Ian Williams Racing Ltd - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 05994888 (England and Wales)

Ian Williams Racing Ltd

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2013

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTOR:

Mr I Williams

SECRETARY:

Mrs J E 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

2

-

-

Tangible assets

3

35,718

41,887

35,718

41,887

CURRENT ASSETS

Stocks

242,848

82,753

Debtors

271,269

313,175

Cash at bank

10,839

16,107

524,956

412,035

CREDITORS

Amounts falling due within one year

541,086

443,152

NET CURRENT LIABILITIES

(16,130

)

(31,117

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,588

10,770

PROVISIONS FOR LIABILITIES

5,788

6,723

NET ASSETS

13,800

4,047

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

13,700

3,947

SHAREHOLDERS' FUNDS

13,800

4,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 August 2014 and were signed by:

Mr I Williams - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Tangible fixed assets

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

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2012

and 30 November 2013

1,500

AMORTISATION

At 1 December 2012

and 30 November 2013

1,500

NET BOOK VALUE

At 30 November 2013

-

At 30 November 2012

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2012

80,609

Additions

5,738

At 30 November 2013

86,347

DEPRECIATION

At 1 December 2012

38,722

Charge for year

11,907

At 30 November 2013

50,629

NET BOOK VALUE

At 30 November 2013

35,718

At 30 November 2012

41,887

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.13

30.11.12

value:

£

£

100

Ordinary

1

100

100

5.	GOING CONCERN

The director will continue to support the company and as a result the director has adopted the going

concern basis of accounting.