Iain Jardine Racing Ltd SC546201 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is the training of racehorses. Digita Accounts Production Advanced 6.30.9574.0 true true SC546201 2022-10-01 2023-09-30 SC546201 2023-09-30 SC546201 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC546201 core:ShareCapital 2023-09-30 SC546201 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 SC546201 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 SC546201 core:CurrentFinancialInstruments 2023-09-30 SC546201 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC546201 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC546201 core:Goodwill 2023-09-30 SC546201 core:FurnitureFittingsToolsEquipment 2023-09-30 SC546201 core:MotorVehicles 2023-09-30 SC546201 core:OtherPropertyPlantEquipment 2023-09-30 SC546201 bus:SmallEntities 2022-10-01 2023-09-30 SC546201 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC546201 bus:FullAccounts 2022-10-01 2023-09-30 SC546201 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 SC546201 bus:RegisteredOffice 2022-10-01 2023-09-30 SC546201 bus:Director1 2022-10-01 2023-09-30 SC546201 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC546201 core:Goodwill 2022-10-01 2023-09-30 SC546201 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 SC546201 core:MotorVehicles 2022-10-01 2023-09-30 SC546201 core:OfficeEquipment 2022-10-01 2023-09-30 SC546201 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 SC546201 core:PlantMachinery 2022-10-01 2023-09-30 SC546201 countries:Scotland 2022-10-01 2023-09-30 SC546201 2022-09-30 SC546201 core:Goodwill 2022-09-30 SC546201 core:FurnitureFittingsToolsEquipment 2022-09-30 SC546201 core:MotorVehicles 2022-09-30 SC546201 core:OtherPropertyPlantEquipment 2022-09-30 SC546201 2021-10-01 2022-09-30 SC546201 2022-09-30 SC546201 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC546201 core:ShareCapital 2022-09-30 SC546201 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-09-30 SC546201 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-09-30 SC546201 core:CurrentFinancialInstruments 2022-09-30 SC546201 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 SC546201 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 SC546201 core:Goodwill 2022-09-30 SC546201 core:FurnitureFittingsToolsEquipment 2022-09-30 SC546201 core:MotorVehicles 2022-09-30 SC546201 core:OtherPropertyPlantEquipment 2022-09-30 iso4217:GBP xbrli:pure

Company Registration number: SC546201

Iain Jardine Racing Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 September 2023

 

Iain Jardine Racing Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Iain Jardine Racing Ltd

Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

3,300

4,400

Tangible assets

6

112,203

52,910

 

115,503

57,310

Current assets

 

Stocks

7

9,700

89,000

Debtors

8

246,221

185,991

Cash at bank and in hand

 

76,968

23,060

 

332,889

298,051

Creditors: Amounts falling due within one year

9

(417,186)

(370,104)

Net current liabilities

 

(84,297)

(72,053)

Total assets less current liabilities

 

31,206

(14,743)

Creditors: Amounts falling due after more than one year

9

(40,001)

(2,257)

Net liabilities

 

(8,795)

(17,000)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(8,797)

(17,002)

Shareholders' deficit

 

(8,795)

(17,000)

 

Iain Jardine Racing Ltd

Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC546201

Approved and authorised by the Board on 18 March 2024 and signed on its behalf by:
 

.........................................
Mr I J Jardine
Director

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
51 Newall Terrace
Dumfries
DG1 1LN

These financial statements were authorised for issue by the Board on 18 March 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 30).

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

4

PROFIT/LOSS BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,682

16,882

Amortisation expense

1,100

1,100

5

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

11,000

11,000

At 30 September 2023

11,000

11,000

Amortisation

At 1 October 2022

6,600

6,600

Amortisation charge

1,100

1,100

At 30 September 2023

7,700

7,700

Carrying amount

At 30 September 2023

3,300

3,300

At 30 September 2022

4,400

4,400

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

6

TANGIBLE ASSETS

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

6,834

65,500

59,306

131,640

Additions

-

96,366

-

96,366

Disposals

-

(50,000)

-

(50,000)

At 30 September 2023

6,834

111,866

59,306

178,006

Depreciation

At 1 October 2022

6,525

37,480

34,725

78,730

Charge for the year

155

11,611

4,916

16,682

Eliminated on disposal

-

(29,609)

-

(29,609)

At 30 September 2023

6,680

19,482

39,641

65,803

Carrying amount

At 30 September 2023

154

92,384

19,665

112,203

At 30 September 2022

309

28,020

24,581

52,910

7

STOCKS

2023
£

2022
£

Stocks

9,700

89,000

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

212,050

155,645

Prepayments

12,445

10,566

Other debtors

21,726

19,780

 

246,221

185,991

 

Iain Jardine Racing Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

9

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

19,546

8,568

Trade creditors

 

158,363

78,802

Taxation and social security

 

101,988

138,474

Accruals and deferred income

 

500

2,862

Other creditors

 

136,789

141,398

 

417,186

370,104

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £19,546 (2022 - £8,568).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

40,001

2,257

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £40,001 (2022 - £2,257).

10

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

40,001

2,257

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

4,401

47

Hire purchase contracts

15,145

8,521

19,546

8,568