Company registration number 13716776 (England and Wales)
SALHIA STUD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
SALHIA STUD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SALHIA STUD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
414,205
-
0
Tangible assets
4
7,953,005
5,677,074
8,367,210
5,677,074
Current assets
Debtors
5
494,681
581,440
Cash at bank and in hand
339,637
764,987
834,318
1,346,427
Creditors: amounts falling due within one year
6
(6,847,462)
(4,325,167)
Net current liabilities
(6,013,144)
(2,978,740)
Net assets
2,354,066
2,698,334
Capital and reserves
Called up share capital
6,700,000
4,500,100
Profit and loss reserves
(4,345,934)
(1,801,766)
Total equity
2,354,066
2,698,334

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 July 2026 and are signed on its behalf by:
Mr M S Binladen
Director
Company registration number 13716776 (England and Wales)
SALHIA STUD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
2,500,100
(364,376)
2,135,724
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,437,390)
(1,437,390)
Issue of share capital
2,000,000
-
2,000,000
Balance at 31 December 2024
4,500,100
(1,801,766)
2,698,334
Year ended 31 December 2025:
Loss and total comprehensive income
-
(2,544,168)
(2,544,168)
Issue of share capital
2,199,900
-
2,199,900
Balance at 31 December 2025
6,700,000
(4,345,934)
2,354,066
SALHIA STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Salhia Stud Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rayner Essex LLP, Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the company has adequate resources to continue in operational existence for the foreseeable future due to financial support from its shareholder. Thus the financial statements have been prepared on the going concern basis of accounting.true

1.3
Turnover

Turnover represents winnings and stakes income from horse races, sponsorship income and prize income, which are all shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. I ntangible assets relate to breeding rights on horses not owed by the company.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Breeding Rights
8 years useful life
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line
Horses
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SALHIA STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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 or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SALHIA STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
6
3
Intangible fixed assets
Breeding Rights
£
Cost
At 1 January 2025
-
0
Additions
460,878
At 31 December 2025
460,878
Amortisation and impairment
At 1 January 2025
-
0
Amortisation charged for the year
46,673
At 31 December 2025
46,673
Carrying amount
At 31 December 2025
414,205
At 31 December 2024
-
0
SALHIA STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Horses
Total
£
£
£
Cost
At 1 January 2025
1,992
6,137,029
6,139,021
Additions
5,845
3,008,764
3,014,609
At 31 December 2025
7,837
9,145,793
9,153,630
Depreciation and impairment
At 1 January 2025
498
461,449
461,947
Depreciation charged in the year
863
737,815
738,678
At 31 December 2025
1,361
1,199,264
1,200,625
Carrying amount
At 31 December 2025
6,476
7,946,529
7,953,005
At 31 December 2024
1,494
5,675,580
5,677,074
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,417
-
0
Other debtors
492,264
581,440
494,681
581,440
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
97,933
68,545
Taxation and social security
9,685
16,070
Other creditors
6,739,844
4,240,552
6,847,462
4,325,167
7
Related party transactions

At the year end, the company owed £6,706,065 (2024: £4,205,965) to a shareholder/director. This balance is interest free, repayable on demand and is included in creditors falling due within one year, note 6.

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