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Registration number: 14351558

Jack Channon Racing Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Jack Channon Racing Limited

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

Jack Channon Racing Limited

(Registration number: 14351558)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 89,240 | 99,276
Current assets |  |  |
Stocks | 5 | 486,015 | 230,912
Debtors | 6 | 328,839 | 223,313
Cash at bank and in hand |  | 181,503 | 247,287
|  | 996,357 | 701,512
Creditors: Amounts falling due within one year | 7 | (943,036) | (608,741)
Net current assets |  | 53,321 | 92,771
Net assets |  | 142,561 | 192,047
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 142,461 | 191,947
Shareholders' funds |  | 142,561 | 192,047

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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2025

......................................... Mr Jack Alexander Channon Director

Jack Channon 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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

The financial statements have been prepared on a going concern basis.

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.

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.

Jack Channon Racing Limited

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

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
Motor Vehicles | 25% Reducing Balance
Plant and Machinery | 4 Years straight line
Fixtures and fittings | 4 Years straight line
Office equipment | 25% Reducing balance

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.

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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 21).

Jack Channon 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 £ | Total £
Cost or valuation
At 1 January 2024 | 617 | 1,575 | 636 | 108,887 | 111,715
Additions | 7,019 | 9,400 | 154 | - | 16,573
At 31 December 2024 | 7,636 | 10,975 | 790 | 108,887 | 128,288
Depreciation
At 1 January 2024 | 77 | 197 | 169 | 11,996 | 12,439
Charge for the year | 1,194 | 1,288 | 119 | 24,008 | 26,609
At 31 December 2024 | 1,271 | 1,485 | 288 | 36,004 | 39,048
Carrying amount
At 31 December 2024 | 6,365 | 9,490 | 502 | 72,883 | 89,240
At 31 December 2023 | 540 | 1,378 | 467 | 96,891 | 99,276

Jack Channon Racing Limited

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

5 | Stocks

| 2024 £ | 2023 £
Bloodstock | 486,015 | 230,912

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 287,024 | 221,711
Prepayments | 2,341 | 942
Other debtors | 39,474 | 660
| 328,839 | 223,313

7 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 588,668 | 496,654
Taxation and social security | 13,830 | 40,967
Other creditors | 340,538 | 71,120
| 943,036 | 608,741

8 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £66,654 (2023 - £Nil).

Jack Channon Racing Limited

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

9 | Related party transactions

Transactions with the director

2024 | At 1 January 2024 £ | Advances to director £ | Repayments by director £ | At 31 December 2024 £
Mr Jack Alexander Channon
| (59,615) | 11,889 | (120,969) | (168,695)

2023 | At 12 September 2022 £ | Advances to director £ | Repayments by director £ | At 31 December 2023 £
Mr Jack Alexander Channon
| - | (60,724) | 1,109 | (59,615)