Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-012No description of principal activityfalse3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12108821 2022-04-01 2023-03-31 12108821 2021-04-01 2022-03-31 12108821 2023-03-31 12108821 2022-03-31 12108821 c:Director1 2022-04-01 2023-03-31 12108821 d:CurrentFinancialInstruments 2023-03-31 12108821 d:CurrentFinancialInstruments 2022-03-31 12108821 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12108821 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12108821 d:ShareCapital 2023-03-31 12108821 d:ShareCapital 2022-03-31 12108821 d:RetainedEarningsAccumulatedLosses 2023-03-31 12108821 d:RetainedEarningsAccumulatedLosses 2022-03-31 12108821 c:FRS102 2022-04-01 2023-03-31 12108821 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12108821 c:FullAccounts 2022-04-01 2023-03-31 12108821 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 12108821










NOEL FEHILY RACING SYNDICATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
NOEL FEHILY RACING SYNDICATES LIMITED
REGISTERED NUMBER: 12108821

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
15,251
41,133

Debtors: amounts falling due within one year
 4 
165,657
251,436

Cash at bank and in hand
 5 
246,749
149,899

  
427,657
442,468

Creditors: amounts falling due within one year
 6 
(344,907)
(375,350)

Net current assets
  
 
 
82,750
 
 
67,118

Total assets less current liabilities
  
82,750
67,118

  

Net assets
  
82,750
67,118


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
82,650
67,018

  
82,750
67,118


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 income and retained earnings 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 10 November 2023.




Noel D Fehily
Director

Page 1

 
NOEL FEHILY RACING SYNDICATES LIMITED
REGISTERED NUMBER: 12108821
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NOEL FEHILY RACING SYNDICATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Noel Fehily Racing Syndicates Limited is a private company, limited by shares, registered in England and Wales. It's registered office is 2 Michaels Court, Hanney Road, Southmoor, Oxon, OX13 5HR.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NOEL FEHILY RACING SYNDICATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 4

 
NOEL FEHILY RACING SYNDICATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).


4.


Debtors

2023
2022
£
£


Trade debtors
154,044
238,620

Other debtors
8,125
12,816

Prepayments and accrued income
3,488
-

165,657
251,436



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
246,749
149,899

246,749
149,899


Page 5

 
NOEL FEHILY RACING SYNDICATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,493
11,101

Other taxation and social security
21,057
21,733

Other creditors
321,157
336,316

Accruals and deferred income
1,200
6,200

344,907
375,350



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £198 (2022 - £0).

 
Page 6