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COMPANY REGISTRATION NUMBER: 04915617
Amo Racing Limited
Filleted Unaudited Financial Statements
For the year ended
27 March 2024
Amo Racing Limited
Statement of Financial Position
27 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
164,222
44,300
Investments
6
102
102
---------
--------
164,324
44,402
Current assets
Stocks
19,864,418
14,344,692
Debtors
7
2,887,195
1,678,160
Cash at bank and in hand
1,115,831
174,094
-------------
-------------
23,867,444
16,196,946
Creditors: amounts falling due within one year
8
34,886,363
23,242,710
-------------
-------------
Net current liabilities
11,018,919
7,045,764
-------------
------------
Total assets less current liabilities
( 10,854,595)
( 7,001,362)
Creditors: amounts falling due after more than one year
9
407,008
1,519,585
-------------
------------
Net liabilities
( 11,261,603)
( 8,520,947)
-------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 11,261,703)
( 8,521,047)
-------------
------------
Shareholders deficit
( 11,261,603)
( 8,520,947)
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 27 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Amo Racing Limited
Statement of Financial Position (continued)
27 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:
Mr K Joorabchian
Director
Company registration number: 04915617
Amo Racing Limited
Notes to the Financial Statements
Year ended 27 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lushington House, 119 High Street, Newmarket, Suffolk, CB8 9AE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis including any prior year adjustments. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is financed by the director and third party creditors, they have confirmed they intend to support the company for the foreseeable future. The director believes the company is therefore a going concern.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable in respect of prize money, sponsorship, lease fees and sale of bloodstock and recharges which are net of discounts and Value Added Tax. Prize money is recognised on receipt from the British Horse Association. Sponsorship income is recognised on receipt from the British Horse Association or per the contract agreement. Sponsorship income is deferred if the contract period differs to the accounting year end. Lease fees income is recognised per the contract agreements. Sale of bloodstock income is recognised when the ownership of bloodstock passes from the seller to the buyer. Recharge income is recognised on an accruals basis and recharged income is matched with expenditure which is to be recharged.
Income tax
The taxation expense represents the aggregate amount of current recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% Reducing balance & 0% straight line
Motor vehicles
-
10 years residual value & 25% Reducing balance
Investments in group undertakings
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Stocks
Stock comprises bloodstock (stallions, mares and foals) held for the purposes of breeding and racing. Such assets are stated at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified, the value of the stock is reduced and the reduction immediately charged in the profit and loss account. A transfer is made between breeding and racing when the purpose of the bloodstock changes. The transfer value is based on the net realisable value of the bloodstock as at the date of transfer.
Defined contribution plans
The company operates an auto-enrolment scheme for all employees. The assets of the pension scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 28 March 2023
47,000
47,000
Additions
34,407
97,422
131,829
--------
---------
---------
At 27 March 2024
34,407
144,422
178,829
--------
---------
---------
Depreciation
At 28 March 2023
2,700
2,700
Charge for the year
210
11,697
11,907
--------
---------
---------
At 27 March 2024
210
14,397
14,607
--------
---------
---------
Carrying amount
At 27 March 2024
34,197
130,025
164,222
--------
---------
---------
At 27 March 2023
44,300
44,300
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 28 March 2023 and 27 March 2024
102
----
Impairment
At 28 March 2023 and 27 March 2024
----
Carrying amount
At 27 March 2024
102
----
At 27 March 2023
102
----
7. Debtors
2024
2023
£
£
Trade debtors
204,135
520,520
Other debtors
2,683,060
1,157,640
------------
------------
2,887,195
1,678,160
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,381,522
1,069,592
Amounts owed to group undertakings and undertakings in which the company has a participating interest
15,164,491
8,342,432
Social security and other taxes
5,011
248,281
Other creditors
18,335,339
13,582,405
-------------
-------------
34,886,363
23,242,710
-------------
-------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
407,008
1,519,585
---------
------------