Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-12-01falseNo description of principal activity47falsetruefalse 07431631 2022-12-01 2023-11-30 07431631 2021-12-01 2022-11-30 07431631 2023-11-30 07431631 2022-11-30 07431631 c:Director1 2022-12-01 2023-11-30 07431631 c:Director2 2022-12-01 2023-11-30 07431631 d:Buildings 2022-12-01 2023-11-30 07431631 d:Buildings 2023-11-30 07431631 d:Buildings 2022-11-30 07431631 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07431631 d:PlantMachinery 2022-12-01 2023-11-30 07431631 d:PlantMachinery 2023-11-30 07431631 d:PlantMachinery 2022-11-30 07431631 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07431631 d:OfficeEquipment 2022-12-01 2023-11-30 07431631 d:OfficeEquipment 2023-11-30 07431631 d:OfficeEquipment 2022-11-30 07431631 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07431631 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07431631 d:CurrentFinancialInstruments 2023-11-30 07431631 d:CurrentFinancialInstruments 2022-11-30 07431631 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07431631 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07431631 d:ShareCapital 2023-11-30 07431631 d:ShareCapital 2022-11-30 07431631 d:RetainedEarningsAccumulatedLosses 2023-11-30 07431631 d:RetainedEarningsAccumulatedLosses 2022-11-30 07431631 c:FRS102 2022-12-01 2023-11-30 07431631 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07431631 c:FullAccounts 2022-12-01 2023-11-30 07431631 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07431631 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 07431631










SILVESTRE DE SOUSA RACING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SILVESTRE DE SOUSA RACING LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SILVESTRE DE SOUSA RACING LIMITED for the year ended 30 November 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of SILVESTRE DE SOUSA RACING LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SILVESTRE DE SOUSA RACING LIMITED and state those matters that we have agreed to state to the Board of directors of SILVESTRE DE SOUSA RACING LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SILVESTRE DE SOUSA RACING LIMITED and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that SILVESTRE DE SOUSA RACING LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SILVESTRE DE SOUSA RACING LIMITED. You consider that SILVESTRE DE SOUSA RACING LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of SILVESTRE DE SOUSA RACING LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Alder Demain & Akers Limited
 
Accountants
  
2 Michaels Court
Hanney Road
Southmoor
Oxon
OX13 5HR
12 August 2024
Page 1

 
SILVESTRE DE SOUSA RACING LIMITED
REGISTERED NUMBER: 07431631

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,713,776
1,408,729

  
1,713,776
1,408,729

Current assets
  

Stocks
  
93,872
144,513

Debtors: amounts falling due within one year
 5 
13,749
48,869

Cash at bank and in hand
 6 
248
4,263

  
107,869
197,645

Creditors: amounts falling due within one year
 7 
(87,392)
(134,182)

Net current assets
  
 
 
20,477
 
 
63,463

Total assets less current liabilities
  
1,734,253
1,472,192

  

Net assets
  
1,734,253
1,472,192

Page 2

 
SILVESTRE DE SOUSA RACING LIMITED
REGISTERED NUMBER: 07431631
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,734,153
1,472,092

  
1,734,253
1,472,192


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.




................................................
Victoria De sousa
................................................
Silvestre De sousa
Director
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Silvestre De Sousa Racing Limited is a company incorporated in England and Wales
The principal activity of the company is the provision of jockey services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
Over 3 years on straight line basis
Office equipment
-
Over 3 years on straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 7

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 7).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
1,375,256
414,905
12,188
1,802,349


Additions
325,387
3,140
-
328,527



At 30 November 2023

1,700,643
418,045
12,188
2,130,876



Depreciation


At 1 December 2022
-
382,767
10,854
393,621


Charge for the year on owned assets
-
22,455
1,024
23,479



At 30 November 2023

-
405,222
11,878
417,100



Net book value



At 30 November 2023
1,700,643
12,823
310
1,713,776



At 30 November 2022
1,375,256
32,138
1,335
1,408,729


5.


Debtors

2023
2022
£
£
Page 8

 
SILVESTRE DE SOUSA RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.Debtors (continued)



Trade debtors
11,873
21,403

Other debtors
1,876
-

Tax recoverable
-
27,466

13,749
48,869



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
248
4,263

Less: bank overdrafts
(19,067)
-

(18,819)
4,263



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
19,067
-

Trade creditors
24,862
45,290

Other taxation and social security
-
4,121

Other creditors
40,713
82,021

Accruals and deferred income
2,750
2,750

87,392
134,182


 
Page 9