REGISTERED NUMBER: 11812847 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Tom Ward Racing Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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

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 ) .

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

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.