Company No:
Contents
Note | 30.04.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
1,773,093 | 1,522,296 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
255,980 | 145,485 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (97,838) | (36,478) | ||
Total assets less current liabilities | 1,675,255 | 1,485,818 | ||
Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (
|
(
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Harry Derham Racing Limited (registered number:
A P Brown
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Harry Derham Racing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Upper Farm House High Street, Boxford, Newbury, RG20 8BR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Leasehold improvements |
|
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
Tools and equipment |
|
Computer equipment |
|
Other property, plant and equipment |
|
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
30.04.2024 | 30.04.2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Tools and equipment | Computer equipment | Other property, plant and equipment |
Total | ||||||||
£ | £ | £ | £ | £ | £ | £ | £ | ||||||||
Cost | |||||||||||||||
At 01 May 2023 |
|
|
|
|
|
|
|
|
|||||||
Additions |
|
|
|
|
|
|
|
|
|||||||
At 30 April 2024 |
|
|
|
|
|
|
|
|
|||||||
Accumulated depreciation | |||||||||||||||
At 01 May 2023 |
|
|
|
|
|
|
|
|
|||||||
Charge for the financial year |
|
|
|
|
|
|
|
|
|||||||
At 30 April 2024 |
|
|
|
|
|
|
|
|
|||||||
Net book value | |||||||||||||||
At 30 April 2024 |
|
|
|
|
|
|
|
|
|||||||
At 30 April 2023 |
|
|
|
|
|
|
|
|
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Bank loans |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
Included within Other Creditors is a balance of £1,586,343 of redeemable preference shares (2023: £nil). Of this, £1,111,343 carries a fixed dividend entitlement of 1% per annum payable from 1 May 2027. £475,000 carries a fixed dividend entitlement of 4% per annum payable from 1 May 2027.
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
Nil
|
|
|
|
111 | 100 | ||
|
|
|
|
|
|
|
|
1,586,343 | 0 | ||
1,586,454 | 100 |