Shade Oak Stud Bloodstock Limited - Limited company accounts 16.3

REGISTERED NUMBER: 05069631 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

SHADE OAK STUD BLOODSTOCK LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Accountants

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

Mr P D Hockenhull

Mrs E Hockenhull

REGISTERED OFFICE:

Shade Oak Stud

Bagley

Ellesmere

Shropshire

SY12 9BY

REGISTERED NUMBER:

05069631 (England and Wales)

ACCOUNTANTS:

Claremont Accounting

4 Claremont Bank

Shrewsbury

Shropshire

SY1 1RW

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the management of a horse stud

farm.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of

this report.

Mr P D Hockenhull

Mrs E Hockenhull

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Mr P D Hockenhull - Director

18 September 2017

In accordance with our engagement letter, and in order to assist you to fulfil your duties under the Companies

Act 2006, we have compiled the financial statements of the company which comprise the Profit and loss

account, the Balance sheet and the related notes from the accounting records and information and

explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our

engagement. Our work has been undertaken so that we might compile the financial statements that we have

been engaged to compile, report to the company's Board of Directors that we have done so, and state those

matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the

company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance issued by the Institute of

Chartered Accountants in England and Wales and have complied with the ethical guidance laid down by the

Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance sheet as at 31 December 2016 your duty to ensure that the company

has kept proper accounting records and to prepare financial statements that give a true and fair view under

the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an

audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

Claremont Accounting

4 Claremont Bank

Shrewsbury

Shropshire

SY1 1RW

20 September 2017

TURNOVER

762,908

568,003

Cost of sales

205,873

289,852

GROSS PROFIT

557,035

278,151

Administrative expenses

419,407

400,513

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

4

137,628

(122,362

)

Tax on profit/(loss)

-

2,262

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

137,628

(124,624

)

FIXED ASSETS

Tangible assets

5

347,910

382,230

CURRENT ASSETS

Stocks

536,824

492,674

Debtors

6

160,593

265,913

Cash at bank

58,411

49,457

755,828

808,044

CREDITORS

Amounts falling due within one year

7

284,461

575,644

NET CURRENT ASSETS

471,367

232,400

TOTAL ASSETS LESS CURRENT LIABILITIES

819,277

614,630

CREDITORS

Amounts falling due after more than one year

8

(644,545

)

(532,912

)

PROVISIONS FOR LIABILITIES

(74,415

)

(74,415

)

NET ASSETS

100,317

7,303

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

98,317

5,303

SHAREHOLDERS' FUNDS

100,317

7,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 September 2017 and were signed on its behalf by:

Mr P D Hockenhull - Director

1.	STATUTORY INFORMATION

Shade Oak Stud Bloodstock 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Plant and machinery 25% straight line

Fixtures and fittings 25% straight line

Renewable energy sources 25% & 5% straight line

Motor vehicles 25% straight line

Property improvements 16.67% straight line

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2015 - operating loss) is stated after charging:

2016

2015

£

£

Depreciation - owned assets

26,670

49,918

5.	TANGIBLE FIXED ASSETS

Fixtures

Renewable

Plant and

and

energy

machinery

fittings

sources

£

£

£

COST

At 1 January 2016

36,808

15,326

483,666

Additions

5,475

-

-

At 31 December 2016

42,283

15,326

483,666

DEPRECIATION

At 1 January 2016

36,069

13,691

132,192

Charge for year

2,115

818

19,346

At 31 December 2016

38,184

14,509

151,538

NET BOOK VALUE

At 31 December 2016

4,099

817

332,128

At 31 December 2015

739

1,635

351,474

Motor

Property

vehicles

improvements

Totals

£

£

£

COST

At 1 January 2016

61,358

32,005

629,163

Additions

-

-

5,475

At 31 December 2016

61,358

32,005

634,638

DEPRECIATION

At 1 January 2016

43,134

21,847

246,933

Charge for year

14,824

2,692

39,795

At 31 December 2016

57,958

24,539

286,728

NET BOOK VALUE

At 31 December 2016

3,400

7,466

347,910

At 31 December 2015

18,224

10,158

382,230

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2016

and 31 December 2016

52,500

DEPRECIATION

At 1 January 2016

39,375

Charge for year

13,125

At 31 December 2016

52,500

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

13,125

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

111,650

191,597

Other debtors

48,943

74,316

160,593

265,913

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

93,874

Hire purchase contracts

6,717

6,717

Trade creditors

119,201

416,386

Taxation and social security

73,075

4,402

Other creditors

85,468

54,265

284,461

575,644

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

-

6,717

Trade creditors

120,000

-

Other creditors

524,545

526,195

644,545

532,912

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016

and 31 December 2015:

2016

2015

£

£

Mr P D Hockenhull and Mrs E Hockenhull

Balance outstanding at start of year

21,682

31,769

Amounts advanced

82,040

62,833

Amounts repaid

(64,600

)

(72,920

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

39,122

21,682

10.	RELATED PARTY DISCLOSURES

During the year the company paid rent of £83,800 (2015: £83,800) to P D & E Hockenhull, a

partnership that the directors are partners within.

Included within other creditors due in more than one year is a loan with P D & E Hockenhull, of

£524,545 (2015: £526,196).

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of P & E Hockenhull, the directors, who between them are the

majority shareholders.