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Registration number: 10058303

Archie Watson Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Archie Watson Racing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Archie Watson Racing Limited

(Registration number: 10058303)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

574,604

616,329

Current assets

 

Stocks

5

529,536

406,900

Debtors

6

442,558

590,460

Cash at bank and in hand

 

7,761

15,818

 

979,855

1,013,178

Creditors: Amounts falling due within one year

7

(1,042,344)

(1,124,942)

Net current liabilities

 

(62,489)

(111,764)

Total assets less current liabilities

 

512,115

504,565

Creditors: Amounts falling due after more than one year

7

(71,247)

(102,783)

Net assets

 

440,868

401,782

Capital and reserves

 

Called up share capital

100

110

Share premium reserve

-

99,990

Capital redemption reserve

10

-

Retained earnings

440,758

301,682

Shareholders' funds

 

440,868

401,782

For the financial year 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 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.

 

Archie Watson Racing Limited

(Registration number: 10058303)
Balance Sheet as at 31 December 2024

Approved and authorised for issue by the Board on 7 August 2025 and signed on its behalf by:
 

.........................................

A M B Watson

Director

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 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:
Saxon Gate
Upper Lambourn
Hungerford
Berkshire
RG17 8QH

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of racehorse training services, bloodstock sales and prize money in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 rate on the date when the fair value is re-measured.

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 tax payable.

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.

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:

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Asset class

Depreciation method and rate

Property improvements

2% straight line basis

Office equipment

20% straight line basis

Motor vehicles

25% straight line basis

Plant and machinery

25% straight line 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 racehorse training 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.

Leases

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.

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 31).

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Property improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

578,326

9,996

6,425

134,736

729,483

Additions

2,695

-

-

-

2,695

At 31 December 2024

581,021

9,996

6,425

134,736

732,178

Depreciation

At 1 January 2024

56,165

9,879

5,084

42,026

113,154

Charge for the year

11,617

116

626

32,061

44,420

At 31 December 2024

67,782

9,995

5,710

74,087

157,574

Carrying amount

At 31 December 2024

513,239

1

715

60,649

574,604

At 31 December 2023

522,161

117

1,341

92,710

616,329

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Stocks

2024
£

2023
£

Bloodstock

451,112

326,628

Tack and feed/bedding

78,424

80,272

529,536

406,900

6

Debtors

Current

2024
£

2023
£

Trade debtors

425,480

472,638

Prepayments

6,022

100,000

Other debtors

11,056

17,822

 

442,558

590,460

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

32,350

50,542

Trade creditors

 

828,877

751,225

Taxation and social security

 

162,656

111,792

Other creditors and deferred income

 

18,461

211,383

 

1,042,344

1,124,942

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

71,247

102,783

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

22,350

22,350

Other borrowings

-

18,192

32,350

50,542

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,647

20,833

Hire purchase contracts

59,600

81,950

71,247

102,783

 

Archie Watson Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

A M B Watson

17,821

2,005

(30,000)

(10,174)

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

A M B Watson

16,009

1,812

17,821