John Gosden Limited - Period Ending 2021-03-31
John Gosden Limited - Period Ending 2021-03-31
Registration number:
for the Year Ended
John Gosden Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
John Gosden Limited
Company Information
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Directors |
J H M Gosden R D S Hood T Gosden-Hood |
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Company secretary |
R D S Hood |
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Registered office |
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Auditors |
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John Gosden Limited
Strategic Report for the Year Ended 31 March 2021
The directors present their strategic report for the year ended 31 March 2021.
Principal activity
The principal activity of the company is the training of thoroughbred horses.
Fair review of the business
The directors consider that the financial performance of the company was satisfactory particularly against the background of the global Covid-19 pandemic, which began in late March 2020 and thus affected the whole of the year ended 31 March 2021.
There was no thoroughbred horseracing in the UK in April and May 2020 and the whole season was reshaped, which inevitably affected the opportunities for the horses to race. Prize money was also affected because bookmakers’ shops remained closed for an extended period in tandem with all other retail outlets.
Consequently turnover decreased by 14.0% from £9.86m in 2020 to £8.48m in 2021.
Whilst the yard retained its Champion Trainer status the prize money total was less than half the prior year. Four horses earned in excess of £200,000 in UK prize money including Enable and Stradivarius. This is compared to eight horses in excess of this level in the prior year.
Training fees remained broadly constant compared with the pre-pandemic year to 31 March 2020.
Gross profit in the year ended 31 March 2021 was £2.28m (2020: £3.17m).
Overheads and other fixed costs were well controlled, falling from £1.39m last year to £1.25m in the current year, resulting in a net profit before tax of £1.11m (2020: £1.82m).
The balance sheet remains healthy with net current assets of £2.8m (2020: £1.8m) and net assets of £4.9m (2020: £4.1m).
Principal risks and uncertainties
The principal financial instruments comprise bank balances, trade debtors and trade creditors all of which combine to provide the funds required to finance the company’s operations in the normal course of business.
The nature of the above financial instruments protects the company from exposure to significant price risk.
Liquidity risk is managed by maintaining credit balances with its bankers sufficient to cover all known and committed expenditure for an appropriate period, which also ensures that suppliers are paid in accordance with their terms of trade.
Management of credit risk is given a high priority and trade debtors are regularly reviewed and appropriate action taken when problems are identified.
The Covid-19 pandemic has emphasised that some risks are outside the company’s immediate control and its effects are continuing into the financial year ending 31 March 2022. This will inevitably present challenges for the horseracing industry and all business in general.
One such challenge is the increase in inflation, which, at the time of writing, is predicted to exceed 10% during the calendar year 2022. The directors are continuously monitoring the company’s financial performance and taking appropriate action where possible.
John Gosden Limited
Strategic Report for the Year Ended 31 March 2021
Key performance indicators
The key performance indicators of particular relevance to the financial statements of the company are:
- Occupancy of the yard - the aim is to ensure that all the stables are full.
- Number of winners - the aim is to maintain the winners/runners ratio.
- Quality of winners - the number of pattern races won.
- Contribution per horse - training fees to ensure that all horses make a positive contribution to fixed costs irrespective of their racecourse performance.
- Liquidity ratio - to ensure sufficient cash is available to cover known and committed costs for a defined future period.
Approved and authorised by the
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John Gosden Limited
Directors' Report for the Year Ended 31 March 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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John Gosden Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
John Gosden Limited
Independent Auditor's Report to the Members of John Gosden Limited
Opinion
We have audited the financial statements of John Gosden Limited (the 'company') for the year ended 31 March 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In the previous year the company was exempt from the requirement to have a statutory audit of its financial statements and, consequently, the opening balances are unaudited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
John Gosden Limited
Independent Auditor's Report to the Members of John Gosden Limited
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
John Gosden Limited
Independent Auditor's Report to the Members of John Gosden Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, employment regulation and health and safety regulation, corruption and fraud, and money laundering and we considered the effect to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
• Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to the applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing and analytical review procedures to identify any unusual or unexpected relationships
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
John Gosden Limited
Independent Auditor's Report to the Members of John Gosden Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
2 Old Bath Road
Berkshire
RG14 1QL
John Gosden Limited
Profit and Loss Account for the Year Ended 31 March 2021
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Note |
2021 |
2020 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
1,101,285 |
1,820,619 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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6,581 |
1,625 |
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Profit before tax |
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
John Gosden Limited
Statement of Comprehensive Income for the Year Ended 31 March 2021
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2021 |
2020 |
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Profit for the year |
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Total comprehensive income for the year |
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John Gosden Limited
(Registration number: 10767434)
Balance Sheet as at 31 March 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Share premium reserve |
203,425 |
203,425 |
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Retained earnings |
4,700,048 |
3,881,129 |
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Shareholders' funds |
4,903,573 |
4,084,654 |
Approved and authorised by the
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John Gosden Limited
Statement of Changes in Equity for the Year Ended 31 March 2021
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2019 |
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|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 March 2020 |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2020 |
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Profit for the year |
- |
- |
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At 31 March 2021 |
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John Gosden Limited
Statement of Cash Flows for the Year Ended 31 March 2021
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Note |
2021 |
2020 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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|
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Loss/(profit) on disposal of tangible assets |
|
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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||
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Working capital adjustments |
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Decrease in stocks |
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(Increase)/decrease in trade debtors |
( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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|
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
- |
( |
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Payments to finance lease creditors |
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( |
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Dividends paid |
- |
( |
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Net cash flows from financing activities |
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( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
2,421,112 |
1,839,317 |
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John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Clarehaven Stables
Bury Road
Newmarket
Suffolk
CB8 7BY
England
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of sporting activities in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods |
Key sources of estimation uncertainty
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £2,195,083 (2020 -£2,296,674).
