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Registration number: 05537189

William Knight Racing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

William Knight Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

William Knight Racing Limited

(Registration number: 05537189)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

36,262

46,358

Current assets

 

Stocks

6

11,414

24,544

Debtors

7

256,163

103,202

Cash at bank and in hand

 

92,750

55,603

 

360,327

183,349

Creditors: Amounts falling due within one year

8

(494,725)

(393,452)

Net current liabilities

 

(134,398)

(210,103)

Total assets less current liabilities

 

(98,136)

(163,745)

Creditors: Amounts falling due after more than one year

8

(34,167)

(44,167)

Net liabilities

 

(132,303)

(207,912)

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

49,975

49,975

Retained earnings

(182,378)

(257,987)

Shareholders' deficit

 

(132,303)

(207,912)

 

William Knight Racing Limited

(Registration number: 05537189)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 14 September 2022
 

.........................................
W J Knight
Director

 

William Knight Racing Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rathmoy Stables
Hamilton Road
Newmarket
Suffolk
CB8 0GU

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

As at 31 December 2021 the company had net liabilities of £132,303 (2020: £207,912) including net current liabilities of £134,398 (2020: £254,270). The director is aware of the position and regularly monitors the company's trading results and anticipated future cash flow to satisfy himself that it can meet its liabilities as they fall due.

The trading results for the current year show a trading profit of £45,678 and the director is of the opinion that there will be adequate cash available to enable the company to continue in operational existence for the foreseeable future, being not less than one year from the date on which these financial statements were signed. For this reason these financial statements have been prepared on the going concern basis, which assumes that this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of thoroughbred racehorse training services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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 balance sheet 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.

 

William Knight Racing Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

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 thoroughbred racehorse training services performed in the ordinary course of business.

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

William Knight Racing Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Taxation

2021

2020

£

Corporation tax- R&D tax credit received

(29,931)

-

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2020 - 25).

5

Tangible Assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

2,505

36,306

76,774

115,585

Additions

-

1,792

-

1,792

At 31 December 2021

2,505

38,098

76,774

117,377

Depreciation

At 1 January 2021

2,303

32,394

34,530

69,227

Charge for the year

51

1,276

10,561

11,888

At 31 December 2021

2,354

33,670

45,091

81,115

Carrying amount

At 31 December 2021

151

4,428

31,683

36,262

At 31 December 2020

204

3,911

42,243

46,358

6

Stocks

2021
£

2020
£

Deadstock

4,214

7,950

Bloodstock

7,200

16,594

11,414

24,544

 

William Knight Racing Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Debtors

Current

2021
£

2020
£

Trade debtors

242,613

89,670

Prepayments

656

1,181

Other debtors

12,894

12,351

 

256,163

103,202

8

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Bounceback loan

10,000

5,833

Trade creditors

85,977

56,373

Taxation and social security

98,539

48,658

Other creditors and deferred income

300,209

282,588

494,725

393,452

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

34,167

44,167

 

William Knight Racing Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bounceback loan

10,000

5,833

2021
£

2020
£

Non-current loans and borrowings

Bounceback loan

34,167

44,167

10

Related party transactions

Transactions with the director

During the year W J Knight (director) had a loan with the company. At the balance sheet date the amount due to W J Knight was £58,993 (2020: £76,230).