Caseware UK (AP4) 2025.0.111 2025.0.111 The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.false true 2024-10-07 false 7 3 false true NI722110 2024-10-06 NI722110 2024-10-07 2025-12-31 NI722110 1999-03-02 2024-10-06 NI722110 2025-12-31 NI722110 1 2024-10-07 2025-12-31 NI722110 d:Director1 2024-10-07 2025-12-31 NI722110 d:Director1 2025-12-31 NI722110 d:Director2 2024-10-07 2025-12-31 NI722110 d:Director2 2025-12-31 NI722110 d:Director3 2024-10-07 2025-12-31 NI722110 d:Director3 2025-12-31 NI722110 d:RegisteredOffice 2024-10-07 2025-12-31 NI722110 c:PlantMachinery 2024-10-07 2025-12-31 NI722110 c:PlantMachinery 2025-12-31 NI722110 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-10-07 2025-12-31 NI722110 c:OtherPropertyPlantEquipment 2024-10-07 2025-12-31 NI722110 c:OtherPropertyPlantEquipment 2025-12-31 NI722110 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2024-10-07 2025-12-31 NI722110 c:OwnedOrFreeholdAssets 2024-10-07 2025-12-31 NI722110 c:CurrentFinancialInstruments 2025-12-31 NI722110 c:ShareCapital 2024-10-07 2025-12-31 NI722110 c:ShareCapital 2025-12-31 NI722110 c:RetainedEarningsAccumulatedLosses 2024-10-07 2025-12-31 NI722110 c:RetainedEarningsAccumulatedLosses 2025-12-31 NI722110 d:OrdinaryShareClass1 2024-10-07 2025-12-31 NI722110 d:OrdinaryShareClass1 2025-12-31 NI722110 d:FRS102 2024-10-07 2025-12-31 NI722110 d:Audited 2024-10-07 2025-12-31 NI722110 d:FullAccounts 2024-10-07 2025-12-31 NI722110 d:PrivateLimitedCompanyLtd 2024-10-07 2025-12-31 NI722110 d:SmallCompaniesRegimeForAccounts 2024-10-07 2025-12-31 NI722110 1 2024-10-07 2025-12-31 NI722110 4 2025-12-31 NI722110 f:PoundSterling 2024-10-07 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements BWE Equestrian Limited For the period ended 31 December 2025 Registered number: NI722110
BWE Equestrian Limited
Company Information
Directors | Bernard McConville (appointed 7 October 2024)
| Conleth McConville (appointed 7 October 2024)
| Naoimh McConville (appointed 7 October 2024)
Registered number | NI722110
Registered office | 5a Carnbane Business Park
| Newry
| Down
| BT35 6QH
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
BWE Equestrian Limited
Contents
| Page
Independent auditor's report | 1 - 4
Balance sheet | 5
Notes to the financial statements | 6 - 13
Independent auditor's report to the members of BWE Equestrian Limited
Opinion
We have audited the financial statements of BWE Equestrian Limited, which comprise the Statement of comprehensive income, the Balance sheet, and the Statement of changes in equity for the period ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, BWE Equestrian Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the period then ended; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report. Page 1
Independent auditor's report to the members of BWE Equestrian Limited (continued)
Other matter
The period ended 31 December 2025 was the first accounting period of the Company since incorporation. Grant Thornton (NI) LLP were appointed as external auditors for the 15 month period.
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the period for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report. Page 2
Independent auditor's report to the members of BWE Equestrian Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment law, Environmental Regulations, and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 3
Independent auditor's report to the members of BWE Equestrian Limited (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including frau d (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed. Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast Date: 7 July 2026 Page 4
BWE Equestrian Limited Registered number:NI722110
Balance sheet As at 31 December 2025
|  | 31 December
|  | 2025
Note |  | £
Fixed assets |  |  |
Tangible assets | 5 |  | 853,308
Biological assets | 6 |  | 1,132,363
|  |  | 1,985,671
Current assets |  |  |
Debtors: amounts falling due within one year | 7 | 106,626 |
Cash at bank and in hand | 8 | 194,462 |
|  | 301,088 |
Current liabilities |  |  |
Creditors: amounts falling due within one year | 9 | (2,771,193) |
Net current liabilities |  |  | (2,470,105)
Total assets less current liabilities |  |  | (484,434)
Net (liabilities)/assets |  |  | (484,434)
Capital and reserves |  |  |
Called up share capital | 10 |  | 100
Profit and loss account | 11 |  | (484,534)
Shareholders' deficit |  |  | (484,434)
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.
