Friar Ings Stud Ltd - Accounts to registrar (filleted) - small 22.3
Friar Ings Stud Ltd - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Friar Ings Stud Ltd |
Friar Ings Stud Ltd (Registered number: SC470409) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Friar Ings Stud Ltd |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
Friar Ings Stud Ltd (Registered number: SC470409) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 and authorised for issue on |
Friar Ings Stud Ltd (Registered number: SC470409) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Friar Ings Stud Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis as the company is being supported by a related party loan. |
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. |
Friar Ings Stud Ltd (Registered number: SC470409) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
Johnston Racing Limited |
Parent |
Exemption has been taken from disclosing related party transactions with Johnston Racing Ltd on the basis that consolidated financial statements have been prepared for the group headed by the company's parent, Johnston Racing Limited. |
9. | 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. |