Registered number
03778465
Stan Somers (Racing) Limited
Report and Accounts
31 May 2023
Stan Somers (Racing) Limited
Registered number: 03778465
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 45,446 49,138
Current assets
Cash at bank and in hand 14,909 18,726
Creditors: amounts falling due within one year 4 (350) (2,022)
Net current assets 14,559 16,704
Total assets less current liabilities 60,005 65,842
Creditors: amounts falling due after more than one year 5 (11,468) (13,737)
Net assets 48,537 52,105
Capital and reserves
Called up share capital 100 100
Profit and loss account 48,437 52,005
Shareholders' funds 48,537 52,105
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Somers
Director
Approved by the board on 31 October 2023
Stan Somers (Racing) Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Racing positions over 40 years
Fixtures, fittings, tools and equipment 25% of reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 62,729 13,142 75,871
Additions 2,000 - 2,000
Disposals (6,500) - (6,500)
At 31 May 2023 58,229 13,142 71,371
Depreciation
At 1 June 2022 14,044 12,689 26,733
Charge for the year 532 113 645
On disposals (1,453) - (1,453)
At 31 May 2023 13,123 12,802 25,925
Net book value
At 31 May 2023 45,106 340 45,446
At 31 May 2022 48,685 453 49,138
4 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax - 1,672
Other creditors 350 350
350 2,022
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,667 8,511
Other creditors 4,801 5,226
11,468 13,737
6 Other information
Stan Somers (Racing) Limited is a private company limited by shares and incorporated in England. Its registered office is:
165 The Avenue
Leeds
LS17 7PQ
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