George Scott Racing Limited 11187614 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true 11187614 2023-03-01 2024-02-29 11187614 2024-02-29 11187614 bus:Director1 1 2024-02-29 11187614 core:CurrentFinancialInstruments 2024-02-29 11187614 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11187614 core:FurnitureFittings 2024-02-29 11187614 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 11187614 core:MotorVehicles 2024-02-29 11187614 core:OfficeEquipment 2024-02-29 11187614 core:PlantMachinery 2024-02-29 11187614 bus:SmallEntities 2023-03-01 2024-02-29 11187614 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11187614 bus:FullAccounts 2023-03-01 2024-02-29 11187614 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11187614 bus:RegisteredOffice 2023-03-01 2024-02-29 11187614 bus:Director1 2023-03-01 2024-02-29 11187614 bus:Director1 1 2023-03-01 2024-02-29 11187614 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11187614 core:Buildings 2023-03-01 2024-02-29 11187614 core:FurnitureFittings 2023-03-01 2024-02-29 11187614 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 11187614 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11187614 core:MotorVehicles 2023-03-01 2024-02-29 11187614 core:OfficeEquipment 2023-03-01 2024-02-29 11187614 core:PlantMachinery 2023-03-01 2024-02-29 11187614 countries:EnglandWales 2023-03-01 2024-02-29 11187614 2023-02-28 11187614 bus:Director1 1 2023-02-28 11187614 core:FurnitureFittings 2023-02-28 11187614 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 11187614 core:MotorVehicles 2023-02-28 11187614 core:OfficeEquipment 2023-02-28 11187614 core:PlantMachinery 2023-02-28 11187614 2022-03-01 2023-02-28 11187614 2023-02-28 11187614 bus:Director1 1 2023-02-28 11187614 core:CurrentFinancialInstruments 2023-02-28 11187614 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11187614 core:FurnitureFittings 2023-02-28 11187614 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 11187614 core:MotorVehicles 2023-02-28 11187614 core:OfficeEquipment 2023-02-28 11187614 core:PlantMachinery 2023-02-28 11187614 bus:Director1 1 2022-03-01 2023-02-28 11187614 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 11187614

George Scott Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

George Scott Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

George Scott Racing Limited

(Registration number: 11187614)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

338,155

73,418

Current assets

 

Stocks

100,942

131,679

Debtors

6

552,020

207,297

Cash at bank and in hand

 

10,150

62

 

663,112

339,038

Creditors: Amounts falling due within one year

7

(825,596)

(277,181)

Net current (liabilities)/assets

 

(162,484)

61,857

Total assets less current liabilities

 

175,671

135,275

Provisions for liabilities

(14,176)

(13,662)

Net assets

 

161,495

121,613

Capital and reserves

 

Called up share capital

100

100

Retained earnings

161,395

121,513

Shareholders' funds

 

161,495

121,613

 

George Scott Racing Limited

(Registration number: 11187614)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 September 2024
 

.........................................
G O Scott
Director

 

George Scott Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 sale of goods and provision of 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.

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:

 

George Scott Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Asset class

Depreciation method and rate

Tack and equipment

25% reducing balance

Motor vehicles

20% reducing balance

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Freehold property

Nil depreciation

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

George Scott Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Taxation

2024

2023

£

£

Corporation tax

16,949

8,593

Deferred tax

514

(3,727)

17,463

4,866

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 23).

5

Tangible assets

Land and buildings
£

Tack and equipment
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

-

79,318

8,920

3,660

57,057

148,955

Additions

280,034

3,790

-

1,455

-

285,279

At 29 February 2024

280,034

83,108

8,920

5,115

57,057

434,234

Depreciation

At 1 March 2023

-

50,304

4,133

2,238

18,862

75,537

Charge for the year

-

7,599

1,197

634

11,112

20,542

At 29 February 2024

-

57,903

5,330

2,872

29,974

96,079

Carrying amount

At 29 February 2024

280,034

25,205

3,590

2,243

27,083

338,155

At 28 February 2023

-

29,014

4,787

1,422

38,195

73,418

Included within the net book value of land and buildings above is £280,034 (2023 - £Nil) in respect of freehold land and buildings.
 

 

George Scott Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

450,574

152,141

Prepayments

34,819

32,117

Other debtors

66,627

23,039

 

552,020

207,297

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

664

30,373

Trade creditors

368,760

158,597

Taxation and social security

114,225

51,650

Other creditors

341,947

36,561

825,596

277,181

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

664

30,373

 

George Scott Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

G O Scott

Loan

21,124

85,326

(122,542)

(16,092)

         
       

 

Other transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

G O Scott

Loan

(16,092)

60,229

(287,235)

(243,098)