58 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 922,000 184,400 92,200 276,600 645,400 737,600 xbrli:pure xbrli:shares iso4217:GBP 08930272 2023-04-01 2024-03-31 08930272 2024-03-31 08930272 2023-03-31 08930272 2022-04-01 2023-03-31 08930272 2023-03-31 08930272 2022-03-31 08930272 core:NetGoodwill 2023-04-01 2024-03-31 08930272 bus:Director2 2023-04-01 2024-03-31 08930272 core:NetGoodwill 2023-03-31 08930272 core:NetGoodwill 2024-03-31 08930272 core:PlantMachinery 2023-03-31 08930272 core:MotorVehicles 2023-03-31 08930272 core:PlantMachinery 2024-03-31 08930272 core:MotorVehicles 2024-03-31 08930272 core:PlantMachinery 2023-04-01 2024-03-31 08930272 core:MotorVehicles 2023-04-01 2024-03-31 08930272 core:WithinOneYear 2024-03-31 08930272 core:WithinOneYear 2023-03-31 08930272 core:AfterOneYear 2024-03-31 08930272 core:AfterOneYear 2023-03-31 08930272 core:ShareCapital 2024-03-31 08930272 core:ShareCapital 2023-03-31 08930272 core:SharePremium 2024-03-31 08930272 core:SharePremium 2023-03-31 08930272 core:RetainedEarningsAccumulatedLosses 2024-03-31 08930272 core:RetainedEarningsAccumulatedLosses 2023-03-31 08930272 core:NetGoodwill 2023-03-31 08930272 core:PlantMachinery 2023-03-31 08930272 core:MotorVehicles 2023-03-31 08930272 bus:SmallEntities 2023-04-01 2024-03-31 08930272 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08930272 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08930272 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08930272 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08930272
Gainsborough Thoroughbreds Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Gainsborough Thoroughbreds Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
645,400
737,600
Tangible assets
6
396,317
459,445
------------
------------
1,041,717
1,197,045
Current assets
Stocks
70,899
60,750
Debtors
7
905,101
823,497
Cash at bank and in hand
292,728
175,969
------------
------------
1,268,728
1,060,216
Creditors: amounts falling due within one year
8
903,598
619,210
------------
------------
Net current assets
365,130
441,006
------------
------------
Total assets less current liabilities
1,406,847
1,638,051
Creditors: amounts falling due after more than one year
9
23,689
77,498
Provisions
92,777
113,915
------------
------------
Net assets
1,290,381
1,446,638
------------
------------
Capital and reserves
Called up share capital
200
200
Share premium account
921,900
921,900
Profit and loss account
368,281
524,538
------------
------------
Shareholders funds
1,290,381
1,446,638
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gainsborough Thoroughbreds Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Mr S Crisford
Director
Company registration number: 08930272
Gainsborough Thoroughbreds Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gainsborough Stables, Hamilton Road, Newmarket, Suffolk, CB8 0TE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable in respect of training fees, prize money, transportation and bloodstock, net of discounts and Value Added Tax. Turnover is recognised at the point that the company obtains the right to consideration.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset. Where the useful economic life of an asset cannot be reliably estimated, it is amortised over a period of 10 years assuming a residual value of nil. Amortisation has been applied this year as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
12.5% and 20% straight line
Motor vehicles
-
10% and 20% straight line
Stocks
Stock compromises bloodstock held for purposes of racing. Such assets are measured at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified, the value of the stock is reduced and the reduction is immediately charged in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
The company operates an auto-enrolment scheme for all employees. The assets of pension schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 58 (2023: 60 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
922,000
---------
Amortisation
At 1 April 2023
184,400
Charge for the year
92,200
---------
At 31 March 2024
276,600
---------
Carrying amount
At 31 March 2024
645,400
---------
At 31 March 2023
737,600
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
258,085
351,387
609,472
Additions
6,314
6,314
Disposals
( 18,704)
( 18,704)
---------
---------
---------
At 31 March 2024
245,695
351,387
597,082
---------
---------
---------
Depreciation
At 1 April 2023
110,126
39,901
150,027
Charge for the year
28,314
35,925
64,239
Disposals
( 13,501)
( 13,501)
---------
---------
---------
At 31 March 2024
124,939
75,826
200,765
---------
---------
---------
Carrying amount
At 31 March 2024
120,756
275,561
396,317
---------
---------
---------
At 31 March 2023
147,959
311,486
459,445
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
778,305
549,804
Other debtors
126,796
273,693
---------
---------
905,101
823,497
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
345,775
195,810
Social security and other taxes
251,373
158,094
Other creditors
306,450
265,306
---------
---------
903,598
619,210
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
23,689
77,498
--------
--------
10. Directors' advances, credits and guarantees
The company operated a directors loan account throughout the current year, interest was charged at the HMRC official rate of interest on any overdrawn balance in excess of £10,000. There were no specific repayment terms.
2024 2023
£ £
Advances 4,598
Repayments 4,598