Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs K Hawke 24/02/2012 Mr N J Hawke 11/05/2023 Mr A D D Mead 11/05/2023 05/06/0217 03 October 2024 The principal activity of the Company during the financial year was that of horse training and racing. 07964027 2024-03-31 07964027 bus:Director1 2024-03-31 07964027 bus:Director2 2024-03-31 07964027 bus:Director3 2024-03-31 07964027 2023-03-31 07964027 core:CurrentFinancialInstruments 2024-03-31 07964027 core:CurrentFinancialInstruments 2023-03-31 07964027 core:ShareCapital 2024-03-31 07964027 core:ShareCapital 2023-03-31 07964027 core:RetainedEarningsAccumulatedLosses 2024-03-31 07964027 core:RetainedEarningsAccumulatedLosses 2023-03-31 07964027 core:PlantMachinery 2023-03-31 07964027 core:Vehicles 2023-03-31 07964027 core:PlantMachinery 2024-03-31 07964027 core:Vehicles 2024-03-31 07964027 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 07964027 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 07964027 2023-04-01 2024-03-31 07964027 bus:FilletedAccounts 2023-04-01 2024-03-31 07964027 bus:SmallEntities 2023-04-01 2024-03-31 07964027 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07964027 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07964027 bus:Director1 2023-04-01 2024-03-31 07964027 bus:Director2 2023-04-01 2024-03-31 07964027 bus:Director3 2023-04-01 2024-03-31 07964027 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 07964027 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 07964027 2022-04-01 2023-03-31 07964027 core:PlantMachinery 2023-04-01 2024-03-31 07964027 core:Vehicles 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 07964027 (England and Wales)

THORNE FARM RACING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THORNE FARM RACING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THORNE FARM RACING LIMITED

BALANCE SHEET

As at 31 March 2024
THORNE FARM RACING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 27,529 39,329
27,529 39,329
Current assets
Stocks 4 53,174 26,944
Debtors 5 139,420 77,987
Cash at bank and in hand 28,006 0
220,600 104,931
Creditors: amounts falling due within one year 6 ( 288,292) ( 602,555)
Net current liabilities (67,692) (497,624)
Total assets less current liabilities (40,163) (458,295)
Net liabilities ( 40,163) ( 458,295)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 40,164 ) ( 458,296 )
Total shareholder's deficit ( 40,163) ( 458,295)

For the financial year ending 31 March 2024 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 Thorne Farm Racing Limited (registered number: 07964027) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mr N J Hawke
Director
THORNE FARM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THORNE FARM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Thorne 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 Puxton Park Cowslip Lane, Hewish, Weston Super Mare, BS24 6AH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £40,163. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for sale of horses and provision of horse training services, net of VAT. Turnover from the sale of horses is recognised when risk and reward has been transferred to the customer.

Income from horse training is recognised on a straight line basis over the training contract.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 12

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2023 118,916 26,100 145,016
At 31 March 2024 118,916 26,100 145,016
Accumulated depreciation
At 01 April 2023 81,462 24,225 105,687
Charge for the financial year 9,925 1,875 11,800
At 31 March 2024 91,387 26,100 117,487
Net book value
At 31 March 2024 27,529 0 27,529
At 31 March 2023 37,454 1,875 39,329

4. Stocks

2024 2023
£ £
Stocks 53,174 26,944

5. Debtors

2024 2023
£ £
Trade debtors 119,411 59,191
Other debtors 20,009 18,796
139,420 77,987

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 7,360
Trade creditors 112,132 74,890
Amounts owed to related parties 0 212,518
Other taxation and social security 30,895 24,784
Other creditors 145,265 283,003
288,292 602,555