REGISTERED NUMBER: 04651021 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31st March 2017

for

A.B. Racing Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

A Bailey

SECRETARY:

Mrs J P Bailey

REGISTERED OFFICE:

2nd Floor Dagnall House

Lower Dagnall Street

St Albans

Hertfordshire

AL3 4PA

REGISTERED NUMBER:

04651021 (England and Wales)

ACCOUNTANTS:

Wilton Mutlow & Co Limited

Accountants and Tax Advisors

2nd Floor Dagnall House

Lower Dagnall Street

St Albans

Hertfordshire

AL3 4PA

The director presents his report with the financial statements of the company for the year ended 31st March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of racehorse training services.

DIRECTORS

A Bailey has held office during the whole of the period from 1st April 2016 to the date of this report.

Other changes in directors holding office are as follows:

J F Stocker - resigned 30th November 2016

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

A Bailey - Director

26th May 2017

TURNOVER

372,679

390,381

Cost of sales

260,169

250,662

GROSS PROFIT

112,510

139,719

Administrative expenses

97,559

121,305

OPERATING PROFIT

4

14,951

18,414

Interest payable and similar expenses

322

1,213

PROFIT BEFORE TAXATION

14,629

17,201

Tax on profit

826

-

PROFIT FOR THE FINANCIAL YEAR

13,803

17,201

FIXED ASSETS

Tangible assets

5

1

1,876

CURRENT ASSETS

Stocks

9,610

30,387

Debtors

6

32,915

26,607

Cash at bank and in hand

42

9,876

42,567

66,870

CREDITORS

Amounts falling due within one year

7

63,574

83,555

NET CURRENT LIABILITIES

(21,007

)

(16,685

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,006

)

(14,809

)

CREDITORS

Amounts falling due after more than one year

8

-

20,000

NET LIABILITIES

(21,006

)

(34,809

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(21,008

)

(34,811

)

SHAREHOLDERS' FUNDS

(21,006

)

(34,809

)

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

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

The financial statements were approved by the director on 26th May 2017 and were signed by:

A Bailey - Director

1.	STATUTORY INFORMATION

A.B. 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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

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

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

-

625

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

9,011

Disposals

(2,500

)

At 31st March 2017

6,511

DEPRECIATION

At 1st April 2016

7,135

Eliminated on disposal

(625

)

At 31st March 2017

6,510

NET BOOK VALUE

At 31st March 2017

1

At 31st March 2016

1,876

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

32,915

26,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

8,905

-

Trade creditors

26,802

52,617

Taxation and social security

20,049

23,399

Other creditors

7,818

7,539

63,574

83,555

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

-

20,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Bailey.