Crown Jewels Racing Limited 15307146 false 2023-11-24 2024-12-31 2024-12-31 The principal activity of the company is motion picture, video and television programme post-production activities. Digita Accounts Production Advanced 6.30.9574.0 true 15307146 2023-11-24 2024-12-31 15307146 2024-12-31 15307146 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 15307146 core:CurrentFinancialInstruments 2024-12-31 15307146 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 15307146 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 15307146 bus:SmallEntities 2023-11-24 2024-12-31 15307146 bus:AuditExemptWithAccountantsReport 2023-11-24 2024-12-31 15307146 bus:FilletedAccounts 2023-11-24 2024-12-31 15307146 bus:SmallCompaniesRegimeForAccounts 2023-11-24 2024-12-31 15307146 bus:RegisteredOffice 2023-11-24 2024-12-31 15307146 bus:Director1 2023-11-24 2024-12-31 15307146 bus:PrivateLimitedCompanyLtd 2023-11-24 2024-12-31 15307146 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-24 2024-12-31 15307146 core:IntangibleAssetsOtherThanGoodwill 2023-11-24 2024-12-31 15307146 countries:EnglandWales 2023-11-24 2024-12-31 iso4217:GBP xbrli:pure

Registration number: 15307146

Prepared for the registrar

Crown Jewels Racing Limited

Annual Report and Unaudited Financial Statements

for the Period from 24 November 2023 to 31 December 2024

 

Crown Jewels Racing Limited

(Registration number: 15307146)
Balance Sheet as at 31 December 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

63,612

Current assets

 

Debtors

5

25,337

Cash at bank and in hand

 

13,280

 

38,617

Creditors: Amounts falling due within one year

6

(17,513)

Net current assets

 

21,104

Total assets less current liabilities

 

84,716

Deferred tax liabilities

7

(12,086)

Net assets

 

72,630

Capital and reserves

 

Called up share capital

20,000

Retained earnings

52,630

Shareholders' funds

 

72,630

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 


H F Birtles
Director

 

Crown Jewels Racing Limited

Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 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:
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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 rates prevailing on the initial transaction dates.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Crown Jewels Racing Limited

Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Development costs are initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% straight line

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.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

 

Crown Jewels Racing Limited

Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024

 

4

Intangible assets

Development costs
 £

Cost

Additions acquired separately

73,658

At 31 December 2024

73,658

Amortisation

Amortisation charge

10,046

At 31 December 2024

10,046

Carrying amount

At 31 December 2024

63,612

 

5

Debtors

2024
£

Receivables from related parties

15,121

Other debtors

10,216

25,337

 

6

Creditors

2024
£

Due within one year

Taxation and social security

6,013

Accruals and deferred income

11,500

17,513

 

Crown Jewels Racing Limited

Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

12,086

 

8

Related party transactions

Transactions with directors

At 31 December 2024, the company was owed £1,117 from the directors in the form of a directors' loan account. The loan is unsecured, interest-free and repayable on demand.

Transactions with parent company

At 31 December 2024, the amount due from Crown Jewels Racing Limited was £14,004 in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.