Ian Williams Racing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05994888 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2019

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

151,739

163,022

151,739

163,022

CURRENT ASSETS

Stocks

6

21,000

288,064

Debtors

7

640,322

593,951

Cash at bank

55,143

44,337

716,465

926,352

CREDITORS

Amounts falling due within one year

8

774,107

1,009,707

NET CURRENT LIABILITIES

(57,642

)

(83,355

)

TOTAL ASSETS LESS CURRENT LIABILITIES

94,097

79,667

CREDITORS

Amounts falling due after more than one year

9

(17,492

)

(35,918

)

PROVISIONS FOR LIABILITIES

(28,830

)

(30,974

)

NET ASSETS

47,775

12,775

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

47,675

12,675

SHAREHOLDERS' FUNDS

47,775

12,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 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 22 October 2020 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern basis of accounting

The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate having regard to the circumstances outlined in a note to the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2018 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

1,500

AMORTISATION

At 1 December 2018

and 30 November 2019

1,500

NET BOOK VALUE

At 30 November 2019

-

At 30 November 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Artificial

and

property

gallops

fittings

£

£

£

COST

At 1 December 2018

80,000

26,833

38,054

Additions

-

25,950

7,809

At 30 November 2019

80,000

52,783

45,863

DEPRECIATION

At 1 December 2018

61,016

23,252

21,816

Charge for year

4,746

7,382

6,012

At 30 November 2019

65,762

30,634

27,828

NET BOOK VALUE

At 30 November 2019

14,238

22,149

18,035

At 30 November 2018

18,984

3,581

16,238

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2018

185,515

-

330,402

Additions

-

6,230

39,989

At 30 November 2019

185,515

6,230

370,391

DEPRECIATION

At 1 December 2018

61,296

-

167,380

Charge for year

31,055

2,077

51,272

At 30 November 2019

92,351

2,077

218,652

NET BOOK VALUE

At 30 November 2019

93,164

4,153

151,739

At 30 November 2018

124,219

-

163,022

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2018

and 30 November 2019

123,715

DEPRECIATION

At 1 December 2018

45,846

Charge for year

19,467

At 30 November 2019

65,313

NET BOOK VALUE

At 30 November 2019

58,402

At 30 November 2018

77,869

6.

STOCKS

2019

2018

£

£

Stocks

21,000

288,064

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

625,359

587,075

Tax

-

2,560

Prepayments

14,963

4,316

640,322

593,951

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

12,630

-

Other loans

20,000

20,000

Hire purchase contracts

18,426

22,870

Trade creditors

412,394

750,797

Tax

17,010

-

Social security and other taxes

8,920

15,021

VAT

112,255

159,406

Other creditors

2,423

6,066

Pension control account

1,212

788

Directors' current accounts

150,138

3,226

Deferred income

15,849

28,683

Accrued expenses

2,850

2,850

774,107

1,009,707

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

17,492

35,918

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

35,918

58,788

The hire purchase creditors are secured on the assets concerned.