General Information
Groomsbridge Stud Limited is a private company, limited by shares, registered in England and Wales, registration number 07554172, registration address Nursery Paddocks, Rushford, Thetford, IP24 2SA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
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 companys 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.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and machinery etc |
15% straight line basis |
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees Average number of employees during the period was 2 (2025 : 2). |
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 April 2025 |
18,575 |
|
18,575 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2026 |
18,575 |
|
18,575 |
| Depreciation |
| At 01 April 2025 |
9,385 |
|
9,385 |
| Charge for year |
1,952 |
|
1,952 |
| On disposals |
- |
|
- |
| At 31 March 2026 |
11,337 |
|
11,337 |
| Net book values |
| Closing balance as at 31 March 2026 |
7,238 |
|
7,238 |
| Opening balance as at 01 April 2025 |
9,190 |
|
9,190 |
|
| 4. |
Stocks
|
2026
£ |
|
2025
£ |
| Stocks |
104,000 |
|
83,000 |
|
104,000 |
|
83,000 |
|
| 5. |
Creditors: amount falling due within one year
|
2026
£ |
|
2025
£ |
| Trade Creditors |
7,740 |
|
4,363 |
| Bank Loans & Overdrafts |
818 |
|
2,454 |
| Taxation and Social Security |
0 |
|
441 |
| Other Creditors |
258,575 |
|
200,198 |
|
267,133 |
|
207,456 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2026
£ |
|
2025
£ |
| Bank Loans & Overdrafts |
0 |
|
818 |
|
0 |
|
818 |
|
| 7. |
Provisions for liabilities
|
2026
£ |
|
2025
£ |
| Deferred Tax |
(22,968) |
|
(21,442) |
| Charged to Profit & Loss |
24,343 |
|
(1,526) |
|
1,375 |
|
(22,968) |
|
2
|