Company No: 05783886 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.26		31.03.25
		£		£
Fixed assets
Tangible assets	3	8,246,268		8,432,010
Investments	4	1		0
		8,246,269		8,432,010
Current assets
Stocks		8,445		8,506
Debtors	5	1,520,956		1,050,424
Cash at bank and in hand		282,104		124,582
		1,811,505		1,183,512
Creditors: amounts falling due within one year	6	( 1,061,394)		( 710,966)
Net current assets		750,111		472,546
Total assets less current liabilities		8,996,380		8,904,556
Creditors: amounts falling due after more than one year	7	( 3,302,332)		( 3,652,843)
Provision for liabilities		( 410,799)		( 401,230)
Accruals and deferred income		( 28,760)		( 32,110)
Net assets		5,254,489		4,818,373
Capital and reserves
Called-up share capital		100		100
Profit and loss account		5,254,389		4,818,273
Total shareholder's funds		5,254,489		4,818,373

For the financial year ending 31 March 2026 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 Junction 24 Limited (registered number: 05783886) were approved and authorised for issue by the Board of Directors on 06 July 2026. They were signed on its behalf by:

Mrs K Hawke 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

Junction 24 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 Sedgemoor Auction Centre Market Way, North Petherton, Bridgwater, TA6 6DF, 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 comprises the fair value of the consideration received or receivable from the market operations, the provision of conferencing facilities, rental income and food sales in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

All income is recognised at the point of sale or over the rental period with regards to rental income and conferencing facilities.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 50 years straight line
Plant and machinery	4 - 10 years straight line
Vehicles	4 years straight line
Other property, plant and equipment	4 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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, 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.

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.

Fixed asset investments

Investments are the company's wholly owned subsidiary. Investments are stated at historical cost less provision for diminution in value.

Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	31.03.26		31.03.25
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	37		40

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2025	11,741,074		732,027		273,883		38,083		12,785,067
Additions	0		12,019		145,751		0		157,770
Disposals	0		0		( 20,000)		0		( 20,000)
At 31 March 2026	11,741,074		744,046		399,634		38,083		12,922,837
Accumulated depreciation
At 01 April 2025	3,640,477		555,415		119,867		37,298		4,353,057
Charge for the financial year	234,579		30,992		57,627		314		323,512
At 31 March 2026	3,875,056		586,407		177,494		37,612		4,676,569
Net book value
At 31 March 2026	7,866,018		157,639		222,140		471		8,246,268
At 31 March 2025	8,100,597		176,612		154,016		785		8,432,010

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	0		0
Additions	1		1
At 31 March 2026	1		1
Carrying value at 31 March 2026	1		1
Carrying value at 31 March 2025	0		0

The investment was a fully owned subsidiary, Thorne Farm Racing Limited. The principal activity of Thorne Farm Racing is racehorse training.

5. Debtors

	31.03.26		31.03.25
	£		£
Trade debtors	94,550		79,197
Amounts owed by Group undertakings	342,817		0
Amounts owed by connected companies	438,959		456,766
Other debtors	644,630		514,461
	1,520,956		1,050,424

Included within Other debtors are prepayments, accrued income
Included within Amounts owed by connected companies are loans to Thorne Farm Racing Limited and KPJH Properties Ltd

6. Creditors: amounts falling due within one year

	31.03.26		31.03.25
	£		£
Bank loans (secured)	202,692		87,702
Trade creditors	386,673		298,972
Taxation and social security	330,370		194,105
Obligations under finance leases and hire purchase contracts (secured)	32,828		44,548
Other creditors	108,831		85,639
	1,061,394		710,966

Bank borrowings are secured on specific freehold land and buildings owned by the company and by a fixed and floating charge.
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Included within Other creditors are accruals, prepaid income and loans from directors.

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

	31.03.26		31.03.25
	£		£
Bank loans (secured)	3,295,381		3,613,064
Obligations under finance leases and hire purchase contracts (secured)	6,951		39,779
	3,302,332		3,652,843

Bank borrowings are secured on specific freehold land and buildings owned by the company and by a fixed and floating charge.
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.