Company registration number 05739391 (England and Wales)
JENNINGS RACING (2006) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JENNINGS RACING (2006) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
JENNINGS RACING (2006) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 APRIL 2024
28 April 2024
- 1 -
28 April 2024
30 April 2023
Notes
£
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3
(2)
(2)
Total equity
-
0
-
0

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 28 April 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
G R Knight
Director
Company registration number 05739391 (England and Wales)
JENNINGS RACING (2006) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 2 -
1
Accounting policies
Company information

Jennings Racing (2006) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Simon Campion Court, 232-234 High Street, Epping, Essex, CM16 4AU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Profit and loss account

The company has not traded during the period or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

JENNINGS RACING (2006) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

 

Intercompany balances

Intercompany balances incur no interest and are repayable on demand.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between treatment of certain items for taxation and accounting purposes. Deferred tax balances are not discounted.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
JENNINGS RACING (2006) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
1
1
3
Reserves
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the period and prior periods less dividends paid.

4
Related party transactions

The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under section 33.1A of FRS 102 in connection with intra group transactions.

5
Parent company

The ultimate parent company is Betting Shop Services Limited.

 

The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Betting Shop Services Limited. Copies of the accounts can be obtained from its registered office, 4 Simon Campion Court, 232-234 High Street, Epping, Essex, CM16 4AU.

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