Registration number:
Oliver Signy Racing LLP
for the Year Ended 30 June 2024
Oliver Signy Racing LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Oliver Signy Racing LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Oliver Signy Racing LLP
(Registration number: OC427730)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
1,076,714 |
1,050,049 |
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Other reserves |
( |
( |
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849,650 |
989,183 |
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849,650 |
989,183 |
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Total members' interests |
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Equity |
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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
Oliver Signy Racing LLP
(Registration number: OC427730)
Balance Sheet as at 30 June 2024
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Oliver Signy Racing LLP
Statement of Changes in Members’ Interests
At 30 June 2024
Equity |
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Members' capital |
Other reserves |
Total equity |
Total |
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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 |
( |
849,650 |
849,650 |
Equity |
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Members' capital |
Other reserves |
Total equity |
Total |
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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 |
( |
989,183 |
989,183 |
Oliver Signy Racing LLP
Notes to the Financial Statements for the Year Ended 30 June 2024
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Oliver Signy Racing LLP
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible fixed assets |
Freehold land and buildings |
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Total |
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Cost |
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At 1 July 2023 |
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Additions |
- |
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- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
- |
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Charge for the period |
- |
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At 30 June 2024 |
- |
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Net book value |
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At 30 June 2024 |
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At 30 June 2023 |
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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.
Stocks |
2024 |
2023 |
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Bloodstock for resale |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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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
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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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.