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Registration number: 02682549

Highclere Thoroughbred Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Highclere Thoroughbred Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Highclere Thoroughbred Racing Limited

(Registration number: 02682549)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

66,612

73,304

Investments

5

44,976

44,976

 

111,588

118,280

Current assets

 

Stocks

6

5,259,381

4,661,161

Debtors

7

3,625,904

5,583,313

Cash at bank and in hand

 

1,171,574

1,708,924

 

10,056,859

11,953,398

Creditors: Amounts falling due within one year

8

(8,180,072)

(9,476,314)

Net current assets

 

1,876,787

2,477,084

Net assets

 

1,988,375

2,595,364

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,988,275

2,595,264

Shareholders' funds

 

1,988,375

2,595,364

 

Highclere Thoroughbred Racing Limited

(Registration number: 02682549)
Balance Sheet as at 30 November 2023

For the financial 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.

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 29 August 2024 and signed on its behalf by:
 

.........................................
The Hon H M Herbert
Director

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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
 

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.

Summary of disclosure exemptions

The company has taken advantage of exemptions conferred by Financial Reporting Standard 102 - Related Party Disclosures not to disclose transactions between wholly owned members of the same group.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management and associated services to racehorse syndicates. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

Foreign currency transactions and balances

The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into functional currency using 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.

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current tax payable.

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.

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

Short-term leasehold property

Over length of lease

Plant and machinery

50% straight line

Motor vehicles

25% straight line

Fixtures and fittings

10% - 30% straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Horses in training are valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

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.

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 11 (2022 - 9).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

12,108

201,272

24,932

142,655

380,967

Additions

-

6,752

231

27,500

34,483

At 30 November 2023

12,108

208,024

25,163

170,155

415,450

Depreciation

At 1 December 2022

6,055

191,541

24,264

85,803

307,663

Charge for the year

1,211

7,423

677

31,864

41,175

At 30 November 2023

7,266

198,964

24,941

117,667

348,838

Carrying amount

At 30 November 2023

4,842

9,060

222

52,488

66,612

At 30 November 2022

6,053

9,731

668

56,852

73,304

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

4

4

Other investments

44,972

44,972

44,976

44,976

Subsidiaries

£

Cost or valuation

At 1 December 2022

4

Provision

Carrying amount

At 30 November 2023

4

At 30 November 2022

4

Bronzes/trophies etc held at cost less impairment

£

Cost

At 1 December 2022

44,972

Provision

Carrying amount

At 30 November 2023

44,972

At 30 November 2022

44,972

6

Stocks

2023
£

2022
£

Horses in training

5,259,381

4,661,161

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

990,544

2,916,956

Amounts owed by related parties

555,363

695,343

Prepayments

68,839

63,495

Other debtors

2,011,158

1,907,519

 

3,625,904

5,583,313

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,617,049

543,982

Amounts owed to managed syndicates

6,029,332

8,189,380

Taxation and social security

419,057

633,270

Other creditors

114,634

109,682

8,180,072

9,476,314

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £59,051 (2022 - £112,120).

 

Highclere Thoroughbred Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

The Hon H M Herbert

Director loan account on which interest is charged at HMRC's official rate

1,430,150

11,151

(5,750)

1,435,551

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

The Hon H M Herbert

Director loan account on which interest is charged at HMRC's official rate

1,393,906

37,904

(1,660)

1,430,150