Company Registration No. 11132127 (England and Wales)
CUSTOM RACEWEAR LTD
Unaudited accounts
for the year ended 31 January 2023
CUSTOM RACEWEAR LTD
Unaudited accounts
Contents
CUSTOM RACEWEAR LTD
Company Information
for the year ended 31 January 2023
Company Number
11132127 (England and Wales)
Registered Office
20-22 WENLOCK ROAD
LONDON
N1 7GU
ENGLAND
Accountants
Taxez
5 South Charlotte Street
Edinburgh
EH2 4AN
CUSTOM RACEWEAR LTD
Statement of financial position
as at 31 January 2023
Tangible assets
7,538
5,853
Cash at bank and in hand
9,577
6,006
Creditors: amounts falling due within one year
(24,328)
(17,014)
Net current liabilities
(14,751)
(11,008)
Net liabilities
(7,213)
(5,155)
Called up share capital
2
2
Profit and loss account
(7,215)
(5,157)
Shareholders' funds
(7,213)
(5,155)
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2023 and were signed on its behalf by
Benjamin Bishop
Director
Company Registration No. 11132127
CUSTOM RACEWEAR LTD
Notes to the Accounts
for the year ended 31 January 2023
CUSTOM RACEWEAR LTD is a private company, limited by shares, registered in England and Wales, registration number 11132127. The registered office is 20-22 WENLOCK