Company No: 13392981 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,843,867		1,773,093
		1,843,867		1,773,093
Current assets
Stocks		10,000		0
Debtors	4	246,246		160,915
Cash at bank and in hand		5,933		95,065
		262,179		255,980
Creditors: amounts falling due within one year	5	( 632,405)		( 353,818)
Net current liabilities		(370,226)		(97,838)
Total assets less current liabilities		1,473,641		1,675,255
Creditors: amounts falling due after more than one year	6	( 1,978,579)		( 1,983,118)
Net liabilities		( 504,938)		( 307,863)
Capital and reserves
Called-up share capital	7	111		111
Profit and loss account		( 505,049 )		( 307,974 )
Total shareholders' deficit		( 504,938)		( 307,863)

For the financial year ending 30 April 2025 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 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 Harry Derham Racing Limited (registered number: 13392981) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Mr A P Brown 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

Harry Derham 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 Upper Farm House High Street, Boxford, Newbury, RG20 8BR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £504,938. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

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.

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 on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	25 years straight line
Plant and machinery	15 years straight line
Vehicles	5 years straight line
Fixtures and fittings	10 years straight line
Tools and equipment	5 years straight line
Computer equipment	5 years straight line
Other property, plant and equipment	15 years straight line

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. 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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		19

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Tools and equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£		£		£
Cost
At 01 May 2024	1,167,169		535,940		53,650		66,407		32,453		1,402		24,247		1,881,268
Additions	101,458		88,143		17,655		7,614		0		0		0		214,870
Disposals	0		0		( 31,000)		0		0		0		0		( 31,000)
At 30 April 2025	1,268,627		624,083		40,305		74,021		32,453		1,402		24,247		2,065,138
Accumulated depreciation
At 01 May 2024	46,687		35,729		10,730		6,641		6,491		280		1,617		108,175
Charge for the financial year	50,745		41,606		8,061		7,401		9,472		395		1,616		119,296
Disposals	0		0		( 6,200)		0		0		0		0		( 6,200)
At 30 April 2025	97,432		77,335		12,591		14,042		15,963		675		3,233		221,271
Net book value
At 30 April 2025	1,171,195		546,748		27,714		59,979		16,490		727		21,014		1,843,867
At 30 April 2024	1,120,482		500,211		42,920		59,766		25,962		1,122		22,630		1,773,093

4. Debtors

	2025		2024
	£		£
Trade debtors	233,033		157,453
Prepayments	13,213		3,462
	246,246		160,915

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	9,180		9,180
Trade creditors	176,689		100,745
Amounts owed to directors	269,842		119,842
Other loans	55,000		65,000
Accruals	3,700		3,000
Other taxation and social security	107,530		45,653
Obligations under finance leases and hire purchase contracts (secured)	5,298		9,468
Other creditors	5,166		930
	632,405		353,818

Obligation under finance leases and hire purchase contracts of £5,298 (2024: £9,468) are secured against the assets to which they relate.

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

	2025		2024
	£		£
Trade creditors	87,550		97,549
Bank loans	44,158		55,817
Other loans	254,294		212,167
Obligations under finance leases and hire purchase contracts (secured)	6,234		31,242
Other creditors	1,586,343		1,586,343
	1,978,579		1,983,118

Obligation under finance leases and hire purchase contracts of £6,234 (2024: £31,242) are secured against the assets to which they relate.

Included within Other Creditors is a balance of £1,586,343 of redeemable preference shares (2024: £1,586,343). Of this, £1,111,343 carries a fixed dividend entitlement of 1% per annum payable from 1 May 2027. £475,000 carries a fixed dividend entitlement of 4% per annum payable from 1 May 2027.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each	100		100
11 Ordinary B shares of £ 1.00 each	11		11
	111		111
475,000 Redeemable A preference shares of £ 1.00 each	475,000		475,000
1,111,343 Redeemable B preference shares of £ 1.00 each	1,111,343		1,111,343
	1,586,343		1,586,343
	1,586,454		1,586,454

The company's redeemable preference share capital is dealt with as debt and is therefore included in creditors.