Friar Ings Stud Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC470409 (Scotland)

Financial Statements for the Year Ended 31 December 2022

for

Friar Ings Stud Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Johnston

D M Johnston

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC470409 (Scotland)

SENIOR STATUTORY AUDITOR:

Robert Pollock BA CA

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

CURRENT ASSETS

Stocks

97,975

107,975

Debtors

5

865

2,804

Cash at bank

50,958

60,747

149,798

171,526

CREDITORS

Amounts falling due within one year

6

279,494

208,610

NET CURRENT LIABILITIES

(129,696

)

(37,084

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(129,696

)

(37,084

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(129,698

)

(37,086

)

SHAREHOLDERS' FUNDS

(129,696

)

(37,084

)

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 and authorised for issue on 28 December 2023 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

865

2,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

6,855

-

Amounts owed to group undertakings

272,639

200,000

Other creditors

-

8,610

279,494

208,610

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

The Report of the Auditors was unqualified.

Robert Pollock BA CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

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.