Registration number: 01338782

B.W. Hills Southbank Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 10

B.W. Hills Southbank Limited

(Registration number: 01338782)
Balance Sheet as at 31 January 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	10,015	15,023
Tangible assets	5	2,462,620	2,525,701
		2,472,635	2,540,724
Current assets
Stocks	6	194,425	297,871
Debtors	7	515,428	535,131
Cash at bank and in hand		1,484	51,742
		711,337	884,744
Creditors: Amounts falling due within one year	8	(3,817,230)	(3,786,370)
Net current liabilities		(3,105,893)	(2,901,626)
Total assets less current liabilities		(633,258)	(360,902)
Creditors: Amounts falling due after more than one year	8	(73,566)	(41,090)
Net liabilities		(706,824)	(401,992)
Capital and reserves
Called up share capital		100	100
Retained earnings		(706,924)	(402,092)
Shareholders' deficit		(706,824)	(401,992)

B.W. Hills Southbank Limited

(Registration number: 01338782)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2026 and signed on its behalf by:
 

......................................... P E M Hills Director

B.W. Hills Southbank Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Wetherdown House
Lambourn
Hungerford
Berkshire
RG17 8UB

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

Whilst the company is dependent on continuing support from its bankers, at the date on which these financial statements were signed, based upon their current understanding of the position, the directors have no reason to believe that the required support from the bank will not be forthcoming.

Whilst there may be a material uncertainty in relation to the matters described above which might give rise to doubts as to the going concern basis, after undertaking appropriate forecasting procedures and making enquiries of management, the directors are satisfied that the company will have sufficient financial resources to enable it to meet its liabilities as they fall due. The company is expected to continue in operation for the foreseeable future, being not less than one year from the date on which the financial statements were approved by the board. The financial statements do not include those adjustments that would result if the company was unable to continue as a going concern.

Revenue recognition

Revenue recognised by the company is in respect of racehorse training fees, bloodstock sales and prizemoney won during the year, exclusive of Value Added Tax. Revenue is recognised when the goods or services have been provided.

Tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

B.W. Hills Southbank Limited

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

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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation

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 the Statement of income and retained earnings.

Asset class	Depreciation method and rate
Freehold Property	2% to 5% straight line
Motor Vehicles	25% straight line
Fixtures and Fittings	20% straight line

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The estimated useful lives range as follows:

Covenants - 10 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Covenants	10 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

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

B.W. Hills Southbank Limited

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

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

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Leasing and Hire purchase

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

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.

B.W. Hills Southbank Limited

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

Financial instruments

Classification
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 62 (2023 - 58).

4	Intangible assets

	Covenants  £	Total £
Cost or valuation
At 1 February 2023	50,079	50,079
At 31 January 2024	50,079	50,079
Amortisation
At 1 February 2023	35,056	35,056
Amortisation charge	5,008	5,008
At 31 January 2024	40,064	40,064
Carrying amount
At 31 January 2024	10,015	10,015
At 31 January 2023	15,023	15,023

B.W. Hills Southbank Limited

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

6

Stocks

	2024 £	2023 £
Bloodstock	115,790	219,236
Saddlery and tack	58,245	58,245
Deadstock	20,390	20,390
	194,425	297,871

7

Debtors

	2024 £	2023 £
Trade debtors	226,072	232,655
Prepayments	182,513	195,633
Other debtors	106,843	106,843
	515,428	535,131

B.W. Hills Southbank Limited

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

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	2,362,227	2,507,434
Trade creditors		1,041,026	971,770
Taxation and social security		219,976	207,327
Other creditors		194,001	99,839
		3,817,230	3,786,370