Company registration number 10415840 (England and Wales)
KEIGHLEY RACING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
KEIGHLEY RACING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
KEIGHLEY RACING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118,314
137,800
Current assets
Stocks
31,778
78,496
Debtors
121,382
110,022
Cash at bank and in hand
148,816
97,192
301,976
285,710
Creditors: amounts falling due within one year
(158,031)
(141,432)
Net current assets
143,945
144,278
Total assets less current liabilities
262,259
282,078
Creditors: amounts falling due after more than one year
(107,354)
(150,326)
Provisions for liabilities
(15,476)
(8,843)
Net assets
139,429
122,909
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
139,428
122,908
Total equity
139,429
122,909
KEIGHLEY RACING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

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

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

The financial statements were approved and signed by the director and authorised for issue on 30 March 2025
Mrs B J Keighley
Director
Company registration number 10415840 (England and Wales)
KEIGHLEY RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

Keighley Racing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Luckley Cottages, Luckley, Moreton-in-Marsh, Gloucestershire, England, GL56 0RD.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company relies on the support of its director and other individual supporters for its working capital funding. The director has assessed the level of funding needed for a period of twelve months from the date of approval of these financial statements and considers that, despite the ongoing uncertainties created by the recent coronavirus pandemic and other global economic factors, the company will be able to continue to operate as a going concern as long as its financial backers continue to maintain their loan balances and the company continues to operate profitably. As a result of these considerations and conclusions, and despite the aforementioned ongoing uncertainties, the director has prepared the financial statements on the going concern basis of accounting.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
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 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:

Leasehold improvements
20% on cost and 10% on cost
Plant and equipment
25% on cost, 20% on cost and 10% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
10% and 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

KEIGHLEY RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

2
Employees

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

2025
2024
Number
Number
Total
14
13
KEIGHLEY RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 February 2024
255,913
Additions
13,000
At 31 January 2025
268,913
Depreciation and impairment
At 1 February 2024
118,113
Depreciation charged in the year
32,486
At 31 January 2025
150,599
Carrying amount
At 31 January 2025
118,314
At 31 January 2024
137,800
4
Loans and overdrafts
2025
2024
£
£
Bank loans
13,333
23,583
Other loans
8,514
12,630
21,847
36,213
Payable within one year
10,000
10,000
Payable after one year
11,847
26,213

 

 

5
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
6,184
6,184
In two to five years
8,659
14,843
14,843
21,027

Hire purchase liabilities are secured on the individual assets to which each contract relates.

KEIGHLEY RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
6
Called up share capital
2025
2024
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
7
Related party transactions

Mrs B J Keighley

Director and sole shareholder

Mrs Keighley introduced working capital of £17,630 in previous periods, some of which was repaid to her during the year to 31 January 2025. At the year-end £13,514 (2024: £17,630) was owed to Mrs Keighley. The advance is to be repaid when the company has sufficient working capital to do so, but Mrs Keighley has agreed not to withdraw it to the detriment of other unsecured creditors. Interest on the loan has been waived for the all periods up to and including 31 January 2025. The loan is unsecured.

 

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