REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
JOHN NICHOLLS RACING LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Accruals and deferred income |
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. |