Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC412277 Mrs J A Brown Mr S Brown iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC412277 2023-03-31 OC412277 2024-03-31 OC412277 2023-04-01 2024-03-31 OC412277 frs-core:CurrentFinancialInstruments 2024-03-31 OC412277 frs-core:Non-currentFinancialInstruments 2024-03-31 OC412277 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 OC412277 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC412277 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 OC412277 frs-core:MotorVehicles 2024-03-31 OC412277 frs-core:MotorVehicles 2023-04-01 2024-03-31 OC412277 frs-core:MotorVehicles 2023-03-31 OC412277 frs-core:PlantMachinery 2024-03-31 OC412277 frs-core:PlantMachinery 2023-04-01 2024-03-31 OC412277 frs-core:PlantMachinery 2023-03-31 OC412277 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC412277 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC412277 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC412277 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC412277 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC412277 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC412277 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC412277 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC412277 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC412277 2022-03-31 OC412277 2023-03-31 OC412277 2022-04-01 2023-03-31 OC412277 frs-core:CurrentFinancialInstruments 2023-03-31 OC412277 frs-core:Non-currentFinancialInstruments 2023-03-31
Registered number: OC412277
JAC Racing LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Better Life Accountancy Limited
The Catalyst
Baird Lane
York
North Yorkshire
YO10 5GA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC412277
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 186,714 177,750
186,714 177,750
CURRENT ASSETS
Stocks 5 171,999 111,242
Debtors 6 75,750 87,500
Cash at bank and in hand 10,473 18,886
258,222 217,628
Creditors: Amounts Falling Due Within One Year 7 (243,593 ) (224,242 )
NET CURRENT ASSETS (LIABILITIES) 14,629 (6,614 )
TOTAL ASSETS LESS CURRENT LIABILITIES 201,343 171,136
Creditors: Amounts Falling Due After More Than One Year 8 (9,715 ) (19,861 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 191,628 151,275
REPRESENTED BY:
Loans and other debts due to members
Members' capital classified as a liability 191,628 151,275
191,628 151,275
191,628 151,275
TOTAL MEMBERS' INTEREST
Loans and other debts due to members 191,628 151,275
191,628 151,275
Page 1
Page 2
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mrs J A Brown
Designated Member
Mr S Brown
Designated Member
28/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
JAC Racing LLP is a limited liability partnership, incorporated in England & Wales, registered number OC412277 . The Registered Office is Martha's Lodge, 106 Welham Road, Norton, Malton, North Yorkshire, YO17 9DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover represents income from training horses and associated recharges. There is also an element of income from racing horses owned by the LLP.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stock represents horses owned by the business. It also contains consumables that were held at the year end. Stock is valued at the lower of cost and net realisable value. Included in the stock figure is work-in-progress at the year end. This is made up of all work completed but not yet invoiced.
2.6. Pensions
The LLP operates a defined pension contribution scheme. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 18 (2023: 20)
18 20
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 88,773 79,290 86,941 255,004
Additions - 653 37,500 38,153
As at 31 March 2024 88,773 79,943 124,441 293,157
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 April 2023 - 28,068 49,186 77,254
Provided during the period - 10,375 18,814 29,189
As at 31 March 2024 - 38,443 68,000 106,443
Net Book Value
As at 31 March 2024 88,773 41,500 56,441 186,714
As at 1 April 2023 88,773 51,222 37,755 177,750
5. Stocks
2024 2023
£ £
Stock 48,635 30,015
Work in progress 123,364 81,227
171,999 111,242
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 64,558 76,857
Other debtors 11,192 10,643
75,750 87,500
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 137,939 117,732
Bank loans and overdrafts 47,761 43,944
Other creditors 33,717 48,550
Taxation and social security 24,176 14,016
243,593 224,242
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,715 19,861
Page 4