Company No:
Contents
DIRECTORS | Mrs G S Rowe |
Mr R G B Rowe |
SECRETARY | Mrs G S Rowe |
REGISTERED OFFICE | Units 3 5 Adlam Central Park |
Wirrall Park Road | |
Glastonbury | |
BA6 9XE | |
United Kingdom |
COMPANY NUMBER | 02199866 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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1,482,110 | 1,513,386 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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1,688,640 | 1,432,475 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 614,671 | 212,947 | ||
Total assets less current liabilities | 2,096,781 | 1,726,333 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Jadlam Racing Limited (registered number:
Mr R G B Rowe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jadlam Racing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 3 5 Adlam Central Park, Wirrall Park Road, Glastonbury, BA6 9XE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Website costs |
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Land and buildings |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Website costs | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
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At 30 June 2023 |
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Accumulated amortisation | |||
At 01 July 2022 |
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At 30 June 2023 |
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Net book value | |||
At 30 June 2023 |
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At 30 June 2022 |
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Land and buildings | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2022 |
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Additions |
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At 30 June 2023 |
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Accumulated depreciation | |||||||||
At 01 July 2022 |
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Charge for the financial year |
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At 30 June 2023 |
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Net book value | |||||||||
At 30 June 2023 |
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At 30 June 2022 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 July 2022 |
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At 30 June 2023 |
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Carrying value at 30 June 2023 |
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Carrying value at 30 June 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Parent undertakings |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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40,000 | 40,000 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts owed by the directors | 18,731 | 50,579 |
Interest has been charged on this balance at HMRC's official rate and there are no fixed dates for repayment.
Parent Company:
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Adlam Central Park, Wirral Park Road, Glastonbury, Somerset, United Kingdom, BA6 9XE |