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Registered number: 05616949
Clumber Park Racing Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Enterprise Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05616949
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,010,886 1,003,509
1,010,886 1,003,509
CURRENT ASSETS
Stocks 5 9,385 8,729
Debtors 6 4,538 4,374
Cash at bank and in hand 1,782 5,524
15,705 18,627
Creditors: Amounts Falling Due Within One Year 7 (4,210 ) (2,890 )
NET CURRENT ASSETS (LIABILITIES) 11,495 15,737
TOTAL ASSETS LESS CURRENT LIABILITIES 1,022,381 1,019,246
Creditors: Amounts Falling Due After More Than One Year 8 (590,148 ) (584,760 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,120 ) (16,120 )
NET ASSETS 416,113 418,366
CAPITAL AND RESERVES
Called up share capital 9 360,000 360,000
Revaluation reserve 10 84,842 84,842
Profit and Loss Account (28,729 ) (26,476 )
SHAREHOLDERS' FUNDS 416,113 418,366
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Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs G H Harris BSc (Hons) MBA ACA
Director
12/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Clumber Park Racing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05616949 . The registered office is Pinewood Stables, Carburton, Worksop, Notts, S80 3BT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% Straight Line
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 1,000,000 1,649 17,507 320 1,019,476
Additions - 9,990 - - 9,990
As at 30 November 2023 1,000,000 11,639 17,507 320 1,029,466
...CONTINUED
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Depreciation
As at 1 December 2022 - 1,599 14,048 320 15,967
Provided during the period - 2,094 519 - 2,613
As at 30 November 2023 - 3,693 14,567 320 18,580
Net Book Value
As at 30 November 2023 1,000,000 7,946 2,940 - 1,010,886
As at 1 December 2022 1,000,000 50 3,459 - 1,003,509
The freehold land and buildings were revalued by the directors on 30th November 2019 on an open market basis.
5. Stocks
2023 2022
£ £
Finished goods 9,385 8,729
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,538 4,374
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,210 2,890
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 590,148 584,760
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 360,000 360,000
10. Reserves
Revaluation Reserve
£
As at 1 December 2022 84,842
As at 30 November 2023 84,842
11. Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company.
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