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Registration number: 03049473

Reynolds Motorsport Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Reynolds Motorsport Management Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 7

 

Reynolds Motorsport Management Limited

Company Information

Directors

Mrs Jill Veronica Reynolds

Mr Charles Nicholas Reynolds

Company secretary

Mrs Jill Veronica Reynolds

Registered office

Manor Barn House
Water Stratford
Buckingham
Buckinghamshire
MK18 5DS

Accountants

Henson ReesRussell
Chartered Accountants
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reynolds Motorsport Management Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reynolds Motorsport Management Limited for the year ended 31 December 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Reynolds Motorsport Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reynolds Motorsport Management Limited and state those matters that we have agreed to state to the Board of Directors of Reynolds Motorsport Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reynolds Motorsport Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Reynolds Motorsport Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Reynolds Motorsport Management Limited. You consider that Reynolds Motorsport Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Reynolds Motorsport Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Henson ReesRussell
Chartered Accountants
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

19 August 2022

 

Reynolds Motorsport Management Limited

(Registration number: 03049473)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

598

485,817

Current assets

 

Debtors

5

-

2,358

Cash at bank and in hand

 

501,155

66,047

 

501,155

68,405

Creditors: Amounts falling due within one year

6

(24,058)

(68,462)

Net current assets/(liabilities)

 

477,097

(57)

Net assets

 

477,695

485,760

Capital and reserves

 

Called up share capital

38

38

Retained earnings

477,657

485,722

Shareholders' funds

 

477,695

485,760

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Reynolds Motorsport Management Limited

(Registration number: 03049473)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 18 August 2022 and signed on its behalf by:
 

.........................................
Mr Charles Nicholas Reynolds
Director

 

Reynolds Motorsport Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Manor Barn House
Water Stratford
Buckingham
Buckinghamshire
MK18 5DS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and sprecific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Reynolds Motorsport Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Reynolds Motorsport Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Investment property
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

485,020

15,994

501,014

Disposals

(485,020)

(13,854)

(498,874)

At 31 December 2021

-

2,140

2,140

Depreciation

At 1 January 2021

-

15,197

15,197

Charge for the year

-

199

199

Eliminated on disposal

-

(13,854)

(13,854)

At 31 December 2021

-

1,542

1,542

Carrying amount

At 31 December 2021

-

598

598

At 31 December 2020

485,020

797

485,817

5

debtors

2021
£

2020
£

Prepayments

-

2,108

Other debtors

-

250

-

2,358

Current

2021
£

2020
£

Prepayments

-

2,108

Other debtors

-

250

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Other creditors

 

24,058

68,462