Registration number:
William Knight Racing Limited
for the Year Ended 31 December 2025
William Knight Racing Limited
Contents
|
Balance Sheet |
|
|
Notes to the Financial Statements |
William Knight Racing Limited
(Registration number: 05537189)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
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 |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Share premium reserve |
49,975 |
49,975 |
|
|
Retained earnings |
(210,866) |
(314,216) |
|
|
Shareholders' deficit |
(160,791) |
(264,141) |
William Knight Racing Limited
(Registration number: 05537189)
Balance Sheet as at 31 December 2025
For the financial year ending 31 December 2025 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
|
......................................... |
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
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 2025 the company had net liabilities of £160,791 (2024: £264,141) including net current liabilities of £174,786 (2024: £275,273). The director is aware of the position and regularly monitors the company's trading results and anticipated future cash flow to satisfy himself that it can meet its liabilities as they fall due.
The director is therefore of the opinion that there will be adequate cash available to enable the company to continue in operational existence for the foreseeable future, being not less than one year from the date on which these financial statements were signed. For this reason these financial statements have been prepared 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 provision of thoroughbred racehorse training services 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.
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.
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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 |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Fixtures and fittings |
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.
Trade debtors
Trade debtors are amounts due from customers for thoroughbred racehorse training 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.
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.
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
|
2025 |
2024 |
||
|
£ |
£ |
||
|
Corporation tax |
- |
(53,841) |
|
|
Deferred tax |
- |
- |
|
|
- |
(53,841) |
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible Assets |
|
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
- |
|
|
|
Additions |
- |
|
|
- |
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
- |
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
- |
|
|
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Stocks |
|
2025 |
2024 |
|
|
Deadstock |
|
|
|
Bloodstock |
|
|
|
|
|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
William Knight Racing Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
- |
|
|
Related party transactions |
|
Transactions with the director |
|
2025 |
At 1 January 2025 |
Advances to director |
At 31 December 2025 |
|
W J Knight |
|||
|
Directors loan account |
|
|
|
|
2024 |
At 1 January 2024 |
Advances to director |
At 31 December 2024 |
|
W J Knight |
|||
|
Directors loan account |
( |
|
|