Company Registration No. 09551305 (England and Wales)
L&M Breeding Ltd
Unaudited accounts
for the year ended 30 April 2021
L&M Breeding Ltd
Unaudited accounts
Contents
L&M Breeding Ltd
Company Information
for the year ended 30 April 2021
Company Number
09551305 (England and Wales)
Registered Office
Favel House
Holwood Park Avenue
Orpington
Kent
BR6 8NG
United Kingdom
Accountants
Alison Austin FCA BFP
Home Farm House
St. Leonard's Forest
Horsham
West Sussex
RH13 6PH
L&M Breeding Ltd
Statement of financial position
as at
30 April 2021
Intangible assets
58,663
58,663
Tangible assets
9,706
11,200
Inventories
118,702
142,588
Cash at bank and in hand
14,732
11,567
Creditors: amounts falling due within one year
(233,113)
(692,275)
Net current liabilities
(78,775)
(534,797)
Net liabilities
(10,406)
(464,934)
Called up share capital
1
1
Profit and loss account
(10,407)
(464,935)
Shareholders' funds
(10,406)
(464,934)
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 July 2021 and were signed on its behalf by
Jason Miller
Director
Company Registration No. 09551305
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2021
L&M Breeding Ltd is a private company, limited by shares, registered in England and Wales, registration number 09551305. The registered office is Favel House, Holwood Park Avenue, Orpington, Kent, BR6 8NG, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets - cloning project
Intangible fixed assets are included at cost. If the project is successful, the costs are transferred to the stock value of the foal or foals. If not, the project costs are written off to the profit and loss account.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Stock is valued at the lower of cost and net realisable value (expected selling price less anticipated costs of sale).
Mares , stallions and foals are valued at acquisition price if purchased from a third party. Where the horse has been bred and reared in-house from foal, the cost included are the costs of rearing and keeping the horse until it is three.
Where there is a nomination fee or semen purchased, these will be held as a separate stock item until the outcome of the breeding is known. If successful, these costs are transferred to the foal produced. If not, they are written off the profit and loss account.
If appropriate, stallions will be depreciated over 10 years.
The stock values are reviewed on an annual basis and written down if the cost recorded is higher than the estimated net realisable value.
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2021
4
Intangible fixed assets
Other
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2020
25,000
3,000
28,000
At 30 April 2021
25,000
8,133
33,133
At 1 May 2020
15,000
1,800
16,800
Charge for the year
5,000
1,627
6,627
At 30 April 2021
20,000
3,427
23,427
At 30 April 2021
5,000
4,706
9,706
At 30 April 2020
10,000
1,200
11,200
6
Debtors: amounts falling due within one year
2021
2020
7
Creditors: amounts falling due within one year
2021
2020
Trade creditors
180
2,630
Other creditors
7,130
14,130
Loans from directors
225,224
674,779
8
Transactions with related parties
Jamcap Limited , which is owned by the same shareholder, has provided an interest-free loan to the company. At the balance sheet date an amount of £14,130 (2020: £14,130) was outstanding.
L&M Breeding Ltd
Notes to the Accounts
for the year ended 30 April 2021
9
Average number of employees
During the year the average number of employees was 1 (2020: 1).