Sandhill Racing Limited 04460322 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true 04460322 2022-08-01 2023-07-31 04460322 2023-07-31 04460322 core:CurrentFinancialInstruments 2023-07-31 04460322 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04460322 core:Goodwill 2023-07-31 04460322 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 04460322 core:MotorVehicles 2023-07-31 04460322 core:OfficeEquipment 2023-07-31 04460322 core:PlantMachinery 2023-07-31 04460322 1 2023-07-31 04460322 bus:SmallEntities 2022-08-01 2023-07-31 04460322 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04460322 bus:FullAccounts 2022-08-01 2023-07-31 04460322 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 04460322 bus:RegisteredOffice 2022-08-01 2023-07-31 04460322 bus:Director1 2022-08-01 2023-07-31 04460322 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04460322 core:Goodwill 2022-08-01 2023-07-31 04460322 core:ComputerEquipment 2022-08-01 2023-07-31 04460322 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04460322 core:LeaseholdImprovements 2022-08-01 2023-07-31 04460322 core:MotorCars 2022-08-01 2023-07-31 04460322 core:MotorVehicles 2022-08-01 2023-07-31 04460322 core:OfficeEquipment 2022-08-01 2023-07-31 04460322 core:PlantMachinery 2022-08-01 2023-07-31 04460322 countries:EnglandWales 2022-08-01 2023-07-31 04460322 1 2022-08-01 2023-07-31 04460322 2022-07-31 04460322 core:Goodwill 2022-07-31 04460322 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 04460322 core:MotorVehicles 2022-07-31 04460322 core:OfficeEquipment 2022-07-31 04460322 core:PlantMachinery 2022-07-31 04460322 1 2022-07-31 04460322 2021-08-01 2022-07-31 04460322 2022-07-31 04460322 core:CurrentFinancialInstruments 2022-07-31 04460322 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 04460322 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 04460322 core:MotorVehicles 2022-07-31 04460322 core:OfficeEquipment 2022-07-31 04460322 core:PlantMachinery 2022-07-31 04460322 1 2022-07-31 04460322 1 2021-08-01 2022-07-31 04460322 1 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 04460322

Sandhill Racing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Sandhill Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Sandhill Racing Limited

(Registration number: 04460322)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

421,419

432,992

Current assets

 

Stocks

6

179,654

336,926

Debtors

7

562,300

744,892

Cash at bank and in hand

 

296,025

311,856

 

1,037,979

1,393,674

Creditors: Amounts falling due within one year

8

(205,694)

(242,764)

Net current assets

 

832,285

1,150,910

Total assets less current liabilities

 

1,253,704

1,583,902

Provisions for liabilities

(36,251)

(30,909)

Net assets

 

1,217,453

1,552,993

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,217,353

1,552,893

Shareholders' funds

 

1,217,453

1,552,993

 

Sandhill Racing Limited

(Registration number: 04460322)
Balance Sheet as at 31 July 2023

For the financial 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 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 26 June 2024 and signed on its behalf by:
 

.........................................
Mr P J Hobbs
Director

 

Sandhill Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 the fair value of the consideration received or receivable for the provision of thoroughbred racehorse training services 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 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.

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.

 

Sandhill Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Improvements to property

10% on cost

Plant and machinery

Between 15% and 25% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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 thoroughbred racehorse training 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.

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.

 

Sandhill Racing Limited

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

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 30 (2022 - 37).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

350,000

350,000

At 31 July 2023

350,000

350,000

Amortisation

At 1 August 2022

350,000

350,000

At 31 July 2023

350,000

350,000

Carrying amount

At 31 July 2023

-

-

 

Sandhill Racing Limited

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

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

497,948

321,901

1,697

373,519

1,195,065

Additions

-

-

-

69,108

69,108

Disposals

-

-

-

(54,333)

(54,333)

At 31 July 2023

497,948

321,901

1,697

388,294

1,209,840

Depreciation

At 1 August 2022

204,421

265,950

950

290,752

762,073

Charge for the year

37,538

8,393

187

17,385

63,503

Eliminated on disposal

-

-

-

(37,155)

(37,155)

At 31 July 2023

241,959

274,343

1,137

270,982

788,421

Carrying amount

At 31 July 2023

255,989

47,558

560

117,312

421,419

At 31 July 2022

293,527

55,951

747

82,767

432,992

Included within the net book value of land and buildings above is £255,989 (2022 - £293,527) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Bloodstock

176,992

334,506

Deadstock

2,662

2,420

179,654

336,926

 

Sandhill Racing Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

101,545

171,564

Prepayments

42,869

56,916

Other debtors

417,886

516,412

 

562,300

744,892

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

114,285

63,466

Taxation and social security

75,644

130,745

Other creditors

15,765

48,553

205,694

242,764

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

P J & SL Hobbs

400,409

81,041

(161,285)

320,165

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

P J & SL Hobbs

403,745

287,397

(290,733)

400,409