157,371) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Bloodstock held for resale	21,961	13,258

Mill House Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	219,811	193,452
Prepayments	3,153	-
Other debtors	4,257	53,353
	227,221	246,805

Mill House Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	23,329	25,686
Trade creditors		64,563	54,100
Taxation and social security		82,326	78,477
Other creditors		10,728	30,667
		180,946	188,930