Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3032023-10-01falseNo description of principal activity3truetruefalse 02543659 2023-10-01 2024-09-30 02543659 2022-10-01 2023-09-30 02543659 2024-09-30 02543659 2023-09-30 02543659 c:Director4 2023-10-01 2024-09-30 02543659 d:Buildings 2023-10-01 2024-09-30 02543659 d:Buildings 2024-09-30 02543659 d:Buildings 2023-09-30 02543659 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02543659 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 02543659 d:Buildings d:ShortLeaseholdAssets 2024-09-30 02543659 d:Buildings d:ShortLeaseholdAssets 2023-09-30 02543659 d:PlantMachinery 2023-10-01 2024-09-30 02543659 d:PlantMachinery 2024-09-30 02543659 d:PlantMachinery 2023-09-30 02543659 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02543659 d:FurnitureFittings 2023-10-01 2024-09-30 02543659 d:OfficeEquipment 2023-10-01 2024-09-30 02543659 d:OfficeEquipment 2024-09-30 02543659 d:OfficeEquipment 2023-09-30 02543659 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02543659 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02543659 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 02543659 d:FreeholdInvestmentProperty 2024-09-30 02543659 d:FreeholdInvestmentProperty 2023-09-30 02543659 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 02543659 d:CurrentFinancialInstruments 2024-09-30 02543659 d:CurrentFinancialInstruments 2023-09-30 02543659 d:Non-currentFinancialInstruments 2024-09-30 02543659 d:Non-currentFinancialInstruments 2023-09-30 02543659 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02543659 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02543659 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 02543659 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 02543659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 02543659 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 02543659 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 02543659 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 02543659 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 02543659 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 02543659 d:RetainedEarningsAccumulatedLosses 2024-09-30 02543659 d:RetainedEarningsAccumulatedLosses 2023-09-30 02543659 c:FRS102 2023-10-01 2024-09-30 02543659 c:Audited 2023-10-01 2024-09-30 02543659 c:FullAccounts 2023-10-01 2024-09-30 02543659 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02543659 d:Subsidiary1 2023-10-01 2024-09-30 02543659 d:Subsidiary1 1 2023-10-01 2024-09-30 02543659 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 02543659 2 2023-10-01 2024-09-30 02543659 6 2023-10-01 2024-09-30 02543659 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 02543659










J & A YOUNG (RACING) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
J & A YOUNG (RACING) LIMITED
REGISTERED NUMBER: 02543659

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 5 
577
-

Investment property
 7 
2,052
20,632

  
2,629
20,632

Current assets
  

Bloodstock
 8 
-
232

Debtors: amounts falling due after more than one year
 9 
9,006
-

Debtors: amounts falling due within one year
 9 
923
2,266

Cash at bank and in hand
 10 
7
31

  
9,936
2,529

Creditors: amounts falling due within one year
 11 
(1,394)
(4,479)

Net current assets/(liabilities)
  
 
 
8,542
 
 
(1,950)

Total assets less current liabilities
  
11,171
18,682

Creditors: amounts falling due after more than one year
 12 
-
(6,960)

Provisions for liabilities
  

Deferred tax
  
-
(594)

Net assets
  
11,171
11,128


Capital and reserves
  

Profit and loss account
  
11,171
11,128

  
11,171
11,128


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.

J R A Young
Director

The notes on pages 2 to 13 form part of these financial statements.

Page 1

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

J & A Young (Racing) Limited (formerly Lunette Properties Limited) ("the Company") is a company limited by shares and incorporated and domiciled in the UK. The registered number is 02543659 and the registered address is 15 Saxon Way East, Oakley Hay Industrial Estate, Corby, Northants, NN18 9EY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: financial instruments classified at fair value through the profit or loss. 
The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1,000.

 
2.2

Going concern

In preparing the financial statements on a going concern basis, the directors have paid due regard to relevant forecast financial information, including cash flows and factored in sensitivities. In the directors’ opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

  
2.3

Basic financial instruments

Trade and other debtors/creditors 
Trade and other debtors are recognised initially as transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. 
Interest-bearing borrowings classified as basic financial instruments 
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
Investments in preference and ordinary shares 
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognition in profit or loss. Other investments are measured at cost less impairment in profit or loss. 
 
Page 2

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

Cash and cash equivalents 
Cash and cash equivalents comprise cash balances. Bank overdraft that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalent for the purpose only of the cash flow statement.

  
2.4

Other financial instruments

Financial instruments not considered to be Basic financial instruments (Other financial instruments)
Other financial instruments not meeting the definition of Basic Financial Instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss except as follows: 
- investments in equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably shall be measured at cost less impairment; and 
- hedging instruments in a designated hedging relationship shall be recognised as set out below

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property is stated at fair value less any subsequent accumulated depreciation and impairment losses. 
Gains on revaluation are recognised in other comprehensive income and accumulated in revaluation reserve. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease previously recognised in profit or loss. 
Losses arising on revaluation are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. Any excess is recognised in profit or loss. 
Tangible fixed assets are stated at cost less accumulated depreciation and acculuated impairment losses. 
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings. 
Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classfied as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, including any incremental costs directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease.
The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired. 
Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the
Page 3

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

shorter of the lease term and their useful lives. Land is not depreciated. 
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. 

