Registration number: 05537189

William Knight Racing Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

William Knight Racing Limited

(Registration number: 05537189)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	15,299	20,397
Current assets
Stocks	6	65,373	55,225
Debtors	7	302,934	283,874
Cash at bank and in hand		13,786	2,039
		382,093	341,138
Creditors: Amounts falling due within one year	8	(657,366)	(590,551)
Net current liabilities		(275,273)	(249,413)
Total assets less current liabilities		(259,974)	(229,016)
Creditors: Amounts falling due after more than one year	8	(4,167)	(14,167)
Net liabilities		(264,141)	(243,183)
Capital and reserves
Called up share capital		100	100
Share premium reserve		49,975	49,975
Retained earnings		(314,216)	(293,258)
Shareholders' deficit		(264,141)	(243,183)

William Knight Racing Limited

(Registration number: 05537189)
Balance Sheet as at 31 December 2024

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025
 

......................................... W J Knight Director

William Knight Racing Limited

Notes to the 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:
Rathmoy Stables
Hamilton Road
Newmarket
Suffolk
CB8 0GU

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of thoroughbred racehorse training services 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.

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:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Fixtures and fittings	25% reducing balance

William Knight Racing Limited

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

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.

Trade debtors

Trade debtors are amounts due from customers for thoroughbred 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 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.

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.

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.

William Knight Racing Limited

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

3

Taxation

			2024		2023
					£
Corporation tax- R&D tax credit received			(53,841)		(13,261)

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 20).

5	Tangible Assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	2,505	38,098	76,774	117,377
At 31 December 2024	2,505	38,098	76,774	117,377
Depreciation
At 1 January 2024	2,420	35,607	58,953	96,980
Charge for the year	21	622	4,455	5,098
At 31 December 2024	2,441	36,229	63,408	102,078
Carrying amount
At 31 December 2024	64	1,869	13,366	15,299
At 31 December 2023	85	2,491	17,821	20,397

6

Stocks

	2024 £	2023 £
Deadstock	3,173	3,525
Bloodstock	62,200	51,700
	65,373	55,225

William Knight Racing Limited

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

7

Debtors

Current	2024 £	2023 £
Trade debtors	256,887	270,106
Prepayments	16,286	1,238
Other debtors	29,761	12,530
	302,934	283,874

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	10,000	25,712
Trade creditors		185,241	170,956
Taxation and social security		47,333	80,336
Other creditors		414,792	313,547
		657,366	590,551