RacingXS Ltd
Registered number: 07689137
Statement of Financial Position
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 192 256
Current assets
Stocks 10,021 10,240
Debtors 4 828 1,574
Cash at bank and in hand 945 5,504
11,794 17,318
Creditors: amounts falling due within one year 5 (41,762) (41,460)
Net current liabilities (29,968) (24,142)
Total assets less current liabilities (29,776) (23,886)
Creditors: amounts falling due after more than one year 6 (14,006) (21,096)
Net liabilities (43,782) (44,982)
Capital and reserves
Called up share capital 400 400
Profit and loss account (44,182) (45,382)
Shareholders' funds (43,782) (44,982)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Wade
Director
Approved by the board on 10 October 2023
RacingXS Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The director considers the company to be a going concern, notwithstanding that there are losses of £44,182. They have reviewed the potential future of the company and consider that it will continue to trade profitably for the foreseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 1,279
At 30 June 2023 1,279
Depreciation
At 1 July 2022 1,023
Charge for the year 64
At 30 June 2023 1,087
Net book value
At 30 June 2023 192
At 30 June 2022 256
4 Debtors 2023 2022
£ £
Other debtors 828 1,574
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,090 6,949
Accruals 1,015 965
Other taxes and social security costs 338 338
Other creditors 33,319 33,208
41,762 41,460
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,006 21,096
7 Prior year adjustments
The comparative figures have been restated to reverse overstated sales and overstated bank balances. The change has resulted in profits available for distribution at 30 June 2022 decreasing by £1,047.
Summary of accounting impact £
Decrease in turnover 1,047
Decrease in cash at bank and in hand 1,047
Decrease in profit and loss account (1,047)
8 Other information
RacingXS Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Broadway Green Farm
Broadway Road
Lightwater
GU18 5SU
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