REGISTERED NUMBER: 12804638 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

Hildare Stud Farm Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs A M Sims-Hilditch

SECRETARY:

H J Sims-Hilditch

REGISTERED OFFICE:

14a Forest Gate

Pewsham

Chippenham

Wiltshire

SN15 3RS

REGISTERED NUMBER:

12804638 (England and Wales)

FIXED ASSETS

Tangible assets

5

685,940

827,519

Investment property

6

473,500

473,500

1,159,440

1,301,019

CURRENT ASSETS

Stocks

549,163

575,054

Debtors

7

6,999

13,218

Cash at bank and in hand

7,200

91,166

563,362

679,438

CREDITORS

Amounts falling due within one year

8

4,921,362

4,657,098

NET CURRENT LIABILITIES

(4,358,000

)

(3,977,660

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,198,560

)

(2,676,641

)

PROVISIONS FOR LIABILITIES

-

17,208

NET LIABILITIES

(3,198,560

)

(2,693,849

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(3,198,561

)

(2,693,850

)

(3,198,560

)

(2,693,849

)

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 October 2026 and were signed by:

Mrs A M Sims-Hilditch - Director

1.	STATUTORY INFORMATION

Hildare Stud Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern basis

The accounts show negative retained earnings of £3,198,561 (2024: £2,693,850).

The directors have considered the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. In making this assessment, they have obtained written confirmation from the Company's parent Coronel Investments Limited, that it will continue to provide such financial support as may be required to enable the Company to meet its liabilities as they fall due and that it will not seek repayment of intra-group loan balances until the Company is in a position to make repayment.

Having considered the Company's forecasts, available funding and the continued support of its parent, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Given these considerations, the accounts have been prepared on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover comprises revenue arising from the sale of goods.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied;

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover earned but not billed to customers is included in accrued income and amounts billed in advance of the revenue being recognised are included in deferred income.Sales of goods are recognised on transfer of title of the goods on dispatch.

Interest income

Interest income is recognised using the effective interest rate method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on straight line basis

Plant and machinery

-

20% on straight line basis

Motor vehicles

-

20% on straight line basis

Tangible assets (with the exception of freehold land and buildings) are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Depreciation is charged from when an asset is bought into use. Land is not depreciated. Repairs and maintenance costs are expensed as incurred.The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively

Freehold land and buildings are stated at their fair value as at the end of the reporting period, under the revaluation model.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock relates to horses, stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. 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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At the period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement.

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.

Short-term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

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 when they are due.

Amounts not paid are shown in other creditors in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction net of tax, from the proceeds.

Cash at bank and in hand

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Land &

to

Plant and

Buildings

property

machinery

£

£

£

COST OR VALUATION

At 1 January 2025

424,043

393,122

125,186

Additions

-

9,800

-

Disposals

-

-

-

Revaluations

(47,878

)

-

-

At 31 December 2025

376,165

402,922

125,186

DEPRECIATION

At 1 January 2025

-

131,228

84,993

Charge for year

-

39,294

13,145

Eliminated on disposal

-

-

-

At 31 December 2025

-

170,522

98,138

NET BOOK VALUE

At 31 December 2025

376,165

232,400

27,048

At 31 December 2024

424,043

261,894

40,193

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2025

3,255

449,005

903

1,395,514

Additions

-

-

-

9,800

Disposals

-

(197,855

)

-

(197,855

)

Revaluations

-

-

-

(47,878

)

At 31 December 2025

3,255

251,150

903

1,159,581

DEPRECIATION

At 1 January 2025

1,447

349,785

542

567,995

Charge for year

651

50,230

181

103,501

Eliminated on disposal

-

(197,855

)

-

(197,855

)

At 31 December 2025

2,098

202,160

723

473,641

NET BOOK VALUE

At 31 December 2025

1,157

48,990

180

685,940

At 31 December 2024

1,808

99,220

361

827,519

Cost or valuation at 31 December 2025 is represented by:

Improvements

Land &

to

Plant and

Buildings

property

machinery

£

£

£

Valuation in 2025

(47,878

)

-

-

Cost

424,043

402,922

125,186

376,165

402,922

125,186

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2025

-

-

-

(47,878

)

Cost

3,255

251,150

903

1,207,459

3,255

251,150

903

1,159,581

Land and buildings were valued on an open market basis on 1 August 2025 by management .

6.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2025

and 31 December 2025

473,500

NET BOOK VALUE

At 31 December 2025

473,500

At 31 December 2024

473,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

VAT

-

5,620

Prepayments

6,999

7,598

6,999

13,218

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

8,241

12,801

Amounts owed to group undertakings

4,879,921

4,534,001

Social security and other taxes

1,238

-

VAT

19,262

-

Directors' current accounts

-

84,462

Accrued expenses

12,700

25,834

4,921,362

4,657,098

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of Coronel Investments Limited, a company incorporated in Jersey. The ultimate controlling party of Coronel Investments Limited are Hugh and Anna Sims-Hilditch.