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Company No: 05849663 (England and Wales)

VENN FARM RACING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

VENN FARM RACING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

VENN FARM RACING LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
VENN FARM RACING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr J C L Tizzard
Mr C L Tizzard
REGISTERED OFFICE Venn Farm
London Road
Milborne Port
Sherborne
Dorset
DT9 5RA
United Kingdom
COMPANY NUMBER 05849663 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
VENN FARM RACING LIMITED

BALANCE SHEET

As at 31 December 2023
VENN FARM RACING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 883,035 931,881
883,035 931,881
Current assets
Stocks 5 624,974 589,663
Debtors 6 1,281,025 1,034,855
Cash at bank and in hand 506,418 517,795
2,412,417 2,142,313
Creditors: amounts falling due within one year 7 ( 554,054) ( 594,510)
Net current assets 1,858,363 1,547,803
Total assets less current liabilities 2,741,398 2,479,684
Provision for liabilities ( 28,555) ( 41,599)
Net assets 2,712,843 2,438,085
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 2,712,841 2,438,083
Total shareholder's funds 2,712,843 2,438,085

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.

Directors' responsibilities:

The financial statements of Venn Farm Racing Limited (registered number: 05849663) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr C L Tizzard
Director
VENN FARM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
VENN FARM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Venn Farm Racing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Venn Farm, London Road, Milborne Port, Sherborne, Dorset, DT9 5RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Adding this the sale of goods turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 26

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 80,000 80,000
At 31 December 2023 80,000 80,000
Accumulated amortisation
At 01 January 2023 80,000 80,000
At 31 December 2023 80,000 80,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 801,483 390,264 177,233 3,254 1,372,234
Additions 0 3,500 0 0 3,500
At 31 December 2023 801,483 393,764 177,233 3,254 1,375,734
Accumulated depreciation
At 01 January 2023 72,895 244,333 120,214 2,911 440,353
Charge for the financial year 16,029 21,977 14,255 85 52,346
At 31 December 2023 88,924 266,310 134,469 2,996 492,699
Net book value
At 31 December 2023 712,559 127,454 42,764 258 883,035
At 31 December 2022 728,588 145,931 57,019 343 931,881

5. Stocks

2023 2022
£ £
Stocks 624,974 589,663

6. Debtors

2023 2022
£ £
Trade debtors 310,951 368,740
Other debtors 970,074 666,115
1,281,025 1,034,855

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 364,566 328,626
Taxation and social security 127,247 165,548
Other creditors 62,241 100,336
554,054 594,510

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Brought forward (60,170) (85)
Advances to director including interest at the HMRC official rate 22,249 31,383
Repayments during the year (12,148) (91,468)
Carried forward (50,069) (60,170)

Other related party transactions

Included within other creditors is a loan owed to an associated company of £878,535 (2022: £608,535). The loan is interest free and repayable on demand