Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
27,529 | 39,329 | |||
Current assets | ||||
Stocks | 4 |
|
|
|
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
220,600 | 104,931 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (67,692) | (497,624) | ||
Total assets less current liabilities | (40,163) | (458,295) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Directors' responsibilities:
The financial statements of Thorne Farm Racing Limited (registered number:
Mr N J Hawke
Director |
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.
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 £.
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.
Income from horse training is recognised on a straight line basis over the training contract.
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.
Plant and machinery |
|
Vehicles |
|
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Plant and machinery | Vehicles | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Net book value | |||||
At 31 March 2024 |
|
|
|
||
At 31 March 2023 |
|
|
|
2024 | 2023 | ||
£ | £ | ||
Stocks |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to related parties |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|