14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05615265 2023-01-01 2024-06-30 05615265 2024-06-30 05615265 2022-12-31 05615265 2022-01-01 2022-12-31 05615265 2022-12-31 05615265 2021-12-31 05615265 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2024-06-30 05615265 core:PlantMachinery 2023-01-01 2024-06-30 05615265 core:MotorVehicles 2023-01-01 2024-06-30 05615265 bus:Director1 2023-01-01 2024-06-30 05615265 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05615265 core:PlantMachinery 2022-12-31 05615265 core:MotorVehicles 2022-12-31 05615265 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 05615265 core:PlantMachinery 2024-06-30 05615265 core:MotorVehicles 2024-06-30 05615265 core:WithinOneYear 2024-06-30 05615265 core:WithinOneYear 2022-12-31 05615265 core:ShareCapital 2024-06-30 05615265 core:ShareCapital 2022-12-31 05615265 core:RetainedEarningsAccumulatedLosses 2024-06-30 05615265 core:RetainedEarningsAccumulatedLosses 2022-12-31 05615265 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05615265 core:PlantMachinery 2022-12-31 05615265 core:MotorVehicles 2022-12-31 05615265 bus:SmallEntities 2023-01-01 2024-06-30 05615265 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-06-30 05615265 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-06-30 05615265 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-06-30 05615265 bus:FullAccounts 2023-01-01 2024-06-30
COMPANY REGISTRATION NUMBER: 05615265
Wadham Racing Limited
Filleted Unaudited Financial Statements
For the period ended
30 June 2024
Wadham Racing Limited
Statement of Financial Position
30 June 2024
30 Jun 24
31 Dec 22
Note
£
£
£
£
Fixed assets
Tangible assets
5
135,264
135,996
Current assets
Stocks
38,339
10,500
Debtors
6
55,946
126,340
Cash at bank and in hand
31,869
67,255
---------
---------
126,154
204,095
Creditors: amounts falling due within one year
7
261,831
266,663
---------
---------
Net current liabilities
135,677
62,568
---------
---------
Total assets less current liabilities
( 413)
73,428
Provisions
Taxation including deferred tax
4,345
4,345
-------
--------
Net (liabilities)/assets
( 4,758)
69,083
-------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 4,760)
69,081
-------
--------
Shareholders (deficit)/funds
( 4,758)
69,083
-------
--------
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 comprehensive income has not been delivered.
For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wadham Racing Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr J Wadham
Director
Company registration number: 05615265
Wadham Racing Limited
Notes to the Financial Statements
Period from 1 January 2023 to 30 June 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 Trainers House, Moulton Paddocks, Newmarket, CB8 7PJ.
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.
Going concern
The company is financed by the director, who has confirmed they intend to support the company for the foreseeable future. The director believes the company is therefore a going concern.
Revenue recognition
Turnover primarily compromises the fair value of the consideration received or receivable for the provision of horse training services and is recognised evenly through the period as invoiced. Turnover in respect of horse sales is recognised upon the transfer of risk (generally when passport ownership transfers). Breeding rights income is recognised in line with the contractual agreement. Prize money is recognised on the race day. Turnover is shown net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
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:
Freehold property
-
2% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Stocks
Stock comprises bloodstock held for the purposes of breeding and racing. Such assets are stated 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 immediately charged in the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 14 (2022: 14 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
147,077
61,650
6,562
215,289
Additions
20,729
20,729
Disposals
( 6,561)
( 6,561)
---------
--------
--------
---------
At 30 June 2024
147,077
61,650
20,730
229,457
---------
--------
--------
---------
Depreciation
At 1 January 2023
39,745
37,907
1,641
79,293
Charge for the period
4,412
8,761
3,368
16,541
Disposals
( 1,641)
( 1,641)
---------
--------
--------
---------
At 30 June 2024
44,157
46,668
3,368
94,193
---------
--------
--------
---------
Carrying amount
At 30 June 2024
102,920
14,982
17,362
135,264
---------
--------
--------
---------
At 31 December 2022
107,332
23,743
4,921
135,996
---------
--------
--------
---------
6. Debtors
30 Jun 24
31 Dec 22
£
£
Trade debtors
35,634
116,547
Other debtors
20,312
9,793
--------
---------
55,946
126,340
--------
---------
7. Creditors: amounts falling due within one year
30 Jun 24
31 Dec 22
£
£
Trade creditors
78,705
45,247
Social security and other taxes
15,726
60,217
Other creditors
167,400
161,199
---------
---------
261,831
266,663
---------
---------