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REGISTERED NUMBER: 11812847 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Tom Ward Racing Ltd

Tom Ward Racing Ltd (Registered number: 11812847)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tom Ward Racing Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T D Ward
M T Ward





REGISTERED OFFICE: Whitehouse Stables
Upper Lambourn
Hungerford
Berkshire
RG17 8QP





REGISTERED NUMBER: 11812847 (England and Wales)





ACCOUNTANTS: Morley & Co (UK) Ltd
Chartered Certified Accountants,
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

Tom Ward Racing Ltd (Registered number: 11812847)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,734 31,150

CURRENT ASSETS
Stocks 167,892 139,169
Debtors 5 164,865 144,352
Cash at bank 28,931 36,385
361,688 319,906
CREDITORS
Amounts falling due within one year 6 387,764 398,098
NET CURRENT LIABILITIES (26,076 ) (78,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,658

(47,042

)

CREDITORS
Amounts falling due after more than one
year

7

(89,544

)

(4,391

)

PROVISIONS FOR LIABILITIES (2,784 ) -
NET LIABILITIES (76,670 ) (51,433 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (76,770 ) (51,533 )
(76,670 ) (51,433 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Tom Ward Racing Ltd (Registered number: 11812847)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:




T D Ward - Director



M T Ward - Director


Tom Ward Racing Ltd (Registered number: 11812847)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tom Ward Racing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover
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 from the rendering of services.

Sale of goods
Turnover from the sale of bloodstock is recognised when the significant risks and rewards of ownership of the animal has transferred to the buyer. This is usually at the point that the customer has been registered as owner.

Rendering of services
Turnover from the rendering of services is recognised by reference to the training and ancillary costs of maintaining each horse under the company's care. The valuation of the services performed and included within turnover are measured by reference to the training and other standard fees charged per horse and the associated ancillary costs actually incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tom Ward Racing Ltd (Registered number: 11812847)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each line of stock to its present location and condition, as follows:

Bloodstock:
Bloodstock represents animals purchased by the company for re-sale and are are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

Tom Ward Racing Ltd (Registered number: 11812847)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 - 2,804 2,473
Additions 17,103 - -
At 31 December 2023 17,103 2,804 2,473
DEPRECIATION
At 1 January 2023 - 856 710
Charge for year 242 487 440
At 31 December 2023 242 1,343 1,150
NET BOOK VALUE
At 31 December 2023 16,861 1,461 1,323
At 31 December 2022 - 1,948 1,763

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 52,605 2,007 59,889
Additions - 1,909 19,012
At 31 December 2023 52,605 3,916 78,901
DEPRECIATION
At 1 January 2023 26,344 829 28,739
Charge for year 6,566 693 8,428
At 31 December 2023 32,910 1,522 37,167
NET BOOK VALUE
At 31 December 2023 19,695 2,394 41,734
At 31 December 2022 26,261 1,178 31,150

Tom Ward Racing Ltd (Registered number: 11812847)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 161,865 140,751
Other debtors 3,000 -
164,865 140,751

Amounts falling due after more than one year:
Other debtors - 3,601

Aggregate amounts 164,865 144,352

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 21,622 -
Hire purchase contracts 4,391 10,538
Trade creditors 199,846 248,084
Taxation and social security 64,406 42,575
Other creditors 97,499 96,901
387,764 398,098

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 89,544 -
Hire purchase contracts - 4,391
89,544 4,391

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 54,714 -

Tom Ward Racing Ltd (Registered number: 11812847)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. GOING CONCERN

At the balance sheet date the company had net current liabilities of £26,076 (2022: £78,192), a negative balance sheet of £76,670 (2022: £51,433) and made a trading loss for the year of £18,852 (2022: £46,355).

The directors believe that the company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

If adoption of the going concern basis were inappropriate, adjustments would be required to write down assets to their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.