2023-02-012024-01-312024-01-31false04360717HALE RACING 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HALE RACING LIMITED

Registered Number
04360717
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

HALE RACING LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

HALE, Richard Andrew
HALE, Sarah

Company Secretary

HALE, Sarah

Registered Address

Inglenook Barn
Culgaith
Penrith
CA10 1QL

Registered Number

04360717 (England and Wales)
HALE RACING LIMITED
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3473,913433,700
Investments421,45082,705
495,363516,405
Current assets
Debtors519,178-
Cash at bank and on hand4,74646,413
23,92446,413
Creditors amounts falling due within one year6(81,600)(52,132)
Net current assets (liabilities)(57,676)(5,719)
Total assets less current liabilities437,687510,686
Provisions for liabilities7(3,600)(2,994)
Net assets434,087507,692
Capital and reserves
Called up share capital1,0001,000
Profit and loss account433,087506,692
Shareholders' funds434,087507,692
The financial statements were approved and authorised for issue by the Board of Directors on 18 October 2024, and are signed on its behalf by:
HALE, Richard Andrew
Director
Registered Company No. 04360717
HALE RACING LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 February 23469,773268,45843,534781,765
Additions50,000--50,000
Disposals--(18,946)(18,946)
At 31 January 24519,773268,45824,588812,819
Depreciation and impairment
At 01 February 2355,714251,79040,561348,065
Charge for year5,1134,167-9,280
On disposals--(18,439)(18,439)
At 31 January 2460,827255,95722,122338,906
Net book value
At 31 January 24458,94612,5012,466473,913
At 31 January 23414,05916,6682,973433,700
4.Fixed asset investments
Investments - race horses

Other investments1

Total

££
Cost or valuation
At 01 February 2382,70582,705
Additions10,45010,450
Revaluations(71,705)(71,705)
At 31 January 2421,45021,450
Net book value
At 31 January 2421,45021,450
At 31 January 2382,70582,705

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables19,178-
Total19,178-
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables639675
Taxation and social security30,61127,860
Other creditors47,10120,367
Accrued liabilities and deferred income3,2493,230
Total81,60052,132
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,6002,994
Total3,6002,994
8.Directors advances, credits and guarantees
On 1 February 2023 Mr R A Hale and Mrs S Hale owed the company £nil. During the period Mr R A Hale and Mrs S Hale were advanced £177,631 and repaid £177,631. As at 31 January 2024 Mr R A Hale and Mrs S Hale owed the company £nil. Interest of £904 has been calculated and charged on this loan using HM Revenue and Customs official rate for beneficial loan arrangements.
9.Related party transactions
During the year the directors had a loan account with the company. At 31 January 2024 the company owed the director £47,101. (2023 - £20,367). This loan is unsecured, interest free and repayable upon demand.