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REGISTERED NUMBER: 04144251 (England and Wales)















Unaudited Financial Statements

FOR THE PERIOD

1 April 2021 to 6 June 2022

for

Racetech Developments Limited

Racetech Developments Limited (Registered number: 04144251)






Contents of the Financial Statements
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Racetech Developments Limited

Company Information
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022







DIRECTORS: D Jones
M Jones





REGISTERED OFFICE: 24 Meadow Rise
Tiffield
Towcester
Northamptonshire
NN12 8AP





REGISTERED NUMBER: 04144251 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Racetech Developments Limited (Registered number: 04144251)

Balance Sheet
6 JUNE 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 19,600
Tangible assets 5 - 175
- 19,775

CURRENT ASSETS
Stocks - 2,767
Debtors 6 374 -
Cash at bank 1,572 7,069
1,946 9,836
CREDITORS
Amounts falling due within one year 7 25,836 32,134
NET CURRENT LIABILITIES (23,890 ) (22,298 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(23,890

)

(2,523

)

PROVISIONS FOR LIABILITIES - 33
NET LIABILITIES (23,890 ) (2,556 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (23,892 ) (2,558 )
SHAREHOLDERS' FUNDS (23,890 ) (2,556 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 6 June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 6 June 2022 in accordance with Section 476 of the Companies Act 2006.

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.

Racetech Developments Limited (Registered number: 04144251)

Balance Sheet - continued
6 JUNE 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2022 and were signed on its behalf by:




D Jones - Director



M Jones - Director


Racetech Developments Limited (Registered number: 04144251)

Notes to the Financial Statements
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022

1. STATUTORY INFORMATION

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

The Company ceased trading on 06 June 2022 and the financial statements have been prepared on a basis other than that of the going concern basis.?This basis includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date if applicable. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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

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

Racetech Developments Limited (Registered number: 04144251)

Notes to the Financial Statements - continued
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 have been enacted or substantively enacted by the balance sheet date.


Racetech Developments Limited (Registered number: 04144251)

Notes to the Financial Statements - continued
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022

2. ACCOUNTING POLICIES - continued
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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Covid-19 related government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The grants are recognised under the performance model and the income recognised over the period on a straight-line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2021 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021 70,000
Disposals (70,000 )
At 6 June 2022 -
AMORTISATION
At 1 April 2021 50,400
Eliminated on disposal (50,400 )
At 6 June 2022 -
NET BOOK VALUE
At 6 June 2022 -
At 31 March 2021 19,600

Racetech Developments Limited (Registered number: 04144251)

Notes to the Financial Statements - continued
FOR THE PERIOD 1 APRIL 2021 TO 6 JUNE 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021 15,054
Disposals (15,054 )
At 6 June 2022 -
DEPRECIATION
At 1 April 2021 14,879
Eliminated on disposal (14,879 )
At 6 June 2022 -
NET BOOK VALUE
At 6 June 2022 -
At 31 March 2021 175

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 374 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors - 1,203
Taxation and social security - 2,633
Other creditors 25,836 28,298
25,836 32,134