Ben Pauling Racing Limited 10826943 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the training of thoroughbred racehorses. Digita Accounts Production Advanced 6.30.9574.0 true 10826943 2022-07-01 2023-06-30 10826943 2023-06-30 10826943 bus:Director2 1 2023-06-30 10826943 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 10826943 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 10826943 core:CurrentFinancialInstruments 2023-06-30 10826943 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10826943 core:Non-currentFinancialInstruments 2023-06-30 10826943 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10826943 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 10826943 core:FurnitureFittings 2023-06-30 10826943 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 10826943 core:MotorVehicles 2023-06-30 10826943 core:OfficeEquipment 2023-06-30 10826943 core:PlantMachinery 2023-06-30 10826943 bus:SmallEntities 2022-07-01 2023-06-30 10826943 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10826943 bus:FullAccounts 2022-07-01 2023-06-30 10826943 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 10826943 bus:RegisteredOffice 2022-07-01 2023-06-30 10826943 bus:Director1 2022-07-01 2023-06-30 10826943 bus:Director2 2022-07-01 2023-06-30 10826943 bus:Director2 1 2022-07-01 2023-06-30 10826943 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10826943 core:ConstructionInProgressAssetsUnderConstruction 2022-07-01 2023-06-30 10826943 core:FurnitureFittings 2022-07-01 2023-06-30 10826943 core:LandBuildings 2022-07-01 2023-06-30 10826943 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10826943 core:MotorVehicles 2022-07-01 2023-06-30 10826943 core:OfficeEquipment 2022-07-01 2023-06-30 10826943 core:PlantMachinery 2022-07-01 2023-06-30 10826943 countries:EnglandWales 2022-07-01 2023-06-30 10826943 2022-06-30 10826943 bus:Director2 1 2022-06-30 10826943 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 10826943 core:FurnitureFittings 2022-06-30 10826943 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 10826943 core:MotorVehicles 2022-06-30 10826943 core:OfficeEquipment 2022-06-30 10826943 core:PlantMachinery 2022-06-30 10826943 2021-07-01 2022-06-30 10826943 2022-06-30 10826943 bus:Director2 1 2022-06-30 10826943 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 10826943 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 10826943 core:CurrentFinancialInstruments 2022-06-30 10826943 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 10826943 core:Non-currentFinancialInstruments 2022-06-30 10826943 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 10826943 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 10826943 core:FurnitureFittings 2022-06-30 10826943 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 10826943 core:MotorVehicles 2022-06-30 10826943 core:OfficeEquipment 2022-06-30 10826943 core:PlantMachinery 2022-06-30 10826943 bus:Director2 1 2021-07-01 2022-06-30 10826943 bus:Director2 1 2021-06-30 iso4217:GBP xbrli:pure

Registration number: 10826943

Ben Pauling Racing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Ben Pauling Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ben Pauling Racing Limited

(Registration number: 10826943)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,219,774

3,086,680

Current assets

 

Stocks

5

63,029

61,201

Debtors

6

1,710,204

681,949

Cash at bank and in hand

 

279,823

67,120

 

2,053,056

810,270

Creditors: Amounts falling due within one year

7

(2,790,152)

(3,192,066)

Net current liabilities

 

(737,096)

(2,381,796)

Total assets less current liabilities

 

2,482,678

704,884

Creditors: Amounts falling due after more than one year

7

(1,746,781)

(79,354)

Provisions for liabilities

(13,175)

(17,999)

Net assets

 

722,722

607,531

Capital and reserves

 

Called up share capital

100

100

Retained earnings

722,622

607,431

Shareholders' funds

 

722,722

607,531

 

Ben Pauling Racing Limited

(Registration number: 10826943)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr Ben Peter Pauling
Director

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Naunton Downs Estate
Naunton
Cheltenham
Gloucestershire
GL54 3AE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of training fees, bloodstock sales, and prize money won during the year in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line method

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Assets under construction

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 23).

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

14,900

2,933,875

42,079

55,594

6,465

222,065

3,274,978

Additions

-

208,202

4,741

4,700

-

40,790

258,433

Disposals

-

-

-

(2,667)

-

(59,505)

(62,172)

Transfers

3,142,077

(3,142,077)

-

-

-

-

-

At 30 June 2023

3,156,977

-

46,820

57,627

6,465

203,350

3,471,239

Depreciation

At 1 July 2022

2,384

-

31,991

36,256

5,064

112,602

188,297

Charge for the year

63,140

-

2,917

4,829

351

27,426

98,663

Eliminated on disposal

-

-

-

(2,484)

-

(33,011)

(35,495)

At 30 June 2023

65,524

-

34,908

38,601

5,415

107,017

251,465

Carrying amount

At 30 June 2023

3,091,453

-

11,912

19,026

1,050

96,333

3,219,774

At 30 June 2022

12,516

2,933,875

10,088

19,337

1,401

109,463

3,086,680

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Included within the net book value of land and buildings above is £3,091,453 (2022 - £12,516) in respect of freehold land and buildings.
 

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Bloodstock for sale

63,029

61,201

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

307,176

314,279

Amounts owed by group undertakings

9

12,095

12,095

Prepayments

 

1,368,471

298,278

Other debtors

 

22,462

57,297

   

1,710,204

681,949

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings - see below

49,259

235,482

Trade creditors

230,018

335,499

Taxation and social security

30,750

8,094

Other creditors

2,480,125

2,612,991

2,790,152

3,192,066

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,984 (2022 - £25,482).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,746,781

79,354

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,035 (2022 - £49,354).

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

32,560

10,000

Hire purchase contracts

16,699

25,482

Other borrowings

-

200,000

49,259

235,482

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,702,438

30,000

Hire purchase contracts

44,343

49,354

1,746,781

79,354

9

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mrs Sophie Amanda Pauling

(2,601,108)

168,457

(2,432,651)

       
     

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mrs Sophie Amanda Pauling

79,272

94,620

(2,775,000)

(2,601,108)