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Registered number: 04383665
Hamish Gordon Racing Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04383665
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,390 1,854
1,390 1,854
CURRENT ASSETS
Debtors 5 13,477 13,477
Cash at bank and in hand 125 176
13,602 13,653
Creditors: Amounts Falling Due Within One Year 6 (14,149 ) (11,730 )
NET CURRENT ASSETS (LIABILITIES) (547 ) 1,923
TOTAL ASSETS LESS CURRENT LIABILITIES 843 3,777
Creditors: Amounts Falling Due After More Than One Year 7 (1,395 ) (2,411 )
NET (LIABILITIES)/ASSETS (552 ) 1,366
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account (1,552 ) 366
SHAREHOLDERS' FUNDS (552) 1,366
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr H C Gordon
Director
11 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hamish Gordon Racing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04383665 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 9,533
As at 29 February 2024 9,533
Depreciation
As at 1 March 2023 7,679
Provided during the period 464
As at 29 February 2024 8,143
Net Book Value
As at 29 February 2024 1,390
As at 1 March 2023 1,854
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 13,477 13,477
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 1,016 991
Other creditors 13,116 10,722
Taxation and social security 17 17
14,149 11,730
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,395 2,411
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8. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 1,016 991
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 1,395 2,411
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the director, Mr H Gordon amounting to £9,686 (2023 - £7,795).
11. Related Party Disclosures
The director Mr H Gordon is also a director and shareholder of The Driver's Drink Company Ltd, a
company registered in England and Wales.
At the end of the year there were amounts due from The Driver's Drink Company Ltd of 13,477 (2023 -
£13,477). This amount is included in other debtors.
12. Controlling Parties
The company was controlled throughout the current and previous period by its director, H Gordon, by
virtue of the fact that he owns all the ordinary issued share capital.
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