Company No: 07964027 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	20,708		27,529
		20,708		27,529
Current assets
Stocks		19,600		53,174
Debtors	4	278,452		139,420
Cash at bank and in hand		10,824		28,006
		308,876		220,600
Creditors: amounts falling due within one year	5	( 333,461)		( 288,292)
Net current liabilities		(24,585)		(67,692)
Total assets less current liabilities		(3,877)		(40,163)
Net liabilities		( 3,877)		( 40,163)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 3,878 )		( 40,164 )
Total shareholder's deficit		( 3,877)		( 40,163)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Thorne Farm Racing Limited (registered number: 07964027) were approved and authorised for issue by the Board of Directors on 10 September 2025. They were signed on its behalf by:

Mr N J Hawke Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thorne Farm Racing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sedgemoor Auction Centre Market Way, North Petherton, Bridgwater, TA6 6DF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for sale of horses and provision of horse training services, net of VAT. Turnover from the sale of horses is recognised when risk and reward has been transferred to the customer. Income from horse training is recognised on a straight line basis over the training contract.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 - 25 years straight line
Vehicles	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		20

3. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 April 2024	118,916		26,100		145,016
Disposals	0		( 11,100)		( 11,100)
At 31 March 2025	118,916		15,000		133,916
Accumulated depreciation
At 01 April 2024	91,387		26,100		117,487
Charge for the financial year	6,821		0		6,821
Disposals	0		( 11,100)		( 11,100)
At 31 March 2025	98,208		15,000		113,208
Net book value
At 31 March 2025	20,708		0		20,708
At 31 March 2024	27,529		0		27,529

4. Debtors

	2025		2024
	£		£
Trade debtors	255,781		119,411
Prepayments	11,929		9,267
Other debtors	10,742		10,742
	278,452		139,420

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	93,139		112,132
Amounts owed to related parties	22,000		0
Accruals	3,675		3,675
Other taxation and social security	49,799		30,895
Other creditors	164,848		141,590
	333,461		288,292