Company Registration No. 08812840 (England and Wales)
HARRY FRY RACING LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
HARRY FRY RACING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
HARRY FRY RACING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
130,000
145,000
Tangible assets
2
44,433
24,502
174,433
169,502
Current assets
Stocks
197,719
101,756
Debtors
151,240
126,962
Cash at bank and in hand
4,474
478
353,433
229,196
Creditors: amounts falling due within one year
(606,075)
(413,982)
Net current liabilities
(252,642)
(184,786)
Total assets less current liabilities
(78,209)
(15,284)
Creditors: amounts falling due after more than one year
(11,580)
(3,056)
(89,789)
(18,340)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(89,889)
(18,440)
Shareholders' funds
(89,789)
(18,340)
HARRY FRY RACING LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2015
30 June 2015
- 2 -
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 March 2016
Mr R A Fry
Director
Company Registration No. 08812840
HARRY FRY RACING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
As at 30 June 2015 the company had net liabilities of £89,789 and net current liabilities of £252,642. Included within current liabilities was £184,376 owed to the directors.
The directors have confirmed that they do not intend to withdraw their support provided through these short term loans until the company has sufficient surplus funds to enable them to do so.
The period in question has seen significant growth in the company's activities. This has continued in the June 2016 year, with the company reporting a profit in that year to date.
The directors are therefore satisfied that the adoption of the going concern basis is wholly appropriate.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of its racehorse related activities including training fees, bloodstock sales and prize money won exclusive of Value Added Tax and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment
25% straight line
Computer equipment
20% straight line
Motor vehicles
25% straight line
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
HARRY FRY RACING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 July 2014
150,000
27,655
177,655
Additions
-
41,150
41,150
Disposals
-
(10,313)
(10,313)
At 30 June 2015
150,000
58,492
208,492
Depreciation
At 1 July 2014
5,000
3,153
8,153
On disposals
-
(1,331)
(1,331)
Charge for the year
15,000
12,237
27,237
At 30 June 2015
20,000
14,059
34,059
Net book value
At 30 June 2015
130,000
44,433
174,433
At 30 June 2014
145,000
24,502
169,502
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
HARRY FRY RACING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
4
Related party relationships and transactions
(Continued)
- 5 -
Transactions with directors
Included within creditors are the following amounts owed by the company to the directors:
2015 2014
H T B Fry £150,472 £194,288
R A Fry £33,889 £33,889
C Fry £15 £419
These amounts are unsecured and interest free.
Included within the balances attributable to H T B Fry and R A Fry are the assets and liabilities from Harry Fry Racing 2 LLP that were transferred to the company on 1 March 2014.