Sangster Racing Limited 14243612 false 2022-07-19 2023-12-31 2023-12-31 The principal activity of the company is the training and sale of thoroughbred racehorses. Digita Accounts Production Advanced 6.30.9574.0 true 14243612 2022-07-19 2023-12-31 14243612 2023-12-31 14243612 bus:Director1 1 2023-12-31 14243612 core:CurrentFinancialInstruments 2023-12-31 14243612 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14243612 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 14243612 core:MotorVehicles 2023-12-31 14243612 core:OfficeEquipment 2023-12-31 14243612 core:PlantMachinery 2023-12-31 14243612 bus:SmallEntities 2022-07-19 2023-12-31 14243612 bus:AuditExemptWithAccountantsReport 2022-07-19 2023-12-31 14243612 bus:FullAccounts 2022-07-19 2023-12-31 14243612 bus:SmallCompaniesRegimeForAccounts 2022-07-19 2023-12-31 14243612 bus:RegisteredOffice 2022-07-19 2023-12-31 14243612 bus:Director1 2022-07-19 2023-12-31 14243612 bus:Director1 1 2022-07-19 2023-12-31 14243612 bus:PrivateLimitedCompanyLtd 2022-07-19 2023-12-31 14243612 core:LandBuildings core:LongLeaseholdAssets 2022-07-19 2023-12-31 14243612 core:LeaseholdImprovements 2022-07-19 2023-12-31 14243612 core:MotorVehicles 2022-07-19 2023-12-31 14243612 core:OfficeEquipment 2022-07-19 2023-12-31 14243612 core:PlantMachinery 2022-07-19 2023-12-31 14243612 countries:EnglandWales 2022-07-19 2023-12-31 14243612 bus:Director1 1 2022-07-18 iso4217:GBP xbrli:pure

Registration number: 14243612

Sangster Racing Limited

Unaudited Filleted Financial Statements

for the Period from 19 July 2022 to 31 December 2023

 

Sangster Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Sangster Racing Limited

(Registration number: 14243612)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

205,647

Current assets

 

Stocks

5

290,781

Debtors

6

236,755

Cash at bank and in hand

 

172,328

 

699,864

Creditors: Amounts falling due within one year

7

(819,564)

Net current liabilities

 

(119,700)

Total assets less current liabilities

 

85,947

Provisions for liabilities

(20,150)

Net assets

 

65,797

Capital and reserves

 

Called up share capital

1

Retained earnings

65,796

Shareholders' funds

 

65,797

 

Sangster Racing Limited

(Registration number: 14243612)
Balance Sheet as at 31 December 2023

For the financial period ending 31 December 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 period 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 19 April 2024
 

.........................................
Mr Oliver Robert James Sangster
Director

 

Sangster Racing Limited

Notes to the Unaudited Financial Statements for the Period from 19 July 2022 to 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:
Manton House
Marlborough
Wiltshire
SN8 1PN
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 and training of thoroughbred racehorses in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax.

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.

 

Sangster Racing Limited

Notes to the Unaudited Financial Statements for the Period from 19 July 2022 to 31 December 2023

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

Motor Vehicles

25% reducing balance

Plant and Machinery

25% reducing balance

Office Equipment

25% reducing balance

Property Improvements

10% straight line

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.

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.

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 period, was 11.

 

Sangster Racing Limited

Notes to the Unaudited Financial Statements for the Period from 19 July 2022 to 31 December 2023

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

Additions

129,052

28,655

1,114

72,655

At 31 December 2023

129,052

28,655

1,114

72,655

Depreciation

Charge for the period

7,411

5,871

256

12,291

At 31 December 2023

7,411

5,871

256

12,291

Carrying amount

At 31 December 2023

121,641

22,784

858

60,364

Total
£

Cost or valuation

Additions

231,476

At 31 December 2023

231,476

Depreciation

Charge for the period

25,829

At 31 December 2023

25,829

Carrying amount

At 31 December 2023

205,647

Included within the net book value of land and buildings above is £121,641 in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

Bloodstock for resale

290,781

 

Sangster Racing Limited

Notes to the Unaudited Financial Statements for the Period from 19 July 2022 to 31 December 2023

6

Debtors

Current

2023
£

Trade debtors

194,099

Other debtors

42,656

 

236,755

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

353,582

Taxation and social security

14,855

Other creditors

451,127

819,564

8

Related party transactions

Transactions with the director

2023

At 19 July 2022
£

Advances to director
£

At 31 December 2023
£

Mr Oliver Robert James Sangster

Loan Account

-

(443,918)

(443,918)