W. Greatrex Racing Limited 08097499 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true true 08097499 2023-05-01 2024-04-30 08097499 2024-04-30 08097499 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 08097499 core:CurrentFinancialInstruments 2024-04-30 08097499 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 08097499 core:Non-currentFinancialInstruments 2024-04-30 08097499 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 08097499 core:FurnitureFittings 2024-04-30 08097499 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 08097499 core:MotorVehicles 2024-04-30 08097499 core:OfficeEquipment 2024-04-30 08097499 core:PlantMachinery 2024-04-30 08097499 bus:SmallEntities 2023-05-01 2024-04-30 08097499 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08097499 bus:FilletedAccounts 2023-05-01 2024-04-30 08097499 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08097499 bus:RegisteredOffice 2023-05-01 2024-04-30 08097499 bus:Director1 2023-05-01 2024-04-30 08097499 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08097499 core:FurnitureFittings 2023-05-01 2024-04-30 08097499 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08097499 core:LeaseholdImprovements 2023-05-01 2024-04-30 08097499 core:MotorVehicles 2023-05-01 2024-04-30 08097499 core:OfficeEquipment 2023-05-01 2024-04-30 08097499 core:PlantMachinery 2023-05-01 2024-04-30 08097499 countries:EnglandWales 2023-05-01 2024-04-30 08097499 2023-04-30 08097499 core:FurnitureFittings 2023-04-30 08097499 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 08097499 core:MotorVehicles 2023-04-30 08097499 core:OfficeEquipment 2023-04-30 08097499 core:PlantMachinery 2023-04-30 08097499 2022-05-01 2023-04-30 08097499 2023-04-30 08097499 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 08097499 core:CurrentFinancialInstruments 2023-04-30 08097499 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 08097499 core:Non-currentFinancialInstruments 2023-04-30 08097499 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 08097499 core:FurnitureFittings 2023-04-30 08097499 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 08097499 core:MotorVehicles 2023-04-30 08097499 core:OfficeEquipment 2023-04-30 08097499 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 08097499

W. Greatrex Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

W. Greatrex Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

W. Greatrex Racing Limited

(Registration number: 08097499)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

108,871

130,719

Current assets

 

Stocks

5

139,027

84,105

Debtors

6

160,123

128,344

Cash at bank and in hand

 

5

5,343

 

299,155

217,792

Creditors: Amounts falling due within one year

7

(884,348)

(991,469)

Net current liabilities

 

(585,193)

(773,677)

Total assets less current liabilities

 

(476,322)

(642,958)

Creditors: Amounts falling due after more than one year

7

-

(596)

Net liabilities

 

(476,322)

(643,554)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(476,422)

(643,654)

Shareholders' deficit

 

(476,322)

(643,554)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

W. Greatrex Racing Limited

(Registration number: 08097499)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 28 January 2025
 

.........................................
Mr Warren Greatrex
Director

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

As at 30 April 2024 the company had net liabilities of £476,322 and net current liabilities of £585,193. The director is aware of the position and has reviewed the trading results for the period to the date of signing these financial statements and also considered the availability of finance for the next twelve months. He is of the view that sufficient finance will be available to the company to settle its liabilities as they fall due and these financial statements have therefore been prepared on the going concern basis, which assumes this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of racehorse training services and the sale of bloodstock in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Property improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for bloodstock sold or services performed in the ordinary course of business.

Stocks

Bloodstock is stated at the lower of cost and estimated selling price less costs of sale.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared and paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2023 - 19).

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

98,350

2,290

81,939

1,914

54,155

238,648

At 30 April 2024

98,350

2,290

81,939

1,914

54,155

238,648

Depreciation

At 1 May 2023

15,678

1,395

48,904

1,440

40,512

107,929

Charge for the year

9,835

224

8,259

119

3,411

21,848

At 30 April 2024

25,513

1,619

57,163

1,559

43,923

129,777

Carrying amount

At 30 April 2024

72,837

671

24,776

355

10,232

108,871

At 30 April 2023

82,672

895

33,035

474

13,643

130,719

Included within the net book value of land and buildings above is £72,837 (2023 - £82,672) in respect of freehold land and buildings.
 

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Bloodstock for resale

139,027

84,105

6

Debtors

Current

2024
£

2023
£

Trade debtors

127,273

119,466

Prepayments

25,992

1,732

Other debtors

6,858

7,146

 

160,123

128,344

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

540,976

776,674

Trade creditors

 

206,730

151,093

Taxation and social security

 

103,061

40,624

Other creditors

 

33,581

23,078

 

884,348

991,469


Creditors include a bank loan which is secured by a floating charge over the company's assets and a personal guarantee from the director.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

596

 

W. Greatrex Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

18,450

Bank overdrafts

11,892

5,483

Hire purchase contracts

-

4,768

Other borrowings

529,084

747,973

540,976

776,674

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

596

9

Related party transactions

Mr Warren Greatrex (director) had a loan account with the company. At the balance sheet date the amount due to Mr Warren Greatrex was £1,467 (2023: £875).