Registration number:
Sangster Racing Limited
for the Year Ended 31 December 2024
Sangster Racing Limited
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Sangster Racing Limited
(Registration number: 14243612)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
104,149 |
65,796 |
|
|
Shareholders' funds |
104,150 |
65,797 |
Sangster Racing Limited
(Registration number: 14243612)
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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
......................................... |
Sangster Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
|
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale and training of thoroughbred racehorses 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 and deferred tax.
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.
Sangster 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 |
25% reducing balance |
|
Office Equipment |
25% reducing balance |
|
Property Improvements |
10% straight line |
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.
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Sangster Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
- |
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £326,177 (2023 - £121,641) in respect of long leasehold land and buildings.
Sangster Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Bloodstock for resale |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Prepayments |
|
- |
|
Other debtors |
- |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
|
Related party transactions |
|
Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances by director |
Repayments to director |
At 31 December 2024 |
|
Mr Oliver Robert James Sangster |
||||
|
Loan Account |
( |
( |
|
( |
Sangster Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2023 |
At 19 July 2022 |
Advances by director |
At 31 December 2023 |
|
Mr Oliver Robert James Sangster |
|||
|
Loan Account |
- |
( |
( |