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Company registration number: 03538751
NHC Trading Limited
Unaudited filleted financial statements
31 July 2023
NHC Trading Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
NHC Trading Limited
Directors and other information
Directors T Adams MBE (Resigned 19 May 2023)
N Hansford
J Ennis
Company number 03538751
Registered office The Stables
Rossington Hall
Great North Road
Doncaster
DH11 0HN
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Road
Harrogate
HG1 5PD
Bankers Virgin Money
19 Sepulcchre Gate
Doncaster
DN1 1TD
NHC Trading Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 28,483 31,692
_______ _______
28,483 31,692
Current assets
Stocks 11,993 9,696
Debtors 6 6,789 2,702
Cash at bank and in hand 26,024 113,347
_______ _______
44,806 125,745
Creditors: amounts falling due
within one year 7 ( 34,767) ( 118,915)
_______ _______
Net current assets 10,039 6,830
_______ _______
Total assets less current liabilities 38,522 38,522
_______ _______
Net assets 38,522 38,522
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 38,520 38,520
_______ _______
Shareholders funds 38,522 38,522
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
N Hansford
Director
Company registration number: 03538751
NHC Trading Limited
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2021 2 37,300 37,302
Profit for the year 6,384 6,384
Gift aid payment to parent charity - ( 5,164) ( 5,164)
_______ _______ _______
Total comprehensive income for the year - 1,220 1,220
_______ _______ _______
At 31 July 2022 and 1 August 2022 2 38,520 38,522
Profit for the year 13,422 13,422
Gift aid payment to parent charity - ( 13,422) ( 13,422)
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 31 July 2023 2 38,520 38,522
_______ _______ _______
NHC Trading Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Stables, Rossington Hall, Great North Road, Doncaster, DH11 0HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 2 % straight line
Plant and machinery - 10 % straight line
Computer equipment - 20 % straight line
Gallops - 5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL). The average monthly number of employees, including directors, during the year was 3 (2022 - 3). Employees hold contracts of employment with the parent charity and their salary costs are recharged.
5. Tangible assets
Short leasehold property Plant and machinery Tangible assets - user defined Total
£ £ £ £
Cost
At 1 August 2022 4,141 78,460 42,875 125,476
Additions - 3,698 - 3,698
_______ _______ _______ _______
At 31 July 2023 4,141 82,158 42,875 129,174
_______ _______ _______ _______
Depreciation
At 1 August 2022 1,074 65,001 27,709 93,784
Charge for the year 83 4,715 2,109 6,907
_______ _______ _______ _______
At 31 July 2023 1,157 69,716 29,818 100,691
_______ _______ _______ _______
Carrying amount
At 31 July 2023 2,984 12,442 13,057 28,483
_______ _______ _______ _______
At 31 July 2022 3,067 13,459 15,166 31,692
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 6,789 2,702
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 10,843 10,690
Amounts owed to group undertakings and undertakings in which the company has a participating interest 17,601 98,088
Social security and other taxes 5,323 4,137
Other creditors 1,000 6,000
_______ _______
34,767 118,915
_______ _______
8. Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
9. Controlling Party
The ultimate parent undertaking and controlling party is National Horseracing College, a company limited by guarantee registered at The Stables, Rossington Hall, Great North Road, Doncaster, South Yorkshire, DN11 0HN. Copies of the consolidated accounts are available from Companies House, Cardiff, CF4 3UZ.