22 20 James Owen Racing Limited 09928735 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Training of racehorses Digita Accounts Production Advanced 6.30.9574.0 true 09928735 2023-05-01 2024-04-30 09928735 2024-04-30 09928735 bus:OrdinaryShareClass1 2024-04-30 09928735 bus:OrdinaryShareClass2 2024-04-30 09928735 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 09928735 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 09928735 core:CurrentFinancialInstruments 2024-04-30 09928735 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09928735 core:Non-currentFinancialInstruments 2024-04-30 09928735 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 09928735 core:MotorVehicles 2024-04-30 09928735 core:OfficeEquipment 2024-04-30 09928735 core:PlantMachinery 2024-04-30 09928735 bus:SmallEntities 2023-05-01 2024-04-30 09928735 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09928735 bus:FilletedAccounts 2023-05-01 2024-04-30 09928735 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09928735 bus:RegisteredOffice 2023-05-01 2024-04-30 09928735 bus:Director1 2023-05-01 2024-04-30 09928735 bus:Director2 2023-05-01 2024-04-30 09928735 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 09928735 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 09928735 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09928735 bus:Agent1 2023-05-01 2024-04-30 09928735 core:MotorVehicles 2023-05-01 2024-04-30 09928735 core:OfficeEquipment 2023-05-01 2024-04-30 09928735 core:PlantMachinery 2023-05-01 2024-04-30 09928735 core:VehiclesPlantMachinery 2023-05-01 2024-04-30 09928735 countries:AllCountries 2023-05-01 2024-04-30 09928735 2023-04-30 09928735 core:MotorVehicles 2023-04-30 09928735 core:OfficeEquipment 2023-04-30 09928735 core:PlantMachinery 2023-04-30 09928735 2022-05-01 2023-04-30 09928735 2023-04-30 09928735 bus:OrdinaryShareClass1 2023-04-30 09928735 bus:OrdinaryShareClass2 2023-04-30 09928735 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 09928735 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 09928735 core:CurrentFinancialInstruments 2023-04-30 09928735 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09928735 core:Non-currentFinancialInstruments 2023-04-30 09928735 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 09928735 core:MotorVehicles 2023-04-30 09928735 core:OfficeEquipment 2023-04-30 09928735 core:PlantMachinery 2023-04-30 09928735 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 09928735

James Owen Racing Limited

trading as James Owen Racing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

James Owen Racing Limited

trading as James Owen Racing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

James Owen Racing Limited

trading as James Owen Racing Ltd

Company Information

Directors

Mr James Owen

Mrs Jennifer Claire Owen

Registered office

Green Ridge Stables
Hamilton Road
Newmarket
Suffolk
CB8 7JQ

Accountants

Tayabali & White 5 High Green
Great Shelford
Cambridge
CB22 5EG

 

James Owen Racing Limited

trading as James Owen Racing Ltd

(Registration number: 09928735)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

212,862

94,554

Current assets

 

Stocks

5

241,032

75,232

Debtors

6

592,412

599,080

Cash at bank and in hand

 

86,457

46,623

 

919,901

720,935

Creditors: Amounts falling due within one year

7

(515,746)

(336,823)

Net current assets

 

404,155

384,112

Total assets less current liabilities

 

617,017

478,666

Creditors: Amounts falling due after more than one year

7

(65,053)

(36,596)

Provisions for liabilities

(22,553)

(22,553)

Net assets

 

529,411

419,517

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

529,211

419,317

Shareholders' funds

 

529,411

419,517

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.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

James Owen Racing Limited

trading as James Owen Racing Ltd

(Registration number: 09928735)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr James Owen
Director

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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 & Wales.

The company's registered number is 09928735.

The address of its registered office is:
Green Ridge Stables
Hamilton Road
Newmarket
Suffolk
CB8 7JQ

These financial statements were authorised for issue by the Board on 30 January 2025.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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:

Asset class

Depreciation method and rate

Vehicle, Plant and equipment

25%

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

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.

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.

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 directors) during the year, was 22 (2023 - 20).

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

130,453

7,618

21,239

159,310

Additions

78,274

381

71,125

149,780

Disposals

(567)

-

-

(567)

At 30 April 2024

208,160

7,999

92,364

308,523

Depreciation

At 1 May 2023

59,481

4,479

796

64,756

Charge for the year

19,391

840

11,068

31,299

Eliminated on disposal

(394)

-

-

(394)

At 30 April 2024

78,478

5,319

11,864

95,661

Carrying amount

At 30 April 2024

129,682

2,680

80,500

212,862

At 30 April 2023

70,972

3,139

20,443

94,554

5

Stocks

2024
£

2023
£

Work in progress

97,303

-

Other inventories

143,729

75,232

241,032

75,232

6

Debtors

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

Current

Note

2024
£

2023
£

Trade debtors

 

97,938

124,591

Amounts owed by related parties

11

487,306

467,133

Prepayments

 

7,168

7,356

   

592,412

599,080

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16,150

6,000

Trade creditors

 

161,174

52,065

Taxation and social security

 

56,595

59,948

Accruals and deferred income

 

5,390

7,927

Other creditors

 

276,437

210,883

 

515,746

336,823

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

65,053

36,596

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

200

200

200

200

9

Loans and borrowings

Non-current loans and borrowings

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

2024
£

2023
£

Bank borrowings

31,500

36,596

Hire purchase contracts

33,553

-

65,053

36,596

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,000

Hire purchase contracts

10,150

-

16,150

6,000

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £50.00 per each Ordinary A

5,000

5,000

 

 

11

Related party transactions

 

James Owen Racing Limited

trading as James Owen Racing Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,880

9,880