Paddy Campbell Racing Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03851760 (England and Wales)

PADDY CAMPBELL RACING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M M Campbell

SECRETARY:

P F C Sabine

REGISTERED OFFICE:

Gladstone House

77-79 High Street

Egham

Surrey

TW20 9HY

REGISTERED NUMBER:

03851760 (England and Wales)

FIXED ASSETS

Intangible assets

4

296,670

318,137

Tangible assets

5

4,237

5,282

300,907

323,419

CURRENT ASSETS

Debtors

6

5,499

-

Cash at bank and in hand

13,337

43,144

18,836

43,144

CREDITORS

Amounts falling due within one year

7

(92,527

)

(132,288

)

NET CURRENT LIABILITIES

(73,691

)

(89,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

227,216

234,275

CREDITORS

Amounts falling due after more than one year

8

(219,270

)

(226,628

)

PROVISIONS FOR LIABILITIES

(532

)

(707

)

NET ASSETS

7,414

6,940

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

7,412

6,938

SHAREHOLDERS' FUNDS

7,414

6,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 11 December 2017 and were signed by:

M M Campbell - Director

1.	STATUTORY INFORMATION

Paddy Campbell 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

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting

is appropriate because there are no material uncertainties related to events or conditions that may cast

significant doubt about the ability of the company to continue as a going concern.

Turnover

Turnover is the total amount received by the company for on course bets less the total winnings paid

out.

In the opinion of the director, treating net takings as turnover will enable the users of these financial

statements to gain a better understanding of the actual income of the company.

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.

Pitches are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets

The racecourse pitches are valued at cost and amortised on a straight-line basis over their useful

economic life of 15 years. The useful economic life is then reviewed regularly.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the

current or past reporting periods using tax rates that have been enacted or substantively enacted by

the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term

deposits with an original maturity date of three months or less. For the purpose of the consolidated

cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined

above, net of outstanding bank overdrafts.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Equity

Equity comprises of the following:

- "Share capital" represents the nominal value of equity shares.

- "Retained earnings" represents retained profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

548,327

Additions

20,000

Disposals

(29,206

)

At 31 March 2017

539,121

AMORTISATION

At 1 April 2016

230,190

Charge for year

33,244

Eliminated on disposal

(20,983

)

At 31 March 2017

242,451

NET BOOK VALUE

At 31 March 2017

296,670

At 31 March 2016

318,137

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

32,755

Additions

595

At 31 March 2017

33,350

DEPRECIATION

At 1 April 2016

27,473

Charge for year

1,640

At 31 March 2017

29,113

NET BOOK VALUE

At 31 March 2017

4,237

At 31 March 2016

5,282

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

5,499

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

9,237

7,058

Other creditors

83,290

125,230

92,527

132,288

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

219,270

226,628

Amounts falling due in more than five years:

Repayable by instalments

Other loans - over 5 years

instalments

187,123

195,595

187,123

195,595

The loan relates to amounts due to The Paddy Campbell (Racing) Ltd Pension Fund (formerly

Ownerhappy Executive Pension Fund), a pension fund run on behalf of the director, M M Campbell.

Interest is payable at 3% above base rate per annum.

During the year, the company incurred interest of £7,894 (2016 - £7,134) on this loan.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Remuneration and dividends paid to the director amounted to £42,664 (2016 - £8,064).

At the year end, the company was owed £5,499 by the director (2016 - £56,099 owed to the director).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, M M Campbell.

11.	FIRST YEAR ADOPTION

The company adopted FRS 102 for the year ended 31 March 2017. No financial measurement

changes have taken place as a result of the transition and accordingly there are no differences in the

equity position of the company as at 1 April 2015 or 31 March 2016 and no changes to the profit and

loss determined under the previous GAAP.