Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true42022-01-01falseThe principal activity of the company is that of thoroughbred racehorse breeding and horse racing4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03517136 2022-01-01 2022-12-31 03517136 2021-01-01 2021-12-31 03517136 2022-12-31 03517136 2021-12-31 03517136 c:Director2 2022-01-01 2022-12-31 03517136 d:CurrentFinancialInstruments 2022-12-31 03517136 d:CurrentFinancialInstruments 2021-12-31 03517136 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03517136 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03517136 d:ShareCapital 2022-12-31 03517136 d:ShareCapital 2021-12-31 03517136 d:SharePremium 2022-12-31 03517136 d:SharePremium 2021-12-31 03517136 d:RetainedEarningsAccumulatedLosses 2022-12-31 03517136 d:RetainedEarningsAccumulatedLosses 2021-12-31 03517136 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03517136 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 03517136 c:OrdinaryShareClass1 2022-01-01 2022-12-31 03517136 c:OrdinaryShareClass1 2022-12-31 03517136 c:OrdinaryShareClass1 2021-12-31 03517136 c:FRS102 2022-01-01 2022-12-31 03517136 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03517136 c:FullAccounts 2022-01-01 2022-12-31 03517136 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03517136 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03517136









JOHN PEARCE RACING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
JOHN PEARCE RACING LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
JOHN PEARCE RACING LIMITED
REGISTERED NUMBER: 03517136

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
938,946
607,100

Debtors: amounts falling due within one year
 5 
64,217
41,205

Cash at bank and in hand
 6 
1,896,964
2,507,707

  
2,900,127
3,156,012

Creditors: amounts falling due within one year
 7 
(4,992,256)
(5,011,252)

Net current liabilities
  
 
 
(2,092,129)
 
 
(1,855,240)

Total assets less current liabilities
  
(2,092,129)
(1,855,240)

  

Net liabilities
  
(2,092,129)
(1,855,240)


Capital and reserves
  

Called up share capital 
 9 
50,002
50,002

Share premium account
  
320,000
320,000

Profit and loss account
  
(2,462,131)
(2,225,242)

  
(2,092,129)
(1,855,240)


Page 1

 
JOHN PEARCE RACING LIMITED
REGISTERED NUMBER: 03517136
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 profit and loss account 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 by: 



................................................
R T Bentley
Director

Date: 3 October 2023

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

Page 2

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

John Pearce Racing Limited is a private company, limited by shares, incorporated in England and Wales with registration number 03517136. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

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

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company and its parent company has agreed to provide such support to the company as is necessary for it to meet it liabilities for a period of at least twelve months from the date of signing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises of sponsorship income, prize money and proceeds from the sale of horses. Sponsorship income is recognised when it is probable that the company will receive the consideration. Prize money is recognised the day the race is won and the amount can be measured reliably. Proceeds from the sale of horses are recognised when the company has transferred the significant risks and rewards of ownership to the buyer. 
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, value added tax and other sales taxes. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Stocks

Stock comprises of horses which are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. The cost of horses acquired from third parties is based on the cost of purchase. Whereas the cost of the horses bred and reared from foal consists of nomination fees and keep costs. The cost of horses transferred from training to breeding and vice versa is the market value of that horse on the date of transfer. 
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 sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of 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.

Page 4

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.11

Related party transaction exemption

The company has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the year was 4 (2021 - 4).


4.


Stocks

2022
2021
£
£

Horses
938,946
607,100



5.


Debtors

2022
2021
£
£


Trade debtors
-
19,500

Other debtors
55,564
12,625

Prepayments and accrued income
8,653
9,080

64,217
41,205



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,896,964
2,507,707


Page 5

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
19,174
43,107

Amounts owed to group companies
4,950,000
4,950,000

Accruals and deferred income
23,082
18,145

4,992,256
5,011,252


The amount owed to group companies relates to a loan which is unsecured, interest free and repayable on demand.


8.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,896,964
2,507,707




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



50,002 (2021 - 50,002) Ordinary shares of £1 each
50,002
50,002


 
Page 6