Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsetrueThe principal activity of the company is that of thoroughbred racehorse breeding and horse racing44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03517136 2023-01-01 2023-12-31 03517136 2022-01-01 2022-12-31 03517136 2023-12-31 03517136 2022-12-31 03517136 c:Director2 2023-01-01 2023-12-31 03517136 d:CurrentFinancialInstruments 2023-12-31 03517136 d:CurrentFinancialInstruments 2022-12-31 03517136 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03517136 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03517136 d:ShareCapital 2023-12-31 03517136 d:ShareCapital 2022-12-31 03517136 d:SharePremium 2023-12-31 03517136 d:SharePremium 2022-12-31 03517136 d:RetainedEarningsAccumulatedLosses 2023-12-31 03517136 d:RetainedEarningsAccumulatedLosses 2022-12-31 03517136 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03517136 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03517136 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03517136 c:OrdinaryShareClass1 2023-12-31 03517136 c:OrdinaryShareClass1 2022-12-31 03517136 c:FRS102 2023-01-01 2023-12-31 03517136 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03517136 c:FullAccounts 2023-01-01 2023-12-31 03517136 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03517136 2 2023-01-01 2023-12-31 03517136 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03517136









JOHN PEARCE RACING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JOHN PEARCE RACING LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
JOHN PEARCE RACING LIMITED
REGISTERED NUMBER: 03517136

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
1,157,950
938,946

Debtors: amounts falling due within one year
 5 
161,291
64,217

Cash at bank and in hand
 6 
1,084,238
1,896,964

  
2,403,479
2,900,127

Creditors: amounts falling due within one year
 7 
(5,000,415)
(4,992,256)

Net current liabilities
  
 
 
(2,596,936)
 
 
(2,092,129)

Total assets less current liabilities
  
(2,596,936)
(2,092,129)

  

Net liabilities
  
(2,596,936)
(2,092,129)


Capital and reserves
  

Called up share capital 
 9 
50,002
50,002

Share premium account
  
320,000
320,000

Profit and loss account
  
(2,966,938)
(2,462,131)

  
(2,596,936)
(2,092,129)


Page 1

 
JOHN PEARCE RACING LIMITED
REGISTERED NUMBER: 03517136
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
R T Bentley
Director

Date: 8 October 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

John Pearce Racing Limited is a private company, limited by shares, incorporated in England and Wales with registration number 03517136. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company and its parent company has agreed to provide such support to the company as is necessary for it to meet it liabilities for a period of at least twelve months from the date of signing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises of sponsorship income, prize money and proceeds from the sale of horses. Sponsorship income is recognised when it is probable that the company will receive the consideration. Prize money is recognised the day the race is won and the amount can be measured reliably. Proceeds from the sale of horses are recognised when the company has transferred the significant risks and rewards of ownership to the buyer. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Stocks

Stock comprises of horses which are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. The cost of horses acquired from third parties is based on the cost of purchase. Whereas the cost of the horses bred and reared from foal consists of nomination fees and keep costs. The cost of horses transferred from training to breeding and vice versa is the market value of that horse on the date of transfer. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors including loans from related parties are measured at the transaction price.

Page 4

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

Related party transaction exemption

The company has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the year was 4 (2022 - 4).


4.


Stocks

2023
2022
£
£

Horses
1,157,950
938,946



5.


Debtors

2023
2022
£
£


Trade debtors
60,507
-

Other debtors
90,950
55,564

Prepayments and accrued income
9,834
8,653

161,291
64,217



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,084,238
1,896,964


Page 5

 
JOHN PEARCE RACING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
31,505
19,174

Amounts owed to group companies
4,950,000
4,950,000

Accruals and deferred income
18,910
23,082

5,000,415
4,992,256


The amount owed to group companies relates to a loan which is unsecured, interest free and repayable on demand.


8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,084,238
1,896,964




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,002 (2022 - 50,002) Ordinary shares of £1 each
50,002
50,002


 
Page 6