Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2023-11-01No description of principal activity2727falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05247804 2023-11-01 2024-12-31 05247804 2022-11-01 2023-10-31 05247804 2024-12-31 05247804 2023-10-31 05247804 c:Director1 2023-11-01 2024-12-31 05247804 d:Buildings 2023-11-01 2024-12-31 05247804 d:Buildings 2024-12-31 05247804 d:Buildings 2023-10-31 05247804 d:Buildings d:OwnedOrFreeholdAssets 2023-11-01 2024-12-31 05247804 d:PlantMachinery 2023-11-01 2024-12-31 05247804 d:PlantMachinery 2024-12-31 05247804 d:PlantMachinery 2023-10-31 05247804 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-11-01 2024-12-31 05247804 d:MotorVehicles 2023-11-01 2024-12-31 05247804 d:MotorVehicles 2024-12-31 05247804 d:MotorVehicles 2023-10-31 05247804 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-11-01 2024-12-31 05247804 d:OwnedOrFreeholdAssets 2023-11-01 2024-12-31 05247804 d:CurrentFinancialInstruments 2024-12-31 05247804 d:CurrentFinancialInstruments 2023-10-31 05247804 d:Non-currentFinancialInstruments 2024-12-31 05247804 d:Non-currentFinancialInstruments 2023-10-31 05247804 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05247804 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05247804 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 05247804 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 05247804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 05247804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 05247804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 05247804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 05247804 d:ShareCapital 2024-12-31 05247804 d:ShareCapital 2023-10-31 05247804 d:RetainedEarningsAccumulatedLosses 2024-12-31 05247804 d:RetainedEarningsAccumulatedLosses 2023-10-31 05247804 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05247804 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 05247804 c:FRS102 2023-11-01 2024-12-31 05247804 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-12-31 05247804 c:FullAccounts 2023-11-01 2024-12-31 05247804 c:PrivateLimitedCompanyLtd 2023-11-01 2024-12-31 05247804 2 2023-11-01 2024-12-31 05247804 e:PoundSterling 2023-11-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 05247804










RICHARD HUGHES RACING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
RICHARD HUGHES RACING LIMITED
REGISTERED NUMBER: 05247804

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 October
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
317,533
330,107

  
317,533
330,107

Current assets
  

Stocks
  
109,649
202,861

Debtors: amounts falling due within one year
 5 
605,310
1,118,951

Cash at bank and in hand
 6 
760,004
816,940

  
1,474,963
2,138,752

Creditors: amounts falling due within one year
 7 
(782,178)
(1,631,785)

Net current assets
  
 
 
692,785
 
 
506,967

Total assets less current liabilities
  
1,010,318
837,074

Creditors: amounts falling due after more than one year
  
(13,333)
-

Provisions for liabilities
  

Deferred tax
  
(2,203)
(9,209)

  
 
 
(2,203)
 
 
(9,209)

Net assets
  
994,782
827,865


Capital and reserves
  

Called up share capital 
  
200
1

Profit and loss account
  
994,582
827,864

  
994,782
827,865


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
RICHARD HUGHES RACING LIMITED
REGISTERED NUMBER: 05247804

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




Richard Hughes
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Richard Hughes Racing Limited is a private limited company incorporated in England & Wales. The registered office is Weathercock House, Upper Lambourn, Hungerford, Berkshire, RG17 8QT.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 4

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 5

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Plant and machinery
-
25%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 27 (2023 - 27).


4.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 November 2023
266,059
31,338
58,499
355,896


Additions
-
4,585
-
4,585



At 31 December 2024

266,059
35,923
58,499
360,481



Depreciation


At 1 November 2023
-
11,164
14,625
25,789


Charge for the period on owned assets
-
6,190
10,969
17,159



At 31 December 2024

-
17,354
25,594
42,948



Net book value



At 31 December 2024
266,059
18,569
32,905
317,533



At 31 October 2023
266,059
20,174
43,874
330,107


5.


Debtors

31 December
31 October
2024
2023
£
£


Trade debtors
602,877
1,118,951

Other debtors
2,433
-

605,310
1,118,951

Page 7

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.Debtors (continued)



6.


Cash and cash equivalents

31 December
31 October
2024
2023
£
£

Cash at bank and in hand
760,004
816,940

760,004
816,940



7.


Creditors: Amounts falling due within one year

31 December
31 October
2024
2023
£
£

Bank loans
10,000
31,666

Trade creditors
558,976
1,435,748

Other taxation and social security
129,581
143,860

Other creditors
78,621
20,511

Accruals and deferred income
5,000
-

782,178
1,631,785



8.


Creditors: Amounts falling due after more than one year

31 December
31 October
2024
2023
£
£

Bank loans
13,333
-

13,333
-


Page 8

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


31 December
31 October
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
31,666


10,000
31,666

Amounts falling due 1-2 years

Bank loans
10,000
-


10,000
-

Amounts falling due 2-5 years

Bank loans
3,334
-


3,334
-


23,334
31,666



10.


Deferred taxation






2024


£






At beginning of year
(9,209)


Utilised in year
7,006



At end of year
(2,203)

Page 9

 
RICHARD HUGHES RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 December
31 October
2024
2023
£
£


Accelerated capital allowances
(2,203)
(9,209)

(2,203)
(9,209)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,877 (2023 - £10,035).


Page 10