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. When a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
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:
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Asset class |
Depreciation method and rate |
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Freehold property |
2% straight-line |
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Hostel and accommodation |
25% reducing balance |
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Saddlery and stable equipment |
25% reducing balance |
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Property improvements |
2% straight-line |
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Fixtures and fittings |
25% reducing balance |
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Plant and equipment |
25% reducing balance |
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Motor vehicles |
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 merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and market value.
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.
Leases
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 are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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.
Financial instruments
Classification
Recognition and measurement
Financial assets are only offset in the Balance Sheet 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.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Impairment
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been effected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2021 |
2020 |
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Government grants |
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- |
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Miscellaneous other operating income |
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2021 |
2020 |
|
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(Loss)/gain on disposal of Tangible assets |
( |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2021 |
2020 |
|
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Depreciation expense |
|
|
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Loss/(profit) on disposal of property, plant and equipment |
|
( |
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Government grants |
The amount of grants recognised in the financial statements was £
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Other interest receivable and similar income |
|
2021 |
2020 |
|
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Interest income on bank deposits |
|
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John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Interest payable and similar expenses |
|
2021 |
2020 |
|
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Interest on bank overdrafts and borrowings |
|
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Interest on obligations under finance leases and hire purchase contracts |
|
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Interest expense on other finance liabilities |
- |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2021 |
2020 |
|
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Wages and salaries |
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Other short-term employee benefits |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2021 |
2020 |
|
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Operations |
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Administration and support |
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2021 |
2020 |
|
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Remuneration |
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Contributions paid to money purchase schemes |
|
|
|
123,275 |
148,182 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
2021 |
2020 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2021 |
2020 |
|
|
Audit of the financial statements |
|
- |
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2021 |
2020 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
238,156 |
366,097 |
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
50,791 |
- |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
2021 |
2020 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax charge |
|
|
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Tangible assets |
|
Land and buildings |
Hostel and accommodation |
Saddlery and stable equipment |
Property improvements |
Fixtures and fittings |
Plant and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||||
|
At 1 April 2020 |
|
|
|
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
|
|
|
Disposals |
- |
- |
- |
- |
- |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
|
|
|
|
|
Depreciation |
||||||||
|
At 1 April 2020 |
|
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
- |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
|
|
|
|
|
Carrying amount |
||||||||
|
At 31 March 2021 |
|
|
|
|
|
|
|
|
|
At 31 March 2020 |
|
|
|
|
|
|
|
|
Included within the net book value of land and buildings above is £1,411,114 (2020 - £1,441,666) in respect of freehold land and buildings.
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2021 |
2020 |
|
|
Motor vehicles |
73,794 |
- |
|
Stocks |
|
2021 |
2020 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
2021 |
2020 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
Note |
2021 |
2020 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
- |
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
230,544 |
363,794 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
Additional provisions |
|
|
|
At 31 March 2021 |
|
|
|
|
||
All of the provision for deferred tax relates to timing differences arising between capital allowances and depreciation.
The net net deferred tax liability expected to reverse in 2022 is £nil.
There are no unused tax losses or unused tax credits.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
|
|
|
Loans and borrowings |
|
2021 |
2020 |
|
|
Non-current loans and borrowings |
||
|
Hire purchase contracts |
|
- |
John Gosden Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
2021 |
2020 |
|
|
Current loans and borrowings |
||
|
Hire purchase contracts |
|
- |
The above hire purchase contracts are secured on the assets to which they relate.
|
Related party transactions |
|
Transactions with directors |
|
2021 |
At 1 April 2020 |
Repayments by director |
At 31 March 2021 |
|
T Gosden-Hood |
|||
|
Director loan account |
|
( |
- |
|
2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
At 31 March 2020 |
|
T Gosden-Hood |
||||
|
Director loan account |
- |
|
( |
|
|
Other transactions with directors |
J Gosden and R Hood had a loan account with the company. At the balance sheet date the amount due to them was £nil (2020: £558).
During the year, the company occupied a property that was owned by certain directors on a rent free basis.
|
Non adjusting events after the financial period |
|
|