Oliver Signy Racing LLP OC427730 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the provision of thoroughbred racehorse training services. Digita Accounts Production Advanced 6.30.9574.0 OC427730 2023-07-01 2024-06-30 OC427730 2024-06-30 OC427730 core:OtherReservesSubtotal 2024-06-30 OC427730 core:CurrentFinancialInstruments 2024-06-30 OC427730 core:WithinOneYear 2024-06-30 OC427730 core:LandBuildings core:LongLeaseholdAssets 2024-06-30 OC427730 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 OC427730 core:OfficeEquipment 2024-06-30 OC427730 core:PlantMachinery 2024-06-30 OC427730 bus:SmallEntities 2023-07-01 2024-06-30 OC427730 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 OC427730 bus:FullAccounts 2023-07-01 2024-06-30 OC427730 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 OC427730 bus:RegisteredOffice 2023-07-01 2024-06-30 OC427730 bus:PartnerLLP1 2023-07-01 2024-06-30 OC427730 bus:PartnerLLP2 2023-07-01 2024-06-30 OC427730 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC427730 core:LandBuildings 2023-07-01 2024-06-30 OC427730 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 OC427730 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 OC427730 core:LeaseholdImprovements 2023-07-01 2024-06-30 OC427730 core:OfficeEquipment 2023-07-01 2024-06-30 OC427730 core:PlantMachinery 2023-07-01 2024-06-30 OC427730 countries:AllCountries 2023-07-01 2024-06-30 OC427730 2023-06-30 OC427730 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 OC427730 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 OC427730 core:OfficeEquipment 2023-06-30 OC427730 core:PlantMachinery 2023-06-30 OC427730 2022-07-01 2023-06-30 OC427730 2023-06-30 OC427730 core:OtherReservesSubtotal 2023-06-30 OC427730 core:CurrentFinancialInstruments 2023-06-30 OC427730 core:WithinOneYear 2023-06-30 OC427730 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 OC427730 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 OC427730 core:OfficeEquipment 2023-06-30 OC427730 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure

Registration number: OC427730

Oliver Signy Racing LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Oliver Signy Racing LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Oliver Signy Racing LLP

Limited liability partnership information

Designated members

Mrs K Signy

Mr O B Signy
 

Registered office

The Croft Stables
Upper Lambourn
Hungerford
Berkshire
RG17 8QH

Accountants

RB (PWT) LLP
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Oliver Signy Racing LLP

(Registration number: OC427730)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,144,278

1,151,234

Current assets

 

Stocks

4

109,600

132,056

Debtors

5

56,458

44,249

Cash and short-term deposits

 

7,573

69,295

 

173,631

245,600

Creditors: Amounts falling due within one year

6

(468,259)

(407,651)

Net current liabilities

 

(294,628)

(162,051)

Net assets attributable to members

 

849,650

989,183

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

1,076,714

1,050,049

Other reserves

 

(227,064)

(60,866)

 

849,650

989,183

   

849,650

989,183

Total members' interests

 

Equity

 

849,650

989,183

   

849,650

989,183

For the year ending 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Oliver Signy Racing LLP (registered number OC427730) were approved by the Board and authorised for issue on 28 March 2025. They were signed on behalf of the limited liability partnership by:

 

Oliver Signy Racing LLP

(Registration number: OC427730)
Balance Sheet as at 30 June 2024

.........................................
Mr O B Signy
Designated member

 

Oliver Signy Racing LLP

Statement of Changes in Members’ Interests
At 30 June 2024

 

Equity

   

Members' capital
£

Other reserves
£

Total equity
£

Total
2024
 £

Members' interest at 1 July 2023

1,050,049

(60,866)

989,183

989,183

Transfer to members' capital account

(60,866)

60,866

-

-

Loss for the financial year available for discretionary division among members

-

(227,064)

(227,064)

(227,064)

At 30 June 2024

1,076,714

(227,064)

849,650

849,650

 

Equity

   

Members' capital
£

Other reserves
£

Total equity
£

Total
2023
£

Members' interest at 1 July 2022

1,082,411

(89,654)

992,757

992,757

Members' remuneration charged as an expense

(89,654)

89,654

-

-

Loss for the financial year available for discretionary division among members

-

(60,866)

(60,866)

(60,866)

Members' interests after total comprehensive income

992,757

(60,866)

931,891

931,891

Members’ capital introduced

61,423

-

61,423

61,423

Drawings (including tax payments)

(4,131)

-

(4,131)

(4,131)

At 30 June 2023

1,050,049

(60,866)

989,183

989,183

 

Oliver Signy Racing LLP

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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.

The functional currency of Oliver Signy Racing LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership) revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

Members' remuneration and division of profits

Members participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed, or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity,

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classifed as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

 

Oliver Signy Racing LLP

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses,

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Asset class

Depreciation method and rate

Freehold property

No depreciation

Improvements to freehold property

5% straight line

Office equipment

20% straight line

Plant and machinery

10% straight line and 20% reducing balance

Stock

Bloodstock is valued at the lower of purchase cost and net market value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of Bloodstock over its estimated selling price less costs to sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for the provision of racehorse training and other related services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Oliver Signy Racing LLP

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

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 9).

 

Oliver Signy Racing LLP

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

3

Tangible fixed assets

Freehold land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost

At 1 July 2023

994,359

131,686

64,803

3,337

1,194,185

Additions

-

7,956

471

-

8,427

At 30 June 2024

994,359

139,642

65,274

3,337

1,202,612

Depreciation

At 1 July 2023

-

20,446

21,202

1,303

42,951

Charge for the period

-

6,982

7,734

667

15,383

At 30 June 2024

-

27,428

28,936

1,970

58,334

Net book value

At 30 June 2024

994,359

112,214

36,338

1,367

1,144,278

At 30 June 2023

994,359

111,240

43,601

2,034

1,151,234

Included within the net book value of land and buildings above is £994,359 (2023 - £994,359) in respect of freehold land and buildings and £112,214 (2023 - £111,240) in respect of leaseholds.
 

4

Stocks

2024
 £

2023
 £

Bloodstock for resale

109,600

132,056

5

Debtors

2024
£

2023
£

Trade debtors

24,343

42,153

Other debtors

20,801

6

Prepayments and accrued income

11,314

2,090

Total current trade and other debtors

56,458

44,249

 

Oliver Signy Racing LLP

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

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

139,945

87,526

Other creditors

323,373

306,153

Accruals and deferred income

2,860

2,720

Taxation and social security

2,081

11,252

468,259

407,651

7

Control

The members acting as a body are the controlling party of the LLP. There is no single individual who can, or does, control the LLP.