Company No: 05849663 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	5	895,889		883,035
		895,889		883,035
Current assets
Stocks	6	97,209		480,807
Debtors	7	1,432,348		1,281,025
Cash at bank and in hand		364,258		506,418
		1,893,815		2,268,250
Creditors: amounts falling due within one year	8	( 350,663)		( 554,054)
Net current assets		1,543,152		1,714,196
Total assets less current liabilities		2,439,041		2,597,231
Creditors: amounts falling due after more than one year	9	( 557,184)		0
Provision for liabilities		( 39,156)		( 28,555)
Net assets		1,842,701		2,568,676
Capital and reserves
Called-up share capital	10	1		2
Capital redemption reserve		1		0
Profit and loss account		1,842,699		2,568,674
Total shareholder's funds		1,842,701		2,568,676

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 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 Venn Farm Racing Limited (registered number: 05849663) were approved and authorised for issue by the Board of Directors on 28 September 2025. They were signed on its behalf by:

Mr C L Tizzard 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

Venn 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 Venn Farm, London Road, Milborne Port, Sherborne, Dorset, DT9 5RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Adding this the sale of goods turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Prior year adjustment

During the year, the company identified a material error in the financial statements for the year ended 31 December 2023, relating to the incorrect inclusion of stock which was no longer owned by the company at that date.

In accordance with FRS 102 Section 10 – Accounting Policies, Estimates and Errors, the comparative figures have been restated retrospectively.

A reconciliation of the previously reported and restated figures is provided below:

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Stock		624,974		(144,167)		480,807
Opening reserves		(1,937,469)		(144,167)		(2,081,636)

The restatement does not affect the current year’s results but ensures that the financial statements present a true and fair view of the company’s financial position and performance.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		27

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	80,000		80,000
At 31 December 2024	80,000		80,000
Accumulated amortisation
At 01 January 2024	80,000		80,000
At 31 December 2024	80,000		80,000
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

5. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	801,483		393,764		177,233		3,254		1,375,734
Additions	0		9,500		56,750		0		66,250
Disposals	0		( 4,300)		( 42,280)		0		( 46,580)
At 31 December 2024	801,483		398,964		191,703		3,254		1,395,404
Accumulated depreciation
At 01 January 2024	88,924		266,310		134,469		2,996		492,699
Charge for the financial year	16,030		19,112		10,046		65		45,253
Disposals	0		( 3,466)		( 34,971)		0		( 38,437)
At 31 December 2024	104,954		281,956		109,544		3,061		499,515
Net book value
At 31 December 2024	696,529		117,008		82,159		193		895,889
At 31 December 2023	712,559		127,454		42,764		258		883,035

6. Stocks

	2024		2023
	£		£
Stocks	97,209		480,807

7. Debtors

	2024		2023
	£		£
Trade debtors	318,123		310,951
Other debtors	1,114,225		970,074
	1,432,348		1,281,025

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	28,612		0
Trade creditors	186,893		364,566
Taxation and social security	73,968		127,247
Other creditors	61,190		62,241
	350,663		554,054

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	557,184		0

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 (2023: 2 shares of £ 1.00 each)	1		2

During the year, the company repurchased its own share with a total consideration of £697,223.

11. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Brought forward	(56,741)		(60,170)
Amounts due to directors	(24,000)		(19,368)
Advances to directors including interest at the HMRC official rate	25,302		22,797
Carried forward	(55,439)		(56,741)

Other related party transactions

Included within other creditors is a loan owed to an associated company of £1,085,013 (2023: £885,208). The loan is interest free and repayable on demand