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REGISTERED NUMBER: OC432701 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

JOHN NICHOLLS RACING LLP

JOHN NICHOLLS RACING LLP (REGISTERED NUMBER: OC432701)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOHN NICHOLLS RACING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Mr J A M Nicholls
Mrs J Nicholls





REGISTERED OFFICE: 11-12
Sommerville Court
Adderbury
Oxfordshire
OX17 3SN





REGISTERED NUMBER: OC432701 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Eden House
Two Rivers Business Park
Witney
Oxfordshire
OX28 4BL

JOHN NICHOLLS RACING LLP (REGISTERED NUMBER: OC432701)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 257,127 181,716

CURRENT ASSETS
Debtors 5 46,384 9,200
Cash at bank 19,315 8,544
65,699 17,744
CREDITORS
Amounts falling due within one year 6 59,444 44,488
NET CURRENT ASSETS/(LIABILITIES) 6,255 (26,744 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

263,382

154,972

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

263,382

154,972

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 263,382 154,972

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

JOHN NICHOLLS RACING LLP (REGISTERED NUMBER: OC432701)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 November 2024 and were signed by:





Mr J A M Nicholls - Designated member

JOHN NICHOLLS RACING LLP (REGISTERED NUMBER: OC432701)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

John Nicholls Racing LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The financial statements are presented in sterling which is the functional currency of the limited liability partnership and rounded to the nearest £.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents prize monies and sponsorship income received or receivable during the period.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments in race horses
The investments in race horses are shown at cost less any impairment where the market value of the horse is deemed by the members to be less than cost.

3. EMPLOYEE INFORMATION

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

4. FIXED ASSET INVESTMENTS
Race
horses
£   
COST OR VALUATION
At 1 April 2023 181,716
Additions 222,330
Disposals (9,271 )
Reclassification/transfer (137,648 )
At 31 March 2024 257,127
NET BOOK VALUE
At 31 March 2024 257,127
At 31 March 2023 181,716

JOHN NICHOLLS RACING LLP (REGISTERED NUMBER: OC432701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Race
horses
£   
Valuation in 2021 (13,106 )
Valuation in 2022 (58,216 )
Valuation in 2023 (109,516 )
Valuation in 2024 (137,648 )
Cost 575,613
257,127

At 31 March 2024 investments have been written down to reflect the members' assessment of their market values. The cost of the investments is £575,613.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
VAT 37,992 3,072
Prepayments 8,392 6,128
46,384 9,200

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 29,961 15,005
Accruals and deferred income 29,483 29,483
59,444 44,488

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.24 31.3.23
£    £   
Amounts owed to members in respect of profits 263,382 154,972

Falling due within one year 263,382 154,972

The loans and other debts due to members would not be withdrawn in preference to paying third party creditors.