Depreciation is provided on the following basis:

Horses in training
-
See following paragraph
Horses in breeding
-
See following paragraph
Fixtures and fittings
-
20%

Horses in training
Horses in training are recognised initially at cost and are depreciated on a straight line basis over their useful economic lives.
Males - straight line basis over 10 years
Females - straight line basis over 16 years
Where retired horses are not kept for breeding, they are fully impaired.
Horses in breeding
In a departure from FRS 102, rather than disclosing as a separate class of biological fixed asset, horses in breeding have been disclosed as a separate category of property, plant and equipment. The accounting treatment is equivalent to biological assets and again these assets are depreciated on a straight line basis over their useful economic lives after initial recognition at cost.
Males - straight line basis over 10 years
Females - straight line basis over 16 years

  
2.6

Provisions

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

  
2.7

Turnover

Turnover represents net invoiced rental invoices and horse racing prize money which is recognised when received, all income is excluding value added tax.

Page 4

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. 
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balane sheet date. Deferred tax balances are not discounted. 
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 
2.9

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of J & A Young Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Bloodstock

Bloodstock was in perior periods classified within stocks in current assets to align with industry standards. This was a departure from FRS 102 which suggests that horses in training should be accounted for as fixed assets and brood mares as biological assets.
Bloodstock was split into the following categories:
Stud farm
Broodmares
Racing
Horses in training
Bloodstock was valued at the lower of cost and net realisable value, with book value being considered on an annual basis and impairment adjustments being made where necessary.
All horses stocks are now accounted for as fixed assets following a change in accounting treatment/estimates.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
Horses in training and horses in breeding
Horses held for the purpose of income generation are held within fixed assets and are stated at cost less accumulated depreciation and any impairments. Cost includes purchase price and any directly attributable costs. Depreciation is estimated by directors taking into account such factors as sex, health, performance and changes in market conditions:
Horses in training (male): 10 years straight line
Horses in training (female): 16 years straight line
Horses in breeding (female): 16 years straight line


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Horses in training
Horses in breeding
Property improvements
Fixtures and fittings
Total

£000
£000
£000
£000
£000



Cost


At 1 October 2023
-
-
381
392
773


Additions
515
54
-
-
569


Transfers from stock
232
-
-
-
232


Disposals
-
-
(381)
(392)
(773)



At 30 September 2024

747
54
-
-
801



Depreciation


At 1 October 2023
-
-
381
392
773


Charge for the year on owned assets
222
2
-
-
224


Disposals
-
-
(381)
(392)
(773)



At 30 September 2024

222
2
-
-
224



Net book value



At 30 September 2024
525
52
-
-
577



At 30 September 2023
-
-
-
-
-

Transfers from stock
Following a change in accounting estimate, horses in training and horses in breeding are now classified as fixed assets rather than stocks. During the year, the company transferred £232,000 from stock to fixed assets.

Page 8

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Fixed asset investments













Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Charnwood Campus Management Limited
15 Saxon Way East, Oakley Hay Industrial Estate, Corby, Northants, United Kingdom, NN18 9EY
Ordinary
100%


7.


Investment property


Freehold investment property

£000



Valuation


At 1 October 2023
20,632


Disposals
(18,780)


Surplus on revaluation
200



At 30 September 2024
2,052

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£000
£000


Historic cost
2,338
20,380

2,338
20,380

Included in the profit and loss reserve are £286k of unrealised revaluation losses (2023: £252k of non-distributable unrealised revaluation gains).

Page 9

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Bloodstock

2024
2023
£000
£000

Horses
-
232

-
232



9.


Debtors

2024
2023
£000
£000

Due after more than one year

Due from participating interests
9,006
-

9,006
-


2024
2023
£000
£000

Due within one year

Trade debtors
-
131

Amounts owed by group undertakings
835
834

Amounts owed by associated undertakings
-
1,207

Other debtors
76
94

Deferred taxation
12
-

923
2,266



10.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
7
31

7
31


Page 10

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Bank loans
-
3,734

Trade creditors
37
382

Amounts owed to group undertakings
960
-

Amounts owed to associated undertakings
83
-

Corporation tax
178
-

Other taxation and social security
97
-

Other creditors
39
363

1,394
4,479



12.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Bank loans
-
6,960

-
6,960


Page 11

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due within one year

Bank loans
-
3,734


-
3,734

Amounts falling due 1-2 years

Bank loans
-
923


-
923

Amounts falling due 2-5 years

Bank loans
-
2,116


-
2,116

Amounts falling due after more than 5 years

Bank loans
-
3,921

-
3,921

-
10,694



14.


Prior year adjustment

There has been a reclassification of £146,000 of costs to cost of sales from administrative expenses.

Page 12

 
J & A YOUNG (RACING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Related party transactions

Pension schemes
The company sold investment properties to related pension schemes at market value of £18,780,000. The disposal transaction involved a mixture of cash, loan settlements and deferred consideration. The remaining deferred consideration balance totals £9,006,115 and is included within amounts due from participating interests in greater than one year. Interest accrues on the deferred consideration debtor at 2% above base rate, the total accrued in the year amounted to £346,115.
There is an amount included within amounts owed to associated undertakings of £64,726 (2023: £1,480 - owed by associated undertakings) to a separate related pension scheme following recharges of £66,206 in the year.
Also within amounts owed to associated undertakings is a creditor of £18,415 owing to a related trust.
Directors' transactions and balances
There is an amount within other creditors owing to a director of £18,102 (2023: £12,412). No interest is accruing on this balance.
The company has taken advantage of the FRS 102 exemption not to disclose transactions within wholly owned groups.


16.


Controlling party

The immediate parent company is Oakham Property Investments Limited. As of 5 December 2023, the ultimate parent company is J & A Young Group Limited. The ultimate controlling party is J R A Young and his family as a result of owning 100% of the issued share capital.
The financial statements of J & A Young Group Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 27 June 2025 by Sarah Flear (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 13