Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-311true2023-04-01No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false1falsefalse 09329848 2023-04-01 2024-03-31 09329848 2022-04-01 2023-03-31 09329848 2024-03-31 09329848 2023-03-31 09329848 c:Director1 2023-04-01 2024-03-31 09329848 d:CurrentFinancialInstruments 2024-03-31 09329848 d:CurrentFinancialInstruments 2023-03-31 09329848 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09329848 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09329848 d:ShareCapital 2024-03-31 09329848 d:ShareCapital 2023-03-31 09329848 d:RetainedEarningsAccumulatedLosses 2024-03-31 09329848 d:RetainedEarningsAccumulatedLosses 2023-03-31 09329848 c:FRS102 2023-04-01 2024-03-31 09329848 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09329848 c:FullAccounts 2023-04-01 2024-03-31 09329848 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09329848 2 2023-04-01 2024-03-31 09329848 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09329848










GAVIN SHEEHAN RACING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GAVIN SHEEHAN RACING LTD
 
 
  
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAVIN SHEEHAN RACING LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gavin Sheehan Racing Ltd for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the director of Gavin Sheehan Racing Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gavin Sheehan Racing Ltd and state those matters that we have agreed to state to the director of Gavin Sheehan Racing Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gavin Sheehan Racing Ltd and its director for our work or for this report. 

It is your duty to ensure that Gavin Sheehan Racing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gavin Sheehan Racing Ltd. You consider that Gavin Sheehan Racing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gavin Sheehan Racing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Alder Demain & Akers Ltd
 
2 Michaels Court
Hanney Road
Southmoor
Oxon
OX13 5HR
14 November 2024
Page 1

 
GAVIN SHEEHAN RACING LTD
REGISTERED NUMBER: 09329848

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
94,260
33,905

Cash at bank and in hand
 5 
98,083
145,079

  
192,343
178,984

Creditors: amounts falling due within one year
 6 
(48,793)
(93,125)

Net current assets
  
 
 
143,550
 
 
85,859

Total assets less current liabilities
  
143,550
85,859

  

Net assets
  
143,550
85,859


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
143,450
85,759

  
143,550
85,859


The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 on 14 November 2024.




Gavin Sheehan
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
GAVIN SHEEHAN RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gavin Sheehan Racing Limited is a company limited by shares which was incorporated in England.
The company's registered office is:
2 Michaels Court, Hanney Road, Southmoor, Oxfordshire, OX13 5HR.
The principal activity of the company in the year was the provision of jockey services. 

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.

 
2.2

Revenue

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, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
GAVIN SHEEHAN RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Debtors

2024
2023
£
£


Trade debtors
19,557
33,905

Other debtors
74,703
-

94,260
33,905

Page 4

 
GAVIN SHEEHAN RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.Debtors (continued)


Included within other debtors due within one year is a loan to Mr Gavin Sheehan, a director, amounting to £74,703 (2023 - £Nil). Interest has been charged on the loan at a rate of 2.25%.  The loan was repaid  after the year end.




5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
98,083
145,079

98,083
145,079



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
48,793
21,743

Other creditors
-
71,382

48,793
93,125



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £30,000 (2023 - £33,000) . 

 
Page 5