Ian Williams Racing Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05994888 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2022

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

145,929

197,090

145,929

197,090

CURRENT ASSETS

Stocks

6

249,487

442,456

Debtors

7

673,594

779,289

Cash at bank

160,372

106,448

1,083,453

1,328,193

CREDITORS

Amounts falling due within one year

8

1,003,807

1,251,594

NET CURRENT ASSETS

79,646

76,599

TOTAL ASSETS LESS CURRENT LIABILITIES

225,575

273,689

CREDITORS

Amounts falling due after more than one year

9

(25,055

)

(35,078

)

PROVISIONS FOR LIABILITIES

(34,273

)

(46,922

)

NET ASSETS

166,247

191,689

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

166,147

191,589

SHAREHOLDERS' FUNDS

166,247

191,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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 30 November 2023 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.

The COVID-19 pandemic and the ensuing government lockdown on 23 March 2020 has affected the post year end turnover, profitability and cashflow of the business.

The directors are confident that additional actions they have taken mean that the company is able to continue as a going concern.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2021 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

1,500

AMORTISATION

At 1 December 2021

and 30 November 2022

1,500

NET BOOK VALUE

At 30 November 2022

-

At 30 November 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Artificial

and

property

gallops

fittings

£

£

£

COST

At 1 December 2021

80,000

52,783

57,592

Additions

-

-

-

Disposals

-

-

(6,000

)

At 30 November 2022

80,000

52,783

51,592

DEPRECIATION

At 1 December 2021

71,991

40,325

40,762

Charge for year

2,002

3,114

3,733

Eliminated on disposal

-

-

(4,102

)

At 30 November 2022

73,993

43,439

40,393

NET BOOK VALUE

At 30 November 2022

6,007

9,344

11,199

At 30 November 2021

8,009

12,458

16,830

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2021

319,215

12,127

521,717

Additions

-

982

982

Disposals

-

-

(6,000

)

At 30 November 2022

319,215

13,109

516,699

DEPRECIATION

At 1 December 2021

162,802

8,747

324,627

Charge for year

39,103

2,293

50,245

Eliminated on disposal

-

-

(4,102

)

At 30 November 2022

201,905

11,040

370,770

NET BOOK VALUE

At 30 November 2022

117,310

2,069

145,929

At 30 November 2021

156,413

3,380

197,090

6.

STOCKS

30.11.22

30.11.21

£

£

Stocks

249,487

442,456

7.

DEBTORS

30.11.22

30.11.21

£

£

Amounts falling due within one year:

Trade debtors

393,647

499,562

Other debtors

15,000

15,000

Prepayments

19,041

18,821

427,688

533,383

Amounts falling due after more than one year:

Related Parties

245,906

245,906

Aggregate amounts

673,594

779,289

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans and overdrafts

10,022

10,022

Other loans

20,000

20,000

Trade creditors

212,203

616,836

Deposits in advance

96,000

-

Tax

29,886

58,644

Social security and other taxes

10,871

16,349

VAT

146,367

118,417

Other creditors

1,131

1,840

Wages control account

10,547

2,183

Pension control account

2,753

1,798

Directors' current accounts

419,227

389,392

Deferred income

20,844

11,763

Accrued expenses

23,956

4,350

1,003,807

1,251,594

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans - 1-2 years

10,022

10,022

Bank loans - 2-5 years

15,033

25,056

25,055

35,078

10.	RELATED PARTY DISCLOSURES

Included in other debtors falling due after more than one years is £245,906 ( 2021 £245,906) due from a related company. This is a related company due to the same director controlling both that company and Ian Williams Racing Limited.