Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mrs G S Rowe 16/04/2014 Mr R G B Rowe 16/04/2014 08 March 2024 The principal activity of the company is that of online retail of toys, games and models. 02199866 2023-06-30 02199866 bus:Director1 2023-06-30 02199866 bus:Director2 2023-06-30 02199866 2022-06-30 02199866 core:CurrentFinancialInstruments 2023-06-30 02199866 core:CurrentFinancialInstruments 2022-06-30 02199866 core:ShareCapital 2023-06-30 02199866 core:ShareCapital 2022-06-30 02199866 core:RetainedEarningsAccumulatedLosses 2023-06-30 02199866 core:RetainedEarningsAccumulatedLosses 2022-06-30 02199866 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-06-30 02199866 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-06-30 02199866 core:LandBuildings 2022-06-30 02199866 core:Vehicles 2022-06-30 02199866 core:FurnitureFittings 2022-06-30 02199866 core:OfficeEquipment 2022-06-30 02199866 core:LandBuildings 2023-06-30 02199866 core:Vehicles 2023-06-30 02199866 core:FurnitureFittings 2023-06-30 02199866 core:OfficeEquipment 2023-06-30 02199866 core:CostValuation 2022-06-30 02199866 core:CostValuation 2023-06-30 02199866 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 02199866 core:ImmediateParent core:CurrentFinancialInstruments 2022-06-30 02199866 bus:OrdinaryShareClass1 2023-06-30 02199866 bus:OrdinaryShareClass2 2023-06-30 02199866 bus:OrdinaryShareClass3 2023-06-30 02199866 core:WithinOneYear 2023-06-30 02199866 core:WithinOneYear 2022-06-30 02199866 core:BetweenOneFiveYears 2023-06-30 02199866 core:BetweenOneFiveYears 2022-06-30 02199866 2022-07-01 2023-06-30 02199866 bus:FilletedAccounts 2022-07-01 2023-06-30 02199866 bus:SmallEntities 2022-07-01 2023-06-30 02199866 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02199866 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02199866 bus:Director1 2022-07-01 2023-06-30 02199866 bus:Director2 2022-07-01 2023-06-30 02199866 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-07-01 2023-06-30 02199866 core:LandBuildings core:TopRangeValue 2022-07-01 2023-06-30 02199866 core:Vehicles core:TopRangeValue 2022-07-01 2023-06-30 02199866 core:FurnitureFittings core:TopRangeValue 2022-07-01 2023-06-30 02199866 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 02199866 2021-07-01 2022-06-30 02199866 core:LandBuildings 2022-07-01 2023-06-30 02199866 core:Vehicles 2022-07-01 2023-06-30 02199866 core:FurnitureFittings 2022-07-01 2023-06-30 02199866 core:OfficeEquipment 2022-07-01 2023-06-30 02199866 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 02199866 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 02199866 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 02199866 bus:OrdinaryShareClass2 2021-07-01 2022-06-30 02199866 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 02199866 bus:OrdinaryShareClass3 2021-07-01 2022-06-30 02199866 1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02199866 (England and Wales)

JADLAM RACING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

JADLAM RACING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

JADLAM RACING LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
JADLAM RACING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
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
JADLAM RACING LIMITED

BALANCE SHEET

As at 30 June 2023
JADLAM RACING LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,478,110 1,509,386
Investments 5 4,000 4,000
1,482,110 1,513,386
Current assets
Stocks 886,151 710,730
Debtors 6 678,527 586,539
Cash at bank and in hand 123,962 135,206
1,688,640 1,432,475
Creditors: amounts falling due within one year 7 ( 1,073,969) ( 1,219,528)
Net current assets 614,671 212,947
Total assets less current liabilities 2,096,781 1,726,333
Provision for liabilities ( 53,800) ( 59,000)
Net assets 2,042,981 1,667,333
Capital and reserves
Called-up share capital 8 40,000 40,000
Profit and loss account 2,002,981 1,627,333
Total shareholder's funds 2,042,981 1,667,333

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.

Directors' responsibilities:

The financial statements of Jadlam Racing Limited (registered number: 02199866) were approved and authorised for issue by the Board of Directors on 08 March 2024. They were signed on its behalf by:

Mr R G B Rowe
Director
JADLAM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
JADLAM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 10 years straight line
Fixtures and fittings 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 12

3. Intangible assets

Website costs Total
£ £
Cost
At 01 July 2022 17,040 17,040
At 30 June 2023 17,040 17,040
Accumulated amortisation
At 01 July 2022 17,040 17,040
At 30 June 2023 17,040 17,040
Net book value
At 30 June 2023 0 0
At 30 June 2022 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2022 1,505,363 12,241 79,402 42,854 1,639,860
Additions 0 0 2,974 1,747 4,721
At 30 June 2023 1,505,363 12,241 82,376 44,601 1,644,581
Accumulated depreciation
At 01 July 2022 22,106 12,182 61,582 34,604 130,474
Charge for the financial year 22,107 59 8,022 5,809 35,997
At 30 June 2023 44,213 12,241 69,604 40,413 166,471
Net book value
At 30 June 2023 1,461,150 0 12,772 4,188 1,478,110
At 30 June 2022 1,483,257 59 17,820 8,250 1,509,386

Included within the net book value of land and buildings above is £1,461,150 (2022: £1,483,257) in respect of freehold land and buildings.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2022 4,000 4,000
At 30 June 2023 4,000 4,000
Carrying value at 30 June 2023 4,000 4,000
Carrying value at 30 June 2022 4,000 4,000

6. Debtors

2023 2022
£ £
Trade debtors 94,876 91,492
Amounts owed by Parent undertakings 526,420 283,257
Amounts owed by directors 18,731 50,579
Prepayments 13,913 13,935
Other debtors 24,587 147,276
678,527 586,539

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 711,207 747,622
Accruals 153,435 201,487
Taxation and social security 167,732 230,969
Other creditors 41,595 39,450
1,073,969 1,219,528

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
36,000 A ordinary shares of £ 1.00 each 36,000 36,000
2,000 B ordinary shares of £ 1.00 each 2,000 2,000
2,000 C ordinary shares of £ 1.00 each 2,000 2,000
40,000 40,000

The Ordinary A, B and C shares each entitle the holder to the same voting rights and the same rights to dividends.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 6,646 0
between one and five years 12,739 0
19,385 0

10. Related party transactions

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.

11. Ultimate controlling party

Parent Company:

Jadlam Holdings Limited
Adlam Central Park, Wirral Park Road, Glastonbury, Somerset, United Kingdom, BA6 9XE

The ultimate controlling parties are Mr R Rowe and Mrs G Rowe by virtue of their majority shareholding in Jadlam Holdings Limited.