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Company No: 13392981 (England and Wales)

HARRY DERHAM RACING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HARRY DERHAM RACING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HARRY DERHAM RACING LIMITED

BALANCE SHEET

As at 30 April 2024
HARRY DERHAM RACING LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 1,773,093 1,522,296
1,773,093 1,522,296
Current assets
Stocks 0 38,357
Debtors 4 160,915 57,294
Cash at bank and in hand 95,065 49,834
255,980 145,485
Creditors: amounts falling due within one year 5 ( 353,818) ( 181,963)
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 ( 1,983,118) ( 1,731,786)
Net liabilities ( 307,863) ( 245,968)
Capital and reserves
Called-up share capital 7 111 100
Profit and loss account ( 307,974 ) ( 246,068 )
Total shareholders' deficit ( 307,863) ( 245,968)

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:

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: 13392981) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

A P Brown
Director
HARRY DERHAM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HARRY DERHAM RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 25 years straight line
Plant and machinery 15 years straight line
Vehicles 5 years straight line
Fixtures and fittings 10 years straight line
Tools and equipment 5 years straight line
Computer equipment 5 years straight line
Other property, plant and equipment 15 years straight line
Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

30.04.2024 30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 8

3. Tangible assets

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 1,070,484 356,779 0 58,411 14,903 566 24,247 1,525,390
Additions 96,685 179,161 53,650 7,996 17,550 836 0 355,878
At 30 April 2024 1,167,169 535,940 53,650 66,407 32,453 1,402 24,247 1,881,268
Accumulated depreciation
At 01 May 2023 0 0 0 0 2,980 114 0 3,094
Charge for the financial year 46,687 35,729 10,730 6,641 3,511 166 1,617 105,081
At 30 April 2024 46,687 35,729 10,730 6,641 6,491 280 1,617 108,175
Net book value
At 30 April 2024 1,120,482 500,211 42,920 59,766 25,962 1,122 22,630 1,773,093
At 30 April 2023 1,070,484 356,779 0 58,411 11,923 452 24,247 1,522,296

4. Debtors

30.04.2024 30.04.2023
£ £
Trade debtors 157,453 49,348
Other debtors 3,462 7,946
160,915 57,294

5. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Bank loans 9,180 0
Trade creditors 100,745 162,328
Other taxation and social security 45,653 13,577
Obligations under finance leases and hire purchase contracts (secured) 9,468 0
Other creditors 188,772 6,058
353,818 181,963

Obligation under finance leases and hire purchase contracts of £9,468 (2023 £Nil) are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

30.04.2024 30.04.2023
£ £
Trade creditors 97,549 0
Bank loans 55,817 0
Obligations under finance leases and hire purchase contracts (secured) 31,242 0
Other creditors 1,798,510 1,731,786
1,983,118 1,731,786

Obligation under finance leases and hire purchase contracts of £31,242 (2023 £nil) are secured against the assets to which they relate.

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.

7. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each (30.04.2023: nil shares) 100 0
11 Ordinary B shares of £ 1.00 each (30.04.2023: nil shares) 11 0
Nil Ordinary A Share shares (30.04.2023: 100 shares of £ 1.00 each) 0 100
111 100
475,000 Redeemable A preference shares of £ 1.00 each (30.04.2023: nil shares) 475,000 0
1,111,343 Redeemable B preference shares of £ 1.00 each (30.04.2023: nil shares) 1,111,343 0
1,586,343 0
1,586,454 100

The company's redeemable preference share capital is dealt with as debt and is therefore included in creditors.