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REGISTERED NUMBER: 09008793 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THOROUGHBRED ASSOCIATES LIMITED

THOROUGHBRED ASSOCIATES LIMITED (REGISTERED NUMBER: 09008793)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THOROUGHBRED ASSOCIATES LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: J N Garner
R E Garner





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 09008793 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

THOROUGHBRED ASSOCIATES LIMITED (REGISTERED NUMBER: 09008793)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 494 988

CURRENT ASSETS
Debtors 5 208,102 123,996
Cash at bank and in hand 7,627 2,285
215,729 126,281
CREDITORS
Amounts falling due within one year 6 (160,360 ) (86,152 )
NET CURRENT ASSETS 55,369 40,129
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,863

41,117

CREDITORS
Amounts falling due after more than one
year

7

(10,725

)

(13,264

)
NET ASSETS 45,138 27,853

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 45,136 27,851
SHAREHOLDERS' FUNDS 45,138 27,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





J N Garner - Director


THOROUGHBRED ASSOCIATES LIMITED (REGISTERED NUMBER: 09008793)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024


1. STATUTORY INFORMATION

Thoroughbred Associates Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ and the registered number is 09008793.

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.

The financial statements are presented in sterling (£).

Turnover
Turnover 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc - 33% straight line

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

THOROUGHBRED ASSOCIATES LIMITED (REGISTERED NUMBER: 09008793)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 1,482
DEPRECIATION
At 1 March 2023 494
Charge for year 494
At 29 February 2024 988
NET BOOK VALUE
At 29 February 2024 494
At 28 February 2023 988

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 48,000 -
Other debtors 160,102 123,996
208,102 123,996

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,520 5,500
Taxation and social security 130,016 76,997
Other creditors 24,824 3,655
160,360 86,152

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,725 13,264

THOROUGHBRED ASSOCIATES LIMITED (REGISTERED NUMBER: 09008793)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
J N Garner
Balance outstanding at start of year 60,678 32,973
Amounts advanced 100,089 123,527
Amounts repaid (73,512 ) (95,822 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87,255 60,678

R E Garner
Balance outstanding at start of year 51,622 32,009
Amounts advanced 92,725 114,213
Amounts repaid (71,500 ) (94,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,847 51,622