James Ferguson Racing Ltd 12087439 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true 12087439 2023-01-01 2023-12-31 12087439 2023-12-31 12087439 bus:Director1 1 2023-12-31 12087439 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 12087439 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 12087439 core:CurrentFinancialInstruments 2023-12-31 12087439 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12087439 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12087439 core:MotorVehicles 2023-12-31 12087439 core:OfficeEquipment 2023-12-31 12087439 core:PlantMachinery 2023-12-31 12087439 bus:SmallEntities 2023-01-01 2023-12-31 12087439 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12087439 bus:FilletedAccounts 2023-01-01 2023-12-31 12087439 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12087439 bus:RegisteredOffice 2023-01-01 2023-12-31 12087439 bus:Director1 2023-01-01 2023-12-31 12087439 bus:Director1 1 2023-01-01 2023-12-31 12087439 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12087439 core:MotorVehicles 2023-01-01 2023-12-31 12087439 core:OfficeEquipment 2023-01-01 2023-12-31 12087439 core:PlantMachinery 2023-01-01 2023-12-31 12087439 countries:EnglandWales 2023-01-01 2023-12-31 12087439 2022-12-31 12087439 bus:Director1 1 2022-12-31 12087439 core:MotorVehicles 2022-12-31 12087439 core:OfficeEquipment 2022-12-31 12087439 core:PlantMachinery 2022-12-31 12087439 2022-01-01 2022-12-31 12087439 2022-12-31 12087439 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 12087439 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 12087439 core:CurrentFinancialInstruments 2022-12-31 12087439 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12087439 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12087439 core:MotorVehicles 2022-12-31 12087439 core:OfficeEquipment 2022-12-31 12087439 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12087439

James Ferguson Racing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

James Ferguson Racing Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

James Ferguson Racing Ltd

(Registration number: 12087439)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

74,881

12,654

Current assets

 

Stocks

5

30,347

30,648

Debtors

6

383,529

328,244

Cash at bank and in hand

 

268,271

92,838

 

682,147

451,730

Creditors: Amounts falling due within one year

7

(443,654)

(349,268)

Net current assets

 

238,493

102,462

Total assets less current liabilities

 

313,374

115,116

Creditors: Amounts falling due after more than one year

7

(39,814)

-

Provisions for liabilities

(18,720)

(3,164)

Net assets

 

254,840

111,952

Capital and reserves

 

Called up share capital

100

100

Retained earnings

254,740

111,852

Shareholders' funds

 

254,840

111,952

 

James Ferguson Racing Ltd

(Registration number: 12087439)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 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 18 September 2024
 

.........................................
J Ferguson
Director

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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
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 revenue recognised by the company in respect of racehorse training fees, bloodstock sales and prize money won during the year. Turnover is shown net of 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:

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

20% reducing balance basis

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

Bloodstock is stated 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 the director) during the year, was 28 (2022 - 25).

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

11,250

2,339

4,000

17,589

Additions

74,266

1,835

4,779

80,880

Disposals

-

-

(4,000)

(4,000)

At 31 December 2023

85,516

4,174

4,779

94,469

Depreciation

At 1 January 2023

4,233

702

-

4,935

Charge for the year

13,192

664

797

14,653

At 31 December 2023

17,425

1,366

797

19,588

Carrying amount

At 31 December 2023

68,091

2,808

3,982

74,881

At 31 December 2022

7,017

1,637

4,000

12,654

5

Stocks

2023
£

2022
£

Deadstock

1,548

1,548

Bloodstock

28,799

29,100

30,347

30,648

6

Debtors

Current

2023
£

2022
£

Trade debtors

320,919

295,694

Prepayments

11,703

8,050

Other debtors

50,907

24,500

 

383,529

328,244

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

11,682

-

Trade creditors

 

315,469

241,170

Taxation and social security

 

90,606

75,900

Other creditors

 

25,897

32,198

 

443,654

349,268

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

39,814

-

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

11,682

-

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

39,814

-

 

James Ferguson Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

J Ferguson

Directors loan account

(1,877)

30,668

(2,384)

26,407

Other transactions with the director

During the year J Ferguson (director) had a loan with the company. At the balance sheet date the amount owed to/(from) the company was £26,407 (2022: -£1,877).