Registered Number 03888606
ALAN KING RACING LIMITED
Abbreviated Accounts
30 April 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Called up share capital not paid |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
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 (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant and machinery 25% straight line - Office equipment
14% straight line - Stable equipment
25% straight line - Motor cars
10% straight line - Horseboxes
Other accounting policies
Stock is valued at the lower of cost and net realisable value
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Leasing and hirepurchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hore purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease.
Rentals paid under operating leases are charged to income on a straight line vasis over the lease term.
Joint arrangement#
The company'd activity includes a 20% share in a joint arrangement entered into with a third party, the principal activity being the purchase and sale of young racehorses. All assets, liabilities, income and expenses shown in the accounts relate to the company's share in the joint arrangement, measured according to the terms of the agreement governing the arrangement.
Pensions
The company operates a defined contribution pension scheme. Comtributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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Cost | |
At 1 May 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 April 2016 |
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Depreciation | |
At 1 May 2015 |
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Charge for the year |
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On disposals |
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At 30 April 2016 |
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Net book values | |
At 30 April 2016 | 262,789 |
At 30 April 2015 | 181,345 |