Jamie Snowden Racing Limited 13346632 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the provision of thoroughbred racehorses training. Digita Accounts Production Advanced 6.30.9574.0 true 13346632 2023-07-01 2024-06-30 13346632 2024-06-30 13346632 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 13346632 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 13346632 core:CurrentFinancialInstruments 2024-06-30 13346632 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 13346632 core:Non-currentFinancialInstruments 2024-06-30 13346632 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2024-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 13346632 core:MotorVehicles 2024-06-30 13346632 core:OfficeEquipment 2024-06-30 13346632 core:PlantMachinery 2024-06-30 13346632 bus:SmallEntities 2023-07-01 2024-06-30 13346632 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 13346632 bus:FilletedAccounts 2023-07-01 2024-06-30 13346632 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 13346632 bus:RegisteredOffice 2023-07-01 2024-06-30 13346632 bus:Director1 2023-07-01 2024-06-30 13346632 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2023-07-01 2024-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 13346632 core:LeaseholdImprovements 2023-07-01 2024-06-30 13346632 core:MotorVehicles 2023-07-01 2024-06-30 13346632 core:OfficeEquipment 2023-07-01 2024-06-30 13346632 core:PlantMachinery 2023-07-01 2024-06-30 13346632 countries:EnglandWales 2023-07-01 2024-06-30 13346632 2023-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 13346632 core:MotorVehicles 2023-06-30 13346632 core:OfficeEquipment 2023-06-30 13346632 core:PlantMachinery 2023-06-30 13346632 2022-07-01 2023-06-30 13346632 2023-06-30 13346632 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 13346632 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 13346632 core:CurrentFinancialInstruments 2023-06-30 13346632 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 13346632 core:Non-currentFinancialInstruments 2023-06-30 13346632 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 13346632 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 13346632 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 13346632 core:MotorVehicles 2023-06-30 13346632 core:OfficeEquipment 2023-06-30 13346632 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 13346632

Jamie Snowden Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Jamie Snowden Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jamie Snowden Racing Limited

(Registration number: 13346632)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

686,055

662,268

Current assets

 

Stocks

5

16,690

12,123

Debtors

6

360,815

268,165

Cash at bank and in hand

 

168,439

236,758

 

545,944

517,046

Creditors: Amounts falling due within one year

7

(775,431)

(871,309)

Net current liabilities

 

(229,487)

(354,263)

Total assets less current liabilities

 

456,568

308,005

Creditors: Amounts falling due after more than one year

7

(85,874)

(91,324)

Provisions for liabilities

(11,448)

-

Net assets

 

359,246

216,681

Capital and reserves

 

Called up share capital

100

100

Retained earnings

359,146

216,581

Shareholders' funds

 

359,246

216,681

 

Jamie Snowden Racing Limited

(Registration number: 13346632)
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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

.........................................
Mr J E Snowden
Director

 

Jamie Snowden Racing Limited

Notes to the Unaudited 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 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.

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.

 

Jamie Snowden Racing Limited

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

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

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

No depreciation

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Jamie Snowden Racing Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 the director) during the year, was 18 (2023 - 18).

 

Jamie Snowden Racing Limited

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

4

Tangible assets

Land and buildings
£

Property improvements
 £

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

546,310

82,114

9,768

851

47,810

686,853

Additions

-

-

4,036

-

54,500

58,536

Disposals

-

-

-

-

(39,583)

(39,583)

At 30 June 2024

546,310

82,114

13,804

851

62,727

705,806

Depreciation

At 1 July 2023

-

-

3,296

373

20,916

24,585

Charge for the year

-

-

2,123

120

12,096

14,339

Eliminated on disposal

-

-

-

-

(19,173)

(19,173)

At 30 June 2024

-

-

5,419

493

13,839

19,751

Carrying amount

At 30 June 2024

546,310

82,114

8,385

358

48,888

686,055

At 30 June 2023

546,310

82,114

6,472

478

26,894

662,268

Included within the net book value of land and buildings above is £546,310 (2023 - £546,310) in respect of freehold land and buildings.
 

 

Jamie Snowden Racing Limited

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

5

Stocks

2024
£

2023
£

Deadstock

1,690

1,690

Bloodstock

15,000

10,433

16,690

12,123

6

Debtors

Current

2024
£

2023
£

Trade debtors

353,992

264,789

Prepayments

6,823

3,376

 

360,815

268,165

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

17,642

8,677

Trade creditors

 

268,505

314,190

Taxation and social security

 

68,245

87,758

Other creditors

 

421,039

460,684

 

775,431

871,309

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

85,874

91,324

 

Jamie Snowden Racing Limited

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

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,047

-

Hire purchase contracts

8,595

8,677

17,642

8,677

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

73,687

91,324

Hire purchase contracts

12,187

-

85,874

91,324

9

Related party transactions

Other transactions with the director

Mr J E Snowden (director) had a loan account with the company. At the balance sheet date the amount due to Mr J E Snowden was £336,484 (2023: £395,277).