Registration number: NI600962

Lougherne Stud Ltd

Contents

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

Lougherne Stud Ltd

Company Information

Directors

Mrs Jane Allen-Collins Mr William Collins

Registered office

5 Lougherne Road Annahilt Hillsborough Down BT26 6BX

Accountants

SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street Newry Co Down BT35 6BE

Lougherne Stud Ltd

(Registration number: NI600962)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	55,432	58,181
Current assets
Stocks	5	165,000	165,000
Debtors	6	1,751	2,238
Cash at bank and in hand		487	1,091
		167,238	168,329
Creditors: Amounts falling due within one year	7	(407,116)	(298,616)
Net current liabilities		(239,878)	(130,287)
Total assets less current liabilities		(184,446)	(72,106)
Creditors: Amounts falling due after more than one year	7	(400,000)	(403,643)
Provisions for liabilities		(5,210)	(5,242)
Net liabilities		(589,656)	(480,991)
Capital and reserves
Called up share capital	8	2	2
Retained earnings		(589,658)	(480,993)
Shareholders' deficit		(589,656)	(480,991)

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:
 

......................................... Mrs Jane Allen-Collins Director

......................................... Mr William Collins Director

Lougherne Stud Ltd

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

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
5 Lougherne Road
Annahilt
Hillsborough
Down
BT26 6BX

These financial statements were authorised for issue by the Board on 31 July 2026.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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.

Lougherne Stud Ltd

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

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
Leasehold property	5% Straight Line
Plant & Machinery	20% Reducing Balance
Fixtures & Fittings	15% Reducing Balance

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Lougherne Stud Ltd

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

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.

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 directors) during the year, was 2 (2024 - 0).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 November 2024	57,118	3,919	113,128	174,165
Additions	-	6,161	-	6,161
At 31 October 2025	57,118	10,080	113,128	180,326
Depreciation
At 1 November 2024	26,528	1,733	87,723	115,984
Charge for the year	2,577	1,252	5,081	8,910
At 31 October 2025	29,105	2,985	92,804	124,894
Carrying amount
At 31 October 2025	28,013	7,095	20,324	55,432
At 31 October 2024	30,590	2,186	25,405	58,181

Included within the net book value of land and buildings above is £28,013 (2024 - £30,590) in respect of freehold land and buildings.
 

Lougherne Stud Ltd

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

5

Stocks

	2025 £	2024 £
Other inventories	165,000	165,000

6

Debtors

Current	2025 £	2024 £
Other debtors	1,751	2,238
	1,751	2,238

Lougherne Stud Ltd

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	3,823	5,172
Taxation and social security		10	57
Accruals and deferred income		1,350	1,350
Other creditors		401,933	292,037
		407,116	298,616

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	400,000	403,643

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary share of £1 each	2	2	2	2

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	3,643
Other borrowings	400,000	400,000
	400,000	403,643

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	3,823	5,172

10	Related party transactions