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Registered number: 01274171 MICHAEL STOUTE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2025
MICHAEL STOUTE LIMITED REGISTERED NUMBER: 01274171 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 31 December |  | 2 January
|  | 2025 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments |  |  | 9,030,353 |  | 381,140
Investment property | 5 |  | 200,000 |  | 600,000
|  |  | 9,230,353 |  | 981,140
Current assets |  |  |  |  |
Debtors due within 1 year |  | 48 |  | 29,269 |
Current asset investments | 8 | 1,040,037 |  | 990,004 |
Cash at bank and in hand | 9 | 419,722 |  | 9,175,518 |
|  | 1,459,807 |  | 10,194,791 |
Creditors: amounts falling due within one year | 10 | (118,854) |  | (1,028,380) |
Net current assets |  |  | 1,340,953 |  | 9,166,411
Total assets less current liabilities |  |  | 10,571,306 |  | 10,147,551
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (38,992) |  | (99,071) |
|  |  | (38,992) |  | (99,071)
Net assets |  |  | 10,532,314 |  | 10,048,480
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 250 |  | 250
Capital redemption reserve |  |  | 250 |  | 250
Investment property reserve |  |  | 376,589 |  | 376,589
Profit and loss account |  |  | 10,155,225 |  | 9,671,391
|  |  | 10,532,314 |  | 10,048,480
Page 1
MICHAEL STOUTE LIMITED REGISTERED NUMBER: 01274171 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Sir M. R. Stoute
Director
Date: 3 March 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Michael Stoute Limited is a private company limited by shares, incorporated in England on 20 August 1976 (registered number: 01274171). The registered office address of the company is Freemason Lodge, Bury Road, Newmarket, Suffolk, CB8 7BY. The principal activity of the company continued to be that of race horse training. The financial statements are presented in Sterling, which is the functional currency of the company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.5 | Current and deferred taxation
The tax expense for the Period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of straight line and reducing balance methods as follows:. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2.5% Straight Line
|  |  |  | Motor vehicles | - | 25% Reducing Balance
|  |  |  | Fixtures, Fittings and stable equipments | - | 20% Reducing Balance
|  |  |  | Office equipment | - | 20% Reducing Balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.9 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 5
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 6
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their 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. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the Page 7
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | Period Ended 31 December | Period Ended 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 118,361 | 1,208,093
| Social security costs | 12,851 | 120,456
| Cost of defined contribution scheme | 2,908 | 21,522
|  | 134,120 | 1,350,071
| The average monthly number of employees, including directors, during the Period was 43 (2025 - 43).
Page 8
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
4. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 3 January 2025 | 381,140
| Additions | 8,500,000
| Revaluations | 149,213
| At 31 December 2025 | 9,030,353
| Net book value |
| At 31 December 2025 | 9,030,353
| At 2 January 2025 | 381,140
Page 9
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 3 January 2025 | 600,000
| Disposals | (400,000)
| At 31 December 2025 | 200,000
The 2025 valuations were made by the directors, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Historic cost | 180,217 | 180,217
| Accumulated depreciation and impairments | (55,877) | (55,877)
|  | 124,340 | 124,340
6. | Stocks
7. | Debtors
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Trade debtors | - | 29,269
| Other debtors | 48 | -
|  | 48 | 29,269
Page 10
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Current asset investments
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Listed investments | 1,040,037 | 990,004
|  | 1,040,037 | 990,004
9. | Cash and cash equivalents
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 419,722 | 9,175,518
|  | 419,722 | 9,175,518
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Trade creditors | (2,329) | 101
| Corporation tax | 72,295 | 919,762
| Tax due to HMRC | 1,888 | 38,084
| Other creditors | 32,000 | 28,433
| Accruals and deferred income | 15,000 | 42,000
|  | 118,854 | 1,028,380
11. | Deferred taxation
Page 11
MICHAEL STOUTE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 11.Deferred taxation (continued)
|  | 2025
|  | £
| At beginning of year | (99,071)
| Charged to other comprehensive income | 60,079
| At end of year | (38,992)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 December | 2 January
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Revaluations | (38,992) | (99,071)
|  | (38,992) | (99,071)
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,908 (2025 - £21,522). Contributions totalling £399 (2025 - £1,564) were payable to the fund at the balance sheet date and are included within other creditors.
13. | Related party transactions
| Included within the Creditors is an amount of £31,600 (2025 - £26,868) owed to Sir Michael R Stoute, the director of the company.
Page 12