2 false false false false false false false false false true false false false false true false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 47,000 47,000 2,700 2,700 44,300 102 102 102 xbrli:pure xbrli:shares iso4217:GBP 04915617 2022-04-01 2023-03-27 04915617 2023-03-27 04915617 2021-04-01 2022-03-31 04915617 2022-03-31 04915617 bus:Director1 2022-04-01 2023-03-27 04915617 core:MotorVehicles 2023-03-27 04915617 core:MotorVehicles 2022-04-01 2023-03-27 04915617 core:WithinOneYear 2023-03-27 04915617 core:WithinOneYear 2022-03-31 04915617 core:AfterOneYear 2023-03-27 04915617 core:AfterOneYear 2022-03-31 04915617 core:RestatedAmount 2022-03-31 04915617 core:ShareCapital 2023-03-27 04915617 core:ShareCapital 2022-03-31 04915617 core:RetainedEarningsAccumulatedLosses 2023-03-27 04915617 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-03-31 04915617 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-27 04915617 core:CostValuation core:Non-currentFinancialInstruments 2023-03-27 04915617 core:Non-currentFinancialInstruments 2023-03-27 04915617 bus:SmallEntities 2022-04-01 2023-03-27 04915617 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-27 04915617 bus:FullAccounts 2022-04-01 2023-03-27 04915617 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-27 04915617 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-27
COMPANY REGISTRATION NUMBER: 04915617
Amo Racing Limited
Filleted Unaudited Financial Statements
For the period ended
27 March 2023
Amo Racing Limited
Statement of Financial Position
27 March 2023
27 Mar 23
31 Mar 22
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
44,300
Investments
6
102
--------
----
44,402
Current assets
Stocks
14,344,692
6,688,688
Debtors
7
1,678,160
1,148,875
Cash at bank and in hand
174,094
193,578
-------------
------------
16,196,946
8,031,141
Creditors: amounts falling due within one year
8
23,242,710
16,008,013
-------------
-------------
Net current liabilities
7,045,764
7,976,872
------------
------------
Total assets less current liabilities
( 7,001,362)
( 7,976,872)
Creditors: amounts falling due after more than one year
9
1,519,585
2,958,990
------------
-------------
Net liabilities
( 8,520,947)
( 10,935,862)
------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 8,521,047)
( 10,935,962)
------------
-------------
Shareholders deficit
( 8,520,947)
( 10,935,862)
------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 27 March 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Amo Racing Limited
Statement of Financial Position (continued)
27 March 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr K Joorabchian
Director
Company registration number: 04915617
Amo Racing Limited
Notes to the Financial Statements
Period from 1 April 2022 to 27 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lushington House, 119 High Street, Newmarket, Suffolk, CB8 9AE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis including any prior year adjustments. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is financed by the director and third party creditors, they have confirmed they intend to support the company for the foreseeable future. The director believes the company is therefore a going concern.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable in respect of prize money, sponsorship, lease fees and sale of bloodstock and recharges which are net of discounts and Value Added Tax. Prize money is recognised on receipt from the British Horse Association. Sponsorship income is recognised on receipt from the British Horse Association or per the contract agreement. Sponsorship income is deferred if the contract period differs to the accounting year end. Lease fees income is recognised per the contract agreements. Sale of bloodstock income is recognised when the ownership of bloodstock passes from the seller to the buyer. Recharge income is recognised on an accruals basis and recharged income is matched with expenditure which is to be recharged.
Income tax
The taxation expense represents the aggregate amount of current recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
10 years residual value
Investments in group undertakings
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Stocks
Stock comprises bloodstock (stallions, mares and foals) held for the purposes of breeding and racing. Such assets are stated at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified, the value of the stock is reduced and the reduction immediately charged in the profit and loss account. A transfer is made between breeding and racing when the purpose of the bloodstock changes. The transfer value is based on the net realisable value of the bloodstock as at the date of transfer.
Defined contribution plans
The company operates an auto-enrolment scheme for all employees. The assets of the pension scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 April 2022 (as restated)
Additions
47,000
--------
At 27 March 2023
47,000
--------
Depreciation
At 1 April 2022
Charge for the period
2,700
--------
At 27 March 2023
2,700
--------
Carrying amount
At 27 March 2023
44,300
--------
At 31 March 2022
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 as restated
Additions
102
----
At 27 March 2023
102
----
Impairment
At 1 April 2022 as restated and 27 March 2023
----
Carrying amount
At 27 March 2023
102
----
At 31 March 2022
----
7. Debtors
27 Mar 23
31 Mar 22
(restated)
£
£
Trade debtors
520,520
Other debtors
1,157,640
1,148,875
------------
------------
1,678,160
1,148,875
------------
------------
8. Creditors: amounts falling due within one year
27 Mar 23
31 Mar 22
(restated)
£
£
Trade creditors
1,069,592
1,817,406
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,342,432
7,597,695
Social security and other taxes
248,281
Other creditors
13,582,405
6,592,912
-------------
-------------
23,242,710
16,008,013
-------------
-------------
9. Creditors: amounts falling due after more than one year
27 Mar 23
31 Mar 22
(restated)
£
£
Other creditors
1,519,585
2,958,990
------------
------------
10. Prior year adjustments
During the year the company undertook a review of investments previously reported as at 31 March 2022 and identified the following errors:
£11,968,111 - Investments overstated
£6,688,688 - Stock understated
£5,279,423 - Profit and Loss reserves overstated
It was not possible to calculate how much of the £5,279,423 overstatement of profits pertained to earlier periods. As such, this overstatement has been accounted for as a prior year adjustment in the year to 31 March 2022.
The corporation tax charge is not expected to change as a result of this adjustment, however the capital and trading losses brought forward to this financial period are expected to be adjusted.