REGISTERED NUMBER: 05994888 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Ian Williams Racing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I Williams

REGISTERED OFFICE:

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

REGISTERED NUMBER:

05994888 (England and Wales)

ACCOUNTANTS:

Pinfields Limited

Chartered Accountants

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

289,564

143,483

289,564

143,483

CURRENT ASSETS

Stocks

6

532,208

496,320

Debtors

7

622,553

724,072

Cash at bank

5,107

41,299

1,159,868

1,261,691

CREDITORS

Amounts falling due within one year

8

1,077,435

1,176,090

NET CURRENT ASSETS

82,433

85,601

TOTAL ASSETS LESS CURRENT LIABILITIES

371,997

229,084

CREDITORS

Amounts falling due after more than one year

9

(5,011

)

(15,033

)

PROVISIONS FOR LIABILITIES

(72,391

)

(35,872

)

NET ASSETS

294,595

178,179

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

294,495

178,079

SHAREHOLDERS' FUNDS

294,595

178,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2025 and were signed by:

Mr I Williams - Director

1.	STATUTORY INFORMATION

Ian Williams Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The accounts have been prepared on the assumption that the company is able to carry on business as a

going concern, which the directors considers is appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on reducing balance

Artificial gallops

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2023

and 30 November 2024

1,500

AMORTISATION

At 1 December 2023

and 30 November 2024

1,500

NET BOOK VALUE

At 30 November 2024

-

At 30 November 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Artificial

and

property

gallops

fittings

£

£

£

COST

At 1 December 2023

80,000

60,082

55,644

Additions

-

-

25,482

At 30 November 2024

80,000

60,082

81,126

DEPRECIATION

At 1 December 2023

75,495

47,600

44,206

Charge for year

1,126

3,120

3,809

At 30 November 2024

76,621

50,720

48,015

NET BOOK VALUE

At 30 November 2024

3,379

9,362

33,111

At 30 November 2023

4,505

12,482

11,438

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2023

334,215

15,191

545,132

Additions

181,412

6,822

213,716

At 30 November 2024

515,627

22,013

758,848

DEPRECIATION

At 1 December 2023

220,873

13,475

401,649

Charge for year

57,245

2,335

67,635

At 30 November 2024

278,118

15,810

469,284

NET BOOK VALUE

At 30 November 2024

237,509

6,203

289,564

At 30 November 2023

113,342

1,716

143,483

6.

STOCKS

30.11.24

30.11.23

£

£

Stocks

532,208

496,320

7.

DEBTORS

30.11.24

30.11.23

£

£

Amounts falling due within one year:

Trade debtors

414,746

501,709

Prepayments

14,483

13,147

429,229

514,856

Amounts falling due after more than one year:

Related Parties

193,324

209,216

Aggregate amounts

622,553

724,072

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.24

30.11.23

£

£

Bank loans and overdrafts

33,115

10,022

Trade creditors

353,061

436,444

Tax

21,462

23,493

Social security and other taxes

24,714

44,690

VAT

167,858

153,193

Other creditors

7,228

1,603

Wages control account

-

10,422

Pension control account

2,950

3,381

Directors' current accounts

441,912

476,303

Deferred income

21,211

12,083

Accrued expenses

3,924

4,456

1,077,435

1,176,090

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.24

30.11.23

£

£

Bank loans - 1-2 years

5,011

10,022

Bank loans - 2-5 years

-

5,011

5,011

15,033

10.	RELATED PARTY DISCLOSURES

Included in other debtors falling due after more than one years is £193,324.42 (2023 £209,216) due from a related company. This is a related company due to the same director controlling both that company and Ian Williams Racing Limited.