Ian Williams Racing Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05994888 (England and Wales)

Ian Williams Racing Limited

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

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

2

-

Tangible assets

3

79,708

106,279

79,708

106,279

CURRENT ASSETS

Stocks

452,327

320,822

Debtors

275,602

321,609

Cash at bank

7,298

3,139

735,227

645,570

CREDITORS

Amounts falling due within one year

780,882

710,502

NET CURRENT LIABILITIES

(45,655

)

(64,932

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

34,053

41,347

CREDITORS

Amounts falling due after more than one
year

-

(12,850

)

PROVISIONS FOR LIABILITIES

(15,942

)

(21,256

)

NET ASSETS

18,111

7,241

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

18,011

7,141

SHAREHOLDERS' FUNDS

18,111

7,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 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 31 August 2017 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 January 2015).

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 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.

Deferred tax

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

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

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 2015

and 30 November 2016

1,500

AMORTISATION

At 1 December 2015

and 30 November 2016

1,500

NET BOOK VALUE

At 30 November 2016

-

At 30 November 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

231,477

DEPRECIATION

At 1 December 2015

125,198

Charge for year

26,571

At 30 November 2016

151,769

NET BOOK VALUE

At 30 November 2016

79,708

At 30 November 2015

106,279

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

1

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.