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REGISTERED NUMBER: 02144486 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Thoroughbred (South West) Limited

Thoroughbred (South West) Limited (Registered number: 02144486)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Thoroughbred (South West) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mrs M S Norman
Mrs S A Norman
Mrs J A Weatherley





SECRETARY: Mrs M S Norman





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 02144486 (England and Wales)

Thoroughbred (South West) Limited (Registered number: 02144486)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 30,796 503
Investment property 5 720,000 720,000
750,796 720,503

CURRENT ASSETS
Debtors 6 23,639 34,433
Cash at bank 2,182 45,596
25,821 80,029
CREDITORS
Amounts falling due within one year 7 9,015 7,828
NET CURRENT ASSETS 16,806 72,201
TOTAL ASSETS LESS CURRENT
LIABILITIES

767,602

792,704

PROVISIONS FOR LIABILITIES 20,303 20,303
NET ASSETS 747,299 772,401

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 699,990 699,990
Retained earnings 47,209 72,311
SHAREHOLDERS' FUNDS 747,299 772,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2025 and were signed on its behalf by:





Mrs J A Weatherley - Director


Thoroughbred (South West) Limited (Registered number: 02144486)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Thoroughbred (South West) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rental income received
Rental income received from the investment properties is recognised on a straight line basis over the lease term and is shown in other operating income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on straight line basis

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Rental income received
Rental income received from the investment properties is recognised on a straight line basis over the lease term and is shown in other operating income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Thoroughbred (South West) Limited (Registered number: 02144486)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 1 September 2023 - 893 893
Additions 30,419 - 30,419
At 31 August 2024 30,419 893 31,312
DEPRECIATION
At 1 September 2023 - 390 390
Charge for year - 126 126
At 31 August 2024 - 516 516
NET BOOK VALUE
At 31 August 2024 30,419 377 30,796
At 31 August 2023 - 503 503

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 720,000
NET BOOK VALUE
At 31 August 2024 720,000
At 31 August 2023 720,000

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2006 156,905
Cost 563,095
720,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 563,095 563,095
Aggregate depreciation (191,453 ) (180,191 )

Investment property was valued on an open market value basis on 15 December 2006 by Allied Surveyors Plc .

The directors consider that this valuation is the value of the property as at 31 August 2024.

Thoroughbred (South West) Limited (Registered number: 02144486)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 575 -
Directors' current accounts 10,997 27,235
Tax 2,981 2,980
VAT 367 -
Prepayments and accrued income 8,719 4,218
23,639 34,433

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,015 -
Tax - 2,980
Accruals and deferred income 3,000 4,848
9,015 7,828

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mrs M S Norman
Balance outstanding at start of year 14,992 11,893
Amounts advanced 2,250 22,299
Amounts repaid (7,700 ) (19,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,542 14,992

Mrs S A Norman
Balance outstanding at start of year 3,400 -
Amounts advanced - 12,500
Amounts repaid (3,400 ) (9,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,400

Mrs J A Weatherley
Balance outstanding at start of year 8,843 -
Amounts advanced 2,226 93,818
Amounts repaid (9,614 ) (84,975 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,455 8,843