Registration number: 08800822

Shinco Racing Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Shinco Racing Limited

(Registration number: 08800822)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	142,843	157,127
Current assets
Stocks	5	45,228	59,302
Debtors	6	186,847	195,127
Cash at bank and in hand		34,140	37,326
		266,215	291,755
Creditors: Amounts falling due within one year	7	(487,017)	(276,972)
Net current (liabilities)/assets		(220,802)	14,783
Total assets less current liabilities		(77,959)	171,910
Creditors: Amounts falling due after more than one year	7	(54,608)	(62,572)
Provisions for liabilities		(35,711)	(39,282)
Net (liabilities)/assets		(168,278)	70,056
Capital and reserves
Called up share capital		100	100
Retained earnings		(168,378)	69,956
Shareholders' (deficit)/funds		(168,278)	70,056

Shinco Racing Limited

(Registration number: 08800822)
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.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... D J G Menuisier Director

Shinco Racing Limited

Notes to the Unaudited 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:
Coombelands Stables
Coombelands Lane
Pulborough
West Sussex
RH20 1BP
England

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

As at 31 December 2024 the company had net current liabilities of £220,802 and total net liabilities of £168,278.

The directors are aware of the position and will provide such funds as are necessary to enable the company to meet its liabilities as they fall due for at least one year following the date on which these financial statements were signed.

In addition, the directors will not require repayment of any amounts lent, unless the company would remain solvent immediately following repayment. The financial statements have therefore been drawn up on the going concern basis, which assumes that this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

Shinco Racing Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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	33% straight line basis
Motor vehicles	25% straight line basis
Fixtures and fittings	20% reducing balance basis
Computer equipment	25% straight line basis

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Shinco Racing Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 25).

Shinco Racing Limited

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

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2024	7,881	104,288	4,092	127,817
Additions	18,037	28,562	987	-
At 31 December 2024	25,918	132,850	5,079	127,817
Depreciation
At 1 January 2024	2,972	21,810	2,506	59,663
Charge for the year	3,257	39,045	980	18,588
At 31 December 2024	6,229	60,855	3,486	78,251
Carrying amount
At 31 December 2024	19,689	71,995	1,593	49,566
At 31 December 2023	4,909	82,478	1,586	68,154

	Total £
Cost or valuation
At 1 January 2024	244,078
Additions	47,586
At 31 December 2024	291,664
Depreciation
At 1 January 2024	86,951
Charge for the year	61,870
At 31 December 2024	148,821
Carrying amount
At 31 December 2024	142,843
At 31 December 2023	157,127

Shinco Racing Limited

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

5

Stocks

	2024 £	2023 £
Bloodstock for sale	45,228	59,302

6

Debtors

Current	2024 £	2023 £
Trade debtors	182,991	182,336
Other debtors	3,856	12,791
	186,847	195,127

Shinco Racing Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	35,028	30,716
Trade creditors		203,944	165,263
Taxation and social security		58,163	29,252
Other creditors		189,882	51,741
		487,017	276,972