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Registration number: 10826943

Ben Pauling Racing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Ben Pauling Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ben Pauling Racing Limited

(Registration number: 10826943)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,238,049

3,219,774

Current assets

 

Stocks

5

496,908

63,029

Debtors

6

1,937,214

1,710,204

Cash at bank and in hand

 

42,953

279,823

 

2,477,075

2,053,056

Creditors: Amounts falling due within one year

7

(3,301,418)

(2,790,152)

Net current liabilities

 

(824,343)

(737,096)

Total assets less current liabilities

 

2,413,706

2,482,678

Creditors: Amounts falling due after more than one year

7

(1,751,350)

(1,746,781)

Provisions for liabilities

(27,710)

(13,175)

Net assets

 

634,646

722,722

Capital and reserves

 

Called up share capital

100

100

Retained earnings

634,546

722,622

Shareholders' funds

 

634,646

722,722

 

Ben Pauling Racing Limited

(Registration number: 10826943)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 year 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 24 July 2025 and signed on its behalf by:
 

.........................................
Mr Ben Peter Pauling
Director

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Naunton Downs Estate
Naunton
Cheltenham
Gloucestershire
GL54 3AE
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has taken advantage of exemptions conferred by Financial Reporting Standard 102 - Related Party Disclosures not to disclose transactions between wholly owned members of the same group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of training fees, bloodstock sales, and prize money won during the year in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line method

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 22).

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,156,977

46,820

57,627

6,465

203,350

3,471,239

Additions

-

-

7,040

2,681

155,203

164,924

Disposals

(14,900)

(19,371)

(34,869)

(5,846)

(26,400)

(101,386)

At 30 June 2024

3,142,077

27,449

29,798

3,300

332,153

3,534,777

Depreciation

At 1 July 2023

65,524

34,908

38,601

5,415

107,017

251,465

Charge for the year

62,842

1,783

5,171

482

48,669

118,947

Eliminated on disposal

(2,682)

(14,593)

(31,179)

(4,992)

(20,238)

(73,684)

At 30 June 2024

125,684

22,098

12,593

905

135,448

296,728

Carrying amount

At 30 June 2024

3,016,393

5,351

17,205

2,395

196,705

3,238,049

At 30 June 2023

3,091,453

11,912

19,026

1,050

96,333

3,219,774

Included within the net book value of land and buildings above is £3,016,393 (2023 - £3,091,453) in respect of freehold land and buildings.
 

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Stocks

2024
£

2023
£

Bloodstock for sale

496,908

63,029

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

241,013

307,176

Amounts owed by related parties

9

1,458,396

12,095

Prepayments

 

186,009

1,368,471

Other debtors

 

51,796

22,462

   

1,937,214

1,710,204

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

95,467

49,259

Trade creditors

 

517,757

230,018

Taxation and social security

 

54,002

30,750

Other creditors

 

2,634,192

2,480,125

 

3,301,418

2,790,152

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £79,478 (2023 - £39,259).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,751,350

1,746,781

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £1,741,350 (2023 - £1,726,781).

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

40,167

32,560

Bank overdrafts

5,989

-

Hire purchase contracts

49,311

16,699

95,467

49,259

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,658,928

1,702,438

Hire purchase contracts

92,422

44,343

1,751,350

1,746,781

The company's bank loans are secured by way of fixed and floating charges over the land and buildings from which the company operates.

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mrs Sophie Amanda Pauling

(2,432,651)

126,592

(15,060)

(2,321,119)

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mrs Sophie Amanda Pauling

(2,601,108)

168,457

(2,432,651)

 

Ben Pauling Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

2,012

2023

Other related parties
£

Amounts receivable from related party

22,012

10

Parent and ultimate parent undertaking

The company's immediate parent is PFH Limited, incorporated in England and Wales.