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REGISTERED NUMBER: 11812847 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Tom Ward Racing Ltd

| Tom Ward Racing Ltd (Registered number: 11812847) |

Contents of the Financial Statements

for the Year Ended 31 December 2022

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Tom Ward Racing Ltd |

Company Information

for the Year Ended 31 December 2022

| DIRECTORS: | T D Ward

| M T Ward

| REGISTERED OFFICE: | Whitehouse Stables

| Upper Lambourn

| Hungerford

| Berkshire

| RG17 8QP

| REGISTERED NUMBER: | 11812847 (England and Wales)

| ACCOUNTANTS: | Morley & Co (UK) Ltd

| Chartered Certified Accountants,

| 2 Cricklade Court

| Old Town

| Swindon

| Wiltshire

| SN1 3EY

| Tom Ward Racing Ltd (Registered number: 11812847) |

Balance Sheet

31 December 2022

| 2022 | 2021 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 31,150 |  | 39,317 |  |

CURRENT ASSETS

Stocks | 139,169 |  | 75,855 |  |

Debtors | 5 | 144,352 |  | 139,874 |  |

Cash at bank | 36,385 |  | 5,660 |  |

319,906 |  | 221,389 |  |

CREDITORS

Amounts falling due within one year | 6 | 398,098 |  | 285,358 |  |

NET CURRENT LIABILITIES | (78,192 | ) | (63,969 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (47,042 | ) | (24,652 | ) |

CREDITORS

Amounts falling due after more than one year | 7 | 4,391 |  | 14,929 |  |

NET LIABILITIES | (51,433 | ) | (39,581 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | (51,533 | ) | (39,681 | ) |

(51,433 | ) | (39,581 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

| Tom Ward Racing Ltd (Registered number: 11812847) |

Balance Sheet - continued

31 December 2022

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:

T D Ward - Director

M T Ward - Director

| Tom Ward Racing Ltd (Registered number: 11812847) |

Notes to the Financial Statements

for the Year Ended 31 December 2022

1. | STATUTORY INFORMATION

| Tom Ward Racing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

| Sale of goods

| Turnover from the sale of bloodstock is recognised when the significant risks and rewards of ownership of the animal has transferred to the buyer. This is usually at the point that the customer has been registered as owner.

| Rendering of services

| Turnover from the rendering of services is recognised by reference to the training and ancillary costs of maintaining each horse under the company's care. The valuation of the services performed and included within turnover are measured by reference to the training and other standard fees charged per horse and the associated ancillary costs actually incurred.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Tom Ward Racing Ltd (Registered number: 11812847) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each line of stock to its present location and condition, as follows:

| Bloodstock:

| Bloodstock represents animals purchased by the company for re-sale and are are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal.

| Taxation

| Taxation for the year comprises current and deferred 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 or deferred 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.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Financial instruments

| Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2021 - 13 ) .

| Tom Ward Racing Ltd (Registered number: 11812847) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2022 | 1,804 |  | 1,651 |  | 52,605 |  | 2,007 |  | 58,067 |  |

| Additions | 1,000 |  | 822 |  | - |  | - |  | 1,822 |  |

| At 31 December 2022 | 2,804 |  | 2,473 |  | 52,605 |  | 2,007 |  | 59,889 |  |

| DEPRECIATION

| At 1 January 2022 | 373 |  | 350 |  | 17,591 |  | 436 |  | 18,750 |  |

| Charge for year | 483 |  | 360 |  | 8,753 |  | 393 |  | 9,989 |  |

| At 31 December 2022 | 856 |  | 710 |  | 26,344 |  | 829 |  | 28,739 |  |

| NET BOOK VALUE

| At 31 December 2022 | 1,948 |  | 1,763 |  | 26,261 |  | 1,178 |  | 31,150 |  |

| At 31 December 2021 | 1,431 |  | 1,301 |  | 35,014 |  | 1,571 |  | 39,317 |  |

5. | DEBTORS

2022 | 2021 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 140,751 |  | 133,039 |  |

| Amounts falling due after more than one year:

| Other debtors | 3,601 |  | 6,835 |  |

| Aggregate amounts | 144,352 |  | 139,874 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2022 | 2021 |

£ | £ |

| Bank loans and overdrafts | - |  | 163 |  |

| Hire purchase contracts | 10,538 |  | 10,538 |  |

| Trade creditors | 248,084 |  | 128,785 |  |

| Taxation and social security | 42,575 |  | 31,781 |  |

| Other creditors | 96,901 |  | 114,091 |  |

398,098 |  | 285,358 |  |

| Tom Ward Racing Ltd (Registered number: 11812847) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2022 | 2021 |

£ | £ |

| Hire purchase contracts | 4,391 |  | 14,929 |  |

8. | GOING CONCERN

| At the balance sheet date the company had net current liabilities of £78,192 (2021: £63,969), a negative balance sheet of £51,433 (2021: £39,581) and made a trading loss for the year of £46,355 (2021: £12,199).

| The directors believe that the company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

| If adoption of the going concern basis were inappropriate, adjustments would be required to write down assets to their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.