Kelso Races Limited - Limited company - abbreviated - 11.0.0
Kelso Races Limited - Limited company - abbreviated - 11.0.0
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 31 May 2014 |
| for |
| Kelso Races Limited |
| Kelso Races Limited (Registered number: SC014994) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 May 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Kelso Races Limited |
| Company Information |
| for the Year Ended 31 May 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Kelso Races Limited (Registered number: SC014994) |
| Abbreviated Balance Sheet |
| 31 May 2014 |
| 31/5/14 | 31/5/13 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| Investments | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
4 |
( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Other reserves |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| Kelso Races Limited (Registered number: SC014994) |
| Abbreviated Balance Sheet - continued |
| 31 May 2014 |
| The financial statements were approved by the Board of Directors on by: |
| Kelso Races Limited (Registered number: SC014994) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 May 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company meets its day to day working capital requirements through an overdraft facility which is repayable |
| on demand. The company expects to operate within the facility currently agreed and within that expected to be |
| agreed periodically with the company's bankers. These views are based on the company's plans and on the |
| successful outcome of discussions with the company's bankers. |
| 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 April 2008). |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
| small company. |
| Turnover |
| Turnover represents net income from raceday activities, excluding value added tax. |
| Tangible fixed assets |
| Grandstands | - |
| Improvements to property | - |
| Fixtures, fittings, plant and machinery | - |
| 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 contributes to the personal pension schemes of certain employees. Contributions payable for the |
| year are charged in the profit and loss account. |
| Grants and capital contributions |
| Capital contributions received from the Horserace Betting Levy Board are capitalised in the balance sheet and |
| amortised over a period specified at the time the grant was made. This amortisation appears in the Profit and |
| Loss account. |
| Media rights income |
| Income received in advance under media rights contracts is deferred and recognised evenly over the period of the |
| contract. |
| Kelso Races Limited (Registered number: SC014994) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 May 2014 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 June 2013 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2014 |
| DEPRECIATION |
| At 1 June 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2014 |
| NET BOOK VALUE |
| At 31 May 2014 |
| At 31 May 2013 |
| 3. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| At 1 June 2013 |
| and 31 May 2014 | 200 |
| NET BOOK VALUE |
| At 31 May 2014 |
| At 31 May 2013 |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/5/14 | 31/5/13 |
| value: | £ | £ |
| Ordinary Shares | £10 |
| Kelso Races Limited (Registered number: SC014994) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 May 2014 |
| 6. | RELATED PARTY DISCLOSURES |
| Sale & Partners |
| A business in which Mr R M Landale is a partner. |
| This business became part of Smiths Gore on 1st January 2014 |
| Fees for professional services were paid to Sale & Partners in the period totalling £161,349 (Net of VAT) (2013 |
| - £150,415). |
| As at 31st May 2013, there was £NIL (Net of VAT) (2013 - £NIL) due for professional services. |
| Roxburghe Estates |
| A business in which The Duke of Roxburghe is a partner |
| Rents included in the accounts payable to Roxburghe Estates total £40,250 (2013 - £32,000). |
| 31/5/14 | 31/5/13 |
| £ | £ |
| Amount due to related party at the balance sheet date |