Highclere Thoroughbred Racing Limited - Period Ending 2020-11-30
Highclere Thoroughbred Racing Limited - Period Ending 2020-11-30
Registration number:
for the Year Ended
Highclere Thoroughbred Racing Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Highclere Thoroughbred Racing Limited
(Registration number: 02682549)
Balance Sheet as at 30 November 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
1,726,684 |
1,280,784 |
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Shareholders' funds |
1,726,784 |
1,280,884 |
Highclere Thoroughbred Racing Limited
(Registration number: 02682549)
Balance Sheet as at 30 November 2020
For the financial year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
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 - 'The Financial Reporting Standard applicable in the UK 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.
Summary of disclosure exemptions
The company has taken advantage of exemptions conferred by Financial Reporting Standard 102 - Related Party Disclosures not to disclose transactions between wholly owned members of the same group.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Foreign currency transactions and balances
Foreign currency transactions are translated into functional currency using spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
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.
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 |
Short-term leasehold property |
Over length of lease |
Plant and machinery |
50% straight line |
Motor vehicles |
25% straight line |
Fixtures and fittings |
10% - 30% straight line |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Horses in training are valued at the lower of cost and net realisable 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.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
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.
Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2019 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
- |
( |
At 30 November 2020 |
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Depreciation |
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At 1 December 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 30 November 2020 |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Other investments |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2019 |
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Provision |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Bronzes/trophies etc held at cost less impairment |
£ |
Cost |
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At 1 December 2019 |
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Provision |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Stocks |
2020 |
2019 |
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Horses in training |
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Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to managed syndicates |
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Taxation and social security |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Highclere Thoroughbred Racing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 December 2019 |
Advances to directors |
Repayments by director |
At 30 November 2020 |
The Hon H M Herbert |
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Director loan account on which interest is charged at HMRC's official rate |
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( |
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2019 |
At 1 December 2018 |
Advances to directors |
Repayments by director |
At 30 November 2019 |
The Hon H M Herbert |
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Director loan account on which interest is charged at HMRC's official rate |
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( |
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