Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity4039falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02439100 2022-04-01 2023-03-31 02439100 2021-04-01 2022-03-31 02439100 2023-03-31 02439100 2022-03-31 02439100 c:Director1 2022-04-01 2023-03-31 02439100 c:Director2 2022-04-01 2023-03-31 02439100 d:Buildings 2022-04-01 2023-03-31 02439100 d:Buildings 2023-03-31 02439100 d:Buildings 2022-03-31 02439100 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02439100 d:PlantMachinery 2022-04-01 2023-03-31 02439100 d:PlantMachinery 2023-03-31 02439100 d:PlantMachinery 2022-03-31 02439100 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02439100 d:MotorVehicles 2022-04-01 2023-03-31 02439100 d:MotorVehicles 2023-03-31 02439100 d:MotorVehicles 2022-03-31 02439100 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02439100 d:FurnitureFittings 2022-04-01 2023-03-31 02439100 d:OfficeEquipment 2022-04-01 2023-03-31 02439100 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02439100 d:OtherPropertyPlantEquipment 2023-03-31 02439100 d:OtherPropertyPlantEquipment 2022-03-31 02439100 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02439100 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02439100 d:CurrentFinancialInstruments 2023-03-31 02439100 d:CurrentFinancialInstruments 2022-03-31 02439100 d:Non-currentFinancialInstruments 2023-03-31 02439100 d:Non-currentFinancialInstruments 2022-03-31 02439100 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02439100 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02439100 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02439100 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02439100 d:ShareCapital 2023-03-31 02439100 d:ShareCapital 2022-03-31 02439100 d:RetainedEarningsAccumulatedLosses 2023-03-31 02439100 d:RetainedEarningsAccumulatedLosses 2022-03-31 02439100 c:FRS102 2022-04-01 2023-03-31 02439100 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02439100 c:FullAccounts 2022-04-01 2023-03-31 02439100 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02439100 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02439100 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 02439100 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02439100 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 02439100 2 2022-04-01 2023-03-31 02439100 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 02439100










JONJO O'NEILL RACING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
JONJO O'NEILL RACING LIMITED
REGISTERED NUMBER: 02439100

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,063,003
3,027,742

  
3,063,003
3,027,742

Current assets
  

Stocks
  
15,381
16,137

Debtors: amounts falling due within one year
 5 
1,017,208
972,696

Cash at bank and in hand
 6 
271,504
57,688

  
1,304,093
1,046,521

Creditors: amounts falling due within one year
 7 
(2,175,006)
(2,049,919)

Net current liabilities
  
 
 
(870,913)
 
 
(1,003,398)

Total assets less current liabilities
  
2,192,090
2,024,344

Creditors: amounts falling due after more than one year
 8 
(105,527)
(72,814)

Provisions for liabilities
  

Deferred tax
  
(21,976)
(21,976)

  
 
 
(21,976)
 
 
(21,976)

Net assets
  
2,064,587
1,929,554

Page 1

 
JONJO O'NEILL RACING LIMITED
REGISTERED NUMBER: 02439100
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,063,587
1,928,554

  
2,064,587
1,929,554


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 29 December 2023.




................................................
Mr J J O'Neill
................................................
Mrs J S T O'Neill
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Jonjo O'Neill Racing Limited is a company limited by shares which was incorporated in England.
The principal place of business is:
Jackdaws Castle
Temple Guiting
Cheltenham
Gloucestershire
GL54 5XU
The company's principal activity is that of race horse training.

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

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

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

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:

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold land and buildings
-
Plant and equipment
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
Furniture, fittings and equipment
-
15%
reducing balance
Computer equipment
-
25%
straight line

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.

Page 5

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 39).

Page 6

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible Fixed Assets





Freehold property
Plant & machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
2,863,392
308,015
178,300
146,355
3,496,062


Additions
-
113,242
-
-
113,242


Disposals
-
(29,000)
-
-
(29,000)



At 31 March 2023

2,863,392
392,257
178,300
146,355
3,580,304



Depreciation


At 1 April 2022
-
261,670
93,387
113,263
468,320


Charge for the year on owned assets
-
22,808
41,813
13,360
77,981


Disposals
-
(29,000)
-
-
(29,000)



At 31 March 2023

-
255,478
135,200
126,623
517,301



Net book value



At 31 March 2023
2,863,392
136,779
43,100
19,732
3,063,003



At 31 March 2022
2,863,392
46,345
84,913
33,092
3,027,742

Page 7

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
577,921
604,597

Other debtors
439,287
362,605

Prepayments and accrued income
-
5,494

1,017,208
972,696



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
271,504
57,688

271,504
57,688



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
33,032
43,692

Trade creditors
480,852
433,893

Other taxation and social security
166,779
79,670

Obligations under finance lease and hire purchase contracts
20,116
24,743

Other creditors
29,191
27,249

Accruals and deferred income
1,445,036
1,440,672

2,175,006
2,049,919



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
105,527
72,814

105,527
72,814


Page 8

 
JONJO O'NEILL RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
36,964
24,743

Between 1-5 years
68,562
74,814

105,526
99,557


10.


Related party transactions

During the year, the company received management fees of £46,494 (2022 £44,280) from Bushley
Bloodstock.
Included within other debtors is a loan in respect of Bushley Bloodstock amounting to £168,958 (2022 £362,605). 
This loan is interest free and there is no fixed date for repayment.
Mr J J O'Neill and Mrs J S T O'Neill are the only partners of this business.

 
Page 9