Friar Ings Stud Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC470409 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

FRIAR INGS STUD LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

M S Johnston

Mrs D M Johnston

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC470409 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

CURRENT ASSETS

Stocks

67,050

142,455

Debtors

5

14,344

374,012

Cash at bank

371,337

58,800

452,731

575,267

CREDITORS

Amounts falling due within one year

6

29,090

118,921

NET CURRENT ASSETS

423,641

456,346

TOTAL ASSETS LESS CURRENT LIABILITIES

423,641

456,346

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

423,639

456,344

SHAREHOLDERS' FUNDS

423,641

456,346

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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 24 September 2019 and were signed on its behalf by:

M S Johnston - Director

1.	STATUTORY INFORMATION

Friar Ings Stud Ltd is a private company, limited by shares , registered in Scotland. 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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is derived from horsedealing transactions by the company.

Turnover is measured at the fair value of horsedealing transactions, net of discounts and excluding value added

tax, and is recognised at the point that the company obtains the right to consideration.

Stocks

Stocks are stated at the lower of cost and net realisable value. Costs comprise direct costs of purchase.

Overheads are charged to the income statement as incurred.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an

expense in the period in which the reversal occurs.

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

167,695

Other debtors

14,344

206,317

14,344

374,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

11,454

118,021

Taxation and social security

15,686

-

Other creditors

1,950

900

29,090

118,921

7.	RELATED PARTY DISCLOSURES

Johnston Racing Limited

Parent

During the year, the Johnston Racing Ltd invoiced the company £76,080 for goods and services provided (2017

- £169,566). The company invoiced Johnston Racing Ltd £38,172 for bloodstock (2017 - £31,810). Johnston

Racing Limited repaid £Nil to the company (2017 - the company repaid £435,670 to Johnston Racing Limited).

The balance due to Johnston Racing Limited at the year end was £9,883 (2017 - due from £27,965).

No interest was charged on this loan during this year or the previous year.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Johnston Racing Limited, a company incorporated in Scotland. The company's

registered office is 29 Brandon Street, Hamilton, South Lanarkshire, ML3 6DA.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Friar Ings Stud Ltd for the year ended 31 December 2018 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Friar Ings Stud Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Friar Ings Stud Ltd and state those matters that we have agreed to state to the Board of Directors of Friar Ings Stud Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Friar Ings Stud Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Friar Ings Stud Ltd. You consider that Friar Ings Stud Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Friar Ings Stud Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

24 September 2019