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REGISTERED NUMBER: SC406433 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

QUEST RACING SUPPORT SERVICES LIMITED

QUEST RACING SUPPORT SERVICES LIMITED (REGISTERED NUMBER: SC406433)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QUEST RACING SUPPORT SERVICES LIMITED

Company Information
for the Year Ended 31 December 2022







DIRECTOR: A D Cooke





SECRETARY: Infinity Secretaries Limited





REGISTERED OFFICE: 5 Carden Place
Aberdeen
AB10 1UT





REGISTERED NUMBER: SC406433 (Scotland)






QUEST RACING SUPPORT SERVICES LIMITED (REGISTERED NUMBER: SC406433)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 484,125 52,520

CURRENT ASSETS
Stocks - 93,000
Debtors 5 135,366 1,200
Cash at bank 117,759 25,819
253,125 120,019
CREDITORS
Amounts falling due within one year 6 364,329 118,616
NET CURRENT (LIABILITIES)/ASSETS (111,204 ) 1,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

372,921

53,923

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 7 229,950 -
Retained earnings 142,970 53,922
SHAREHOLDERS' FUNDS 372,921 53,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:




A D Cooke - Director


QUEST RACING SUPPORT SERVICES LIMITED (REGISTERED NUMBER: SC406433)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Quest Racing Support Services Limited is a private company, limited by shares , registered in Scotland. 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.

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 - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost, 20% on cost and 10% 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 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.

Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

QUEST RACING SUPPORT SERVICES LIMITED (REGISTERED NUMBER: SC406433)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2022 73,833 5,850 244,848 324,531
Additions - - 479,124 479,124
At 31 December 2022 73,833 5,850 723,972 803,655
DEPRECIATION
At 1 January 2022 73,833 5,850 192,328 272,011
Charge for year - - 47,519 47,519
At 31 December 2022 73,833 5,850 239,847 319,530
NET BOOK VALUE
At 31 December 2022 - - 484,125 484,125
At 31 December 2021 - - 52,520 52,520

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by participating interests 135,000 -
Other debtors 366 1,200
135,366 1,200

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to participating interests 223,780 3,600
Taxation and social security 25,533 -
Other creditors 115,016 115,016
364,329 118,616

7. RESERVES
Revaluation
reserve
£   
Tangibles 229,950

At 31 December 2022 229,950

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A D Cooke.