Shinco Racing Limited 08800822 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the training of racehorses. Digita Accounts Production Advanced 6.30.9574.0 true 08800822 2023-01-01 2023-12-31 08800822 2023-12-31 08800822 bus:CompanySecretaryDirector1 1 2023-12-31 08800822 bus:Director1 1 2023-12-31 08800822 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 08800822 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 08800822 core:CurrentFinancialInstruments 2023-12-31 08800822 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08800822 core:Non-currentFinancialInstruments 2023-12-31 08800822 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08800822 core:FurnitureFittings 2023-12-31 08800822 core:MotorVehicles 2023-12-31 08800822 core:OfficeEquipment 2023-12-31 08800822 core:PlantMachinery 2023-12-31 08800822 bus:SmallEntities 2023-01-01 2023-12-31 08800822 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08800822 bus:FullAccounts 2023-01-01 2023-12-31 08800822 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08800822 bus:RegisteredOffice 2023-01-01 2023-12-31 08800822 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 08800822 bus:CompanySecretaryDirector1 1 2023-01-01 2023-12-31 08800822 bus:Director1 2023-01-01 2023-12-31 08800822 bus:Director1 1 2023-01-01 2023-12-31 08800822 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08800822 core:ComputerEquipment 2023-01-01 2023-12-31 08800822 core:FurnitureFittings 2023-01-01 2023-12-31 08800822 core:MotorVehicles 2023-01-01 2023-12-31 08800822 core:OfficeEquipment 2023-01-01 2023-12-31 08800822 core:PlantMachinery 2023-01-01 2023-12-31 08800822 countries:EnglandWales 2023-01-01 2023-12-31 08800822 2022-12-31 08800822 bus:CompanySecretaryDirector1 1 2022-12-31 08800822 bus:Director1 1 2022-12-31 08800822 core:FurnitureFittings 2022-12-31 08800822 core:MotorVehicles 2022-12-31 08800822 core:OfficeEquipment 2022-12-31 08800822 core:PlantMachinery 2022-12-31 08800822 2022-01-01 2022-12-31 08800822 2022-12-31 08800822 bus:CompanySecretaryDirector1 1 2022-12-31 08800822 bus:Director1 1 2022-12-31 08800822 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 08800822 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 08800822 core:CurrentFinancialInstruments 2022-12-31 08800822 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08800822 core:Non-currentFinancialInstruments 2022-12-31 08800822 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08800822 core:FurnitureFittings 2022-12-31 08800822 core:MotorVehicles 2022-12-31 08800822 core:OfficeEquipment 2022-12-31 08800822 core:PlantMachinery 2022-12-31 08800822 bus:CompanySecretaryDirector1 1 2022-01-01 2022-12-31 08800822 bus:Director1 1 2022-01-01 2022-12-31 08800822 bus:CompanySecretaryDirector1 1 2021-12-31 08800822 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 08800822

Shinco Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Shinco Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Shinco Racing Limited

(Registration number: 08800822)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

157,127

88,365

Current assets

 

Stocks

5

59,302

61,302

Debtors

6

195,127

218,929

Cash at bank and in hand

 

37,326

74,202

 

291,755

354,433

Creditors: Amounts falling due within one year

7

(276,972)

(275,639)

Net current assets

 

14,783

78,794

Total assets less current liabilities

 

171,910

167,159

Creditors: Amounts falling due after more than one year

7

(62,572)

(54,170)

Provisions for liabilities

(39,282)

(22,091)

Net assets

 

70,056

90,898

Capital and reserves

 

Called up share capital

100

100

Retained earnings

69,956

90,798

Shareholders' funds

 

70,056

90,898

 

Shinco Racing Limited

(Registration number: 08800822)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
D J G Menuisier
Director

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Coombelands Stables
Coombelands Lane
Pulborough
West Sussex
RH20 1BP
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 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.

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 and deferred tax.

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.

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.

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

33% straight line basis

Motor vehicles

25% straight line basis

Fixtures and fittings

20% reducing balance basis

Computer equipment

25% straight line basis

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 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.

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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 directors) during the year, was 25 (2022 - 26).

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

5,402

50,684

3,339

109,484

Additions

2,479

53,604

753

74,350

Disposals

-

-

-

(56,017)

At 31 December 2023

7,881

104,288

4,092

127,817

Depreciation

At 1 January 2023

2,241

6,087

1,824

70,392

Charge for the year

731

15,723

682

18,448

Eliminated on disposal

-

-

-

(29,177)

At 31 December 2023

2,972

21,810

2,506

59,663

Carrying amount

At 31 December 2023

4,909

82,478

1,586

68,154

At 31 December 2022

3,161

44,597

1,515

39,092

Total
£

Cost or valuation

At 1 January 2023

168,909

Additions

131,186

Disposals

(56,017)

At 31 December 2023

244,078

Depreciation

At 1 January 2023

80,544

Charge for the year

35,584

Eliminated on disposal

(29,177)

At 31 December 2023

86,951

Carrying amount

At 31 December 2023

157,127

At 31 December 2022

88,365

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Bloodstock for sale

59,302

61,302

6

Debtors

Current

2023
£

2022
£

Trade debtors

182,336

182,026

Other debtors

12,791

36,903

 

195,127

218,929

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

30,716

71,654

Trade creditors

165,263

121,237

Taxation and social security

29,252

32,756

Other creditors

51,741

49,992

276,972

275,639

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

62,572

54,170

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,994

13,851

Hire purchase contracts

20,722

12,803

Other borrowings

-

45,000

30,716

71,654

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,080

30,698

Hire purchase contracts

41,492

23,472

62,572

54,170

 

Shinco Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

D J G Menuisier

Director loan account

22,841

16,827

(30,234)

9,434

         
       

K M Johnstone-Kotze

Director loan account

(29,244)

6,518

(25,000)

(47,726)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

D J G Menuisier

Director loan account

18,687

33,342

(29,188)

22,841

         
       

K M Johnstone-Kotze

Director loan account

(6,044)

1,800

(25,000)

(29,244)