Registration number:
Athbah Stud (UK) Ltd
for the Year Ended 31 December 2017
Athbah Stud (UK) Ltd
Contents
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Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Athbah Stud (UK) Ltd
Company Information
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Directors |
HRH Prince Abdulaziz Bin Ahmad Bin Abdulaziz Al Saud Mr Saad Omar Al Baiz Mr Javed Akhter Mr Salem Al Barraq Mr Fehaid Airan Al Dossari |
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Company secretary |
Mr Saad Omar Al Baiz |
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Registered office |
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Page 1 |
Athbah Stud (UK) Ltd
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Mr Javed Akhter
Director
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Page 2 |
Athbah Stud (UK) Ltd
(Registration number: 07609732)
Balance Sheet as at 31 December 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr Javed Akhter
Director
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Page 3 |
Athbah Stud (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The ultimate parent company, Athbah Stud Kingdom of Saudi Arabia, which is incorporated in Saudi Arabia, has confirmed that it will continue to provide financial support to Athbah Stud (UK) Limited for a period of 12 months from the date of approval of these financial statements to enable the company to continue to meet its financial obligations as they fall due. Therefore, notwithstanding the loss for the year of £216,077, the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary
items measured at fair value are measured using the exchange rate when fair value was determined.
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Page 4 |
Athbah Stud (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furnitures, fittings and equipment |
15% of NBV |
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Motor Vehicles |
15% of NBV |
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Other property plant and equipment |
15% of NBV |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Page 5 |
Athbah Stud (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
Tax charged in the profit and loss statement
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2017 |
2016 |
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Current taxation |
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UK corporation tax |
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Page 6 |
Athbah Stud (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Debtors |
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Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
9,167 |
9,167 |
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Prepayments |
10,240 |
9,253 |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Page 7 |
Athbah Stud (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary Share of £1 each |
1 |
1 |
1 |
1 |
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Reserves |
Other reserves
This balance relates to the cumulative capital contribution made by the parent company. This is £1,080,823 (2016: £830,823).
Profit & loss account
The retained earnings balance is at a deficit of £1,042,473 ( 2016: £826,396). The movement is due to the loss made in the profit and loss statement.
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Related party transactions |
Summary of transactions with parent and directors
During the year the company invoiced Athbah Stud Kingdom of Saudi Arabia £80,000 (2016 - £80,000).
Summary of transactions with other related parties
The company provides services to the parent and group companies under common control. As at 31 December 2017, an amount of £7,298 (2016- Nil) was due from the companies under common control and no amount was due to any company under the common control (2016- £4,414).
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Controlling party |
The ultimate parent company is Athbah Stud Kingdom of Saudi Arabia incorporated in the Kingdom of Saudi Arabia and is controlled by HRH Prince Abdulaziz Bin Ahmed Abdulaziz Al Saud.
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