REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
FitorFat Racing Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
FitorFat Racing Limited |
FitorFat Racing Limited (Registered number: 11457728) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FitorFat Racing Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Bennett House |
The Dean |
Alresford |
Hampshire |
SO24 9BH |
FitorFat Racing Limited (Registered number: 11457728) |
Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
FitorFat Racing Limited (Registered number: 11457728) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
FitorFat Racing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Government grants |
Government grants in relation to expenditure, such as the payment of interest on Bounce Back loans, are credited when the expenditure is charged to profit and loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
Directors' current accounts | 9,758 | 9,584 |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Tax |
Bounce back loan - under 1 yr | 1,400 | 7,000 |
Deferred income |
Accrued expenses |
FitorFat Racing Limited (Registered number: 11457728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bounce back loan - over 1 yr | 4,550 | - |
7. | TRANSACTIONS WITH THE DIRECTOR |
The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the period the director, Mr N Pogmore, incurred expenses on behalf of the company of £5,853 (2021: £2,402). |
As at the balance sheet date, the director owed the company a balance of £9,758 (2021: £9,584). This balance is given interest free, is unsecured and is repayable on demand. |
The director also received dividends worth £20,700 (2021: £25,500) during the period under review. |
8. | POST BALANCE SHEET EVENTS |
At the date of signing these accounts, the company is taking mitigating steps to address the impact of the Covid-19 pandemic on the company's principal risks and uncertainties. |
This post balance sheet event is not an adjusting event as core income remains unaffected; UK Horse Racing had no pause in operations this financial year, and therefore the director feels that it is appropriate to prepare the financial statements on a going concern basis. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director, Mr N Pogmore, by virtue of his 100% shareholding. |