Bernard McConville
Director
The notes on pages 6 to 13 form part of these financial statements. Page 5
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025
1. | General information
BWE Equestrian Limited is a private company, limited by shares and incorporated in Northern Ireland. Its registered number is NI722110. Its registered office address is 5a Carnbane Business Park, Newry, BT35 6QH, Northern Ireland, which is also the principal place of the Company. The principal activity of the Company is raising of horses and other equines. The Company was incorporated on 7 October 2024 and as such these financial statements cover the Company's first reporting period, from incorporation to 31 December 2025. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The company meets its working capital requirements through financial support from the parent company and is dependent on this continuing support. The directors are confident the support will continue to be made available to allow the company to trade for the foreseeable future. On this basis these financial statements therefore continue to be prepared on the going concern basis. Page 6
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Biological assets
Biological assets held under the fair model and are stated at cost. The Company capitalises improvement costs relating directly to the improvement of the asset. At each reporting date the Company assesses whether there is any indication of impairment. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 7
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 8
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | straight-line
|  |  |  | Assets under construction | - |  | Not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 9
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.14 | Ordinary share capital
The ordinary share capital of the Company is presented as equity.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The director believes that there are no significant accounting estimates or key sources of estimation uncertainty. Page 10
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025
4. | Employees
| The average monthly number of employees, including directors, during the period was 7.
5. | Tangible fixed assets
|  | Plant and machinery | Assets under construction | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| Additions | 807,475 | 109,123 | 916,598
| At 31 December 2025 | 807,475 | 109,123 | 916,598
| Depreciation |  |  |
| Charge for the period | 63,290 | - | 63,290
| At 31 December 2025 | 63,290 | - | 63,290
| Net book value |  |  |
| At 31 December 2025 | 744,185 | 109,123 | 853,308
6. | Biological assets
|  | Biological assets
|  | £
| Cost |
| Additions | 1,202,261
| Disposals | (69,898)
| At 31 December 2025 | 1,132,363
| Net book value |
| At 31 December 2025 | 1,132,363
Page 11
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025
7. | Debtors
|  |  |  |  | 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Trade debtors | 37,672
| Other debtors | 67,268
| Prepayments and accrued income | 1,686
|  | 106,626
8. | Cash and cash equivalents
|  |  |  |  | 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 194,462
|  | 194,462
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Trade creditors | 187,900
| Amounts owed to group undertakings | 2,574,687
| Other taxation and social security | 8,606
|  | 2,771,193
| Amounts owed to group undertakings are unsecured and repayable on demand.
Page 12
BWE Equestrian Limited
Notes to the financial statements For the period ended 31 December 2025
10. | Share capital
|  |  |  |  | 31 December
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 100 Ordinary shares of £1.00 each | 100
On incorporation 100 Ordinary shares were issued at par value for cash consideration of £100.
11. | Reserves
Called up share capital This represents the nominal value of shares that have been issued. Profit and loss account This includes all current and prior period retained profits and losses.
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,444. Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.
13. | Related party transactions
| BWE Equestrian Limited, is a 100% subsidiary of Rathbane (IOM) Holdings Limited. The Company has taken advantage of the exemptions given in FRS 102, section 33. This exemption permits non-disclosure of related party transactions of wholly owned subsidiary companies within the group.
14. | Post balance sheet events
There have been no significant events affecting the Company since the period end.
15. | Controlling party
The Company's immediate and ultimate parent undertaking is Rathbane (IOM) Holdings Limited. The registered address of Rathbane (IOM) Holdings Limited is Ridgeway House, Ridgeway Street, Douglas, Isle of Man, IM1 1EL. Rathbane (IOM) Holdings Limited is regarded as both the controlling party and the ultimate controlling party.
Page 13