Jamie Snowden Racing Limited 13346632 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the provision of racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true 13346632 2022-07-01 2023-06-30 13346632 2023-06-30 13346632 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 13346632 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 13346632 core:CurrentFinancialInstruments 2023-06-30 13346632 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 13346632 core:Non-currentFinancialInstruments 2023-06-30 13346632 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 13346632 core:MotorVehicles 2023-06-30 13346632 core:OfficeEquipment 2023-06-30 13346632 core:PlantMachinery 2023-06-30 13346632 bus:SmallEntities 2022-07-01 2023-06-30 13346632 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 13346632 bus:FullAccounts 2022-07-01 2023-06-30 13346632 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 13346632 bus:RegisteredOffice 2022-07-01 2023-06-30 13346632 bus:Director1 2022-07-01 2023-06-30 13346632 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2022-07-01 2023-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 13346632 core:LeaseholdImprovements 2022-07-01 2023-06-30 13346632 core:MotorVehicles 2022-07-01 2023-06-30 13346632 core:OfficeEquipment 2022-07-01 2023-06-30 13346632 core:PlantMachinery 2022-07-01 2023-06-30 13346632 countries:EnglandWales 2022-07-01 2023-06-30 13346632 2022-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 13346632 core:MotorVehicles 2022-06-30 13346632 core:OfficeEquipment 2022-06-30 13346632 core:PlantMachinery 2022-06-30 13346632 2021-04-20 2022-06-30 13346632 2022-06-30 13346632 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 13346632 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 13346632 core:CurrentFinancialInstruments 2022-06-30 13346632 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 13346632 core:Non-currentFinancialInstruments 2022-06-30 13346632 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 13346632 core:MotorVehicles 2022-06-30 13346632 core:OfficeEquipment 2022-06-30 13346632 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 13346632

Jamie Snowden Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Jamie Snowden Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jamie Snowden Racing Limited

(Registration number: 13346632)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

662,268

660,828

Current assets

 

Stocks

5

12,123

284,206

Debtors

6

268,165

196,718

Cash at bank and in hand

 

236,758

163,651

 

517,046

644,575

Creditors: Amounts falling due within one year

7

(871,309)

(1,134,797)

Net current liabilities

 

(354,263)

(490,222)

Total assets less current liabilities

 

308,005

170,606

Creditors: Amounts falling due after more than one year

7

(91,324)

(104,322)

Net assets

 

216,681

66,284

Capital and reserves

 

Called up share capital

100

100

Retained earnings

216,581

66,184

Shareholders' funds

 

216,681

66,284

 

Jamie Snowden Racing Limited

(Registration number: 13346632)
Balance Sheet as at 30 June 2023

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 March 2024
 

.........................................
Mr J E Snowden
Director

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of racehorse training fees, bloodstock sales and prize money won during the year. Turnover is shown net of value added tax, returns, rebates and
discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

The current income 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.

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:

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2022 - 15).

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Property improvements
 £

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

546,310

69,391

9,768

851

47,810

674,130

Additions

-

12,723

-

-

-

12,723

At 30 June 2023

546,310

82,114

9,768

851

47,810

686,853

Depreciation

At 1 July 2022

-

-

1,138

213

11,952

13,303

Charge for the year

-

-

2,158

160

8,964

11,282

At 30 June 2023

-

-

3,296

373

20,916

24,585

Carrying amount

At 30 June 2023

546,310

82,114

6,472

478

26,894

662,268

At 30 June 2022

546,310

69,392

8,630

638

35,858

660,828

Included within the net book value of land and buildings above is £546,310 (2022 - £546,310) in respect of freehold land and buildings.
 

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Bloodstock

10,433

282,516

Deadstock

1,690

1,690

12,123

284,206

6

Debtors

Current

2023
£

2022
£

Trade debtors

264,789

165,830

Prepayments

3,376

12,136

Other debtors

-

18,752

 

268,165

196,718

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

8,677

12,140

Trade creditors

314,190

483,592

Taxation and social security

87,758

29,452

Other creditors

460,684

609,613

871,309

1,134,797

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

91,324

104,322

 

Jamie Snowden Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

8,677

12,140

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

91,324

95,645

Hire purchase contracts

-

8,677

91,324

104,322

9

Related party transactions

Other transactions with the director

Mr. J E Snowden (director) had a loan account with the company. At the balance sheet date the amount due to Mr J E Snowden was £395,277 ( 2022 £490,776)