Charlie Longsdon Racing Limited 09195692 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is racehorse training. Digita Accounts Production Advanced 6.30.9574.0 true true 09195692 2023-07-01 2024-06-30 09195692 2024-06-30 09195692 core:CurrentFinancialInstruments 2024-06-30 09195692 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09195692 core:Non-currentFinancialInstruments 2024-06-30 09195692 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09195692 core:FurnitureFittings 2024-06-30 09195692 core:MotorVehicles 2024-06-30 09195692 core:OfficeEquipment 2024-06-30 09195692 core:PlantMachinery 2024-06-30 09195692 1 2024-06-30 09195692 bus:SmallEntities 2023-07-01 2024-06-30 09195692 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09195692 bus:FilletedAccounts 2023-07-01 2024-06-30 09195692 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09195692 bus:RegisteredOffice 2023-07-01 2024-06-30 09195692 bus:Director1 2023-07-01 2024-06-30 09195692 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09195692 core:FurnitureFittings 2023-07-01 2024-06-30 09195692 core:MotorVehicles 2023-07-01 2024-06-30 09195692 core:OfficeEquipment 2023-07-01 2024-06-30 09195692 core:PlantMachinery 2023-07-01 2024-06-30 09195692 1 2023-07-01 2024-06-30 09195692 countries:EnglandWales 2023-07-01 2024-06-30 09195692 2023-06-30 09195692 core:FurnitureFittings 2023-06-30 09195692 core:MotorVehicles 2023-06-30 09195692 core:OfficeEquipment 2023-06-30 09195692 core:PlantMachinery 2023-06-30 09195692 2022-07-01 2023-06-30 09195692 2023-06-30 09195692 core:CurrentFinancialInstruments 2023-06-30 09195692 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09195692 core:Non-currentFinancialInstruments 2023-06-30 09195692 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09195692 core:FurnitureFittings 2023-06-30 09195692 core:MotorVehicles 2023-06-30 09195692 core:OfficeEquipment 2023-06-30 09195692 core:PlantMachinery 2023-06-30 09195692 1 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 09195692

Charlie Longsdon Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Charlie Longsdon Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Charlie Longsdon Racing Limited

(Registration number: 09195692)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,911

54,459

Current assets

 

Stocks

5

193,979

139,801

Debtors

6

200,451

134,832

Cash at bank and in hand

 

102,560

135,650

 

496,990

410,283

Creditors: Amounts falling due within one year

7

(344,542)

(271,592)

Net current assets

 

152,448

138,691

Total assets less current liabilities

 

194,359

193,150

Creditors: Amounts falling due after more than one year

7

(9,735)

(19,989)

Provisions for liabilities

(10,478)

(13,615)

Net assets

 

174,146

159,546

Capital and reserves

 

Called up share capital

100

100

Retained earnings

174,046

159,446

Shareholders' funds

 

174,146

159,546

 

Charlie Longsdon Racing Limited

(Registration number: 09195692)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
Mr C Longsdon
Director

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
Hull Farm
Stratford Road
Chipping Norton
Oxfordshire
OX7 5QF

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of racehorse training fees, bloodstock sales and prize money won during the year. Turnover is shown net of 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 and deferred tax.

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.

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Office equipment

20% reducing balance basis

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 merchandise sold or services performed in the ordinary course of business.

Stocks

Bloodstock is stated at the lower of cost and net realisable value.

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.

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 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 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 directors) during the year, was 19 (2023 - 20).

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

14,078

82,514

6,357

113,118

216,067

Additions

-

448

644

-

1,092

At 30 June 2024

14,078

82,962

7,001

113,118

217,159

Depreciation

At 1 July 2023

12,223

63,085

4,500

81,801

161,609

Charge for the year

464

4,867

479

7,829

13,639

At 30 June 2024

12,687

67,952

4,979

89,630

175,248

Carrying amount

At 30 June 2024

1,391

15,010

2,022

23,488

41,911

At 30 June 2023

1,855

19,429

1,857

31,318

54,459

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Stocks

2024
£

2023
£

Bloodstock

193,979

139,801

6

Debtors

Current

2024
£

2023
£

Trade debtors

134,898

116,137

Prepayments

26,832

1,856

Other debtors

38,721

16,839

 

200,451

134,832

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,267

10,013

Trade creditors

 

262,119

218,513

Taxation and social security

 

51,145

29,189

Other creditors

 

21,011

13,877

 

344,542

271,592

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

9,735

19,989

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,267

10,013

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,735

19,989

Bank borrowings

Lloyds Bank bounceback loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 8 July 2026. The carrying amount at year end is £20,002 (2023 - £30,002).

The bounceback loan is a government backed lending scheme.

 

Charlie Longsdon Racing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Other transactions with directors

C E Longsdon had a loan with the company. At the balance sheet date the amount due (from)/to C E Longsdon was (£32,156) (2023: (£19,101)).

S E M Longsdon had a loan with the company. At the balance sheet date the amount due (from)/to S E M Longsdon was (£6,568) (2023: £2,259).