Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2false2022-07-01No description of principal activity2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05616199 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 05616199 c:Director2 2022-07-01 2023-06-30 05616199 c:FRS102 2022-07-01 2023-06-30 05616199 c:FullAccounts 2022-07-01 2023-06-30 05616199 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05616199 d:PlantMachinery 2022-07-01 2023-06-30 05616199 d:PlantMachinery 2023-06-30 05616199 d:PlantMachinery 2022-06-30 05616199 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05616199 d:RetainedEarningsAccumulatedLosses 2023-06-30 05616199 d:RetainedEarningsAccumulatedLosses 2022-06-30 05616199 d:ShareCapital 2023-06-30 05616199 d:ShareCapital 2022-06-30 05616199 2022-07-01 2023-06-30 05616199 2023-06-30 05616199 2021-07-01 2022-06-30 05616199 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 05616199









GEORGE SIMMONS RACING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
GEORGE SIMMONS RACING LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
GEORGE SIMMONS RACING LTD
REGISTERED NUMBER: 05616199

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,174
2,249

  
2,174
2,249

Current assets
  

Cash at bank and in hand
 5 
156
14,481

  
156
14,481

Total assets less current liabilities
  
 
 
2,330
 
 
16,730

  

Net assets
  
2,330
16,730


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,328
16,728

  
2,330
16,730


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




G Willis
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
GEORGE SIMMONS RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

George Simmons Racing Ltd is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 05616199. The address of the registered office is Mill Green House, Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ. The nature of the company's operations and principal activities were bookmaking services until it ceased to trade in 2021. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest pound Sterling.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

 
GEORGE SIMMONS RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed asset

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Bookmaking pitches
-
Straight line until the licences expire in 2052

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
GEORGE SIMMONS RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.




3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
GEORGE SIMMONS RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Racecourse Pitches

£



Cost or valuation


At 1 July 2022
3,000



At 30 June 2023

3,000



Depreciation


At 1 July 2022
751


Charge for the year on owned assets
75



At 30 June 2023

826



Net book value



At 30 June 2023
2,174



At 30 June 2022
2,249

Page 5

 
GEORGE SIMMONS RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
156
14,481

156
14,481



6.


Creditors: Amounts falling due within one year





7.


Related party transactions

During the year there were no material transactions not concluded under normal market conditions with
related parties.


8.


Controlling party

The ultimate parent undertaking is Nexus Funding Limited, a company registered in England and Wales. There is no ultimate controlling party.

 
Page 6