Byerley Stud Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10007017 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

BYERLEY STUD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Clifford

T Almazeedi

I Bradbury

REGISTERED OFFICE:

Courtlands

Corsham Road

Thingley

Corsham

Wiltshire

SN13 9QJ

REGISTERED NUMBER:

10007017 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

157,073

63,815

CURRENT ASSETS

Stocks

12,450

9,450

Debtors

5

140,383

194,624

Cash at bank

12,256

12,825

165,089

216,899

CREDITORS

Amounts falling due within one year

6

251,646

193,405

NET CURRENT (LIABILITIES)/ASSETS

(86,557

)

23,494

TOTAL ASSETS LESS CURRENT LIABILITIES

70,516

87,309

CREDITORS

Amounts falling due after more than one year

7

(24,550

)

(8,250

)

PROVISIONS FOR LIABILITIES

(16,595

)

(12,763

)

NET ASSETS

29,371

66,296

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

29,271

66,196

SHAREHOLDERS' FUNDS

29,371

66,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2019 and were signed on its behalf by:

S A Clifford - Director

1.	COMPANY INFORMATION

Byerley Stud 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods and services provided in the normal course of business, net of discounts, VAT and other

sales related taxes.

Tangible fixed assets

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

Leasehold property

-

Not depreciated

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where

applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred

in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest.

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

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2018

-

81,880

714

82,594

Additions

63,851

48,493

-

112,344

Disposals

-

(2,000

)

-

(2,000

)

At 31 December 2018

63,851

128,373

714

192,938

DEPRECIATION

At 1 January 2018

-

18,382

397

18,779

Charge for year

-

17,403

238

17,641

Eliminated on disposal

-

(555

)

-

(555

)

At 31 December 2018

-

35,230

635

35,865

NET BOOK VALUE

At 31 December 2018

63,851

93,143

79

157,073

At 31 December 2017

-

63,498

317

63,815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

133,237

190,535

Other debtors

170

2,626

Tax

4,992

-

Prepayments and accrued income

1,984

1,463

140,383

194,624

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

10,900

4,500

Trade creditors

41,353

63,557

Tax

-

4,992

Social security and other taxes

2,458

2,000

VAT

4,788

13,514

Other creditors

11,217

66

Directors' current accounts

174,662

99,900

Accruals and deferred income

6,268

4,876

251,646

193,405

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

24,550

8,250

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

10,900

4,500

Between one and five years

24,550

8,250

35,450

12,750

Non-cancellable

operating leases

2018

2017

£

£

Within one year

4,200

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

1

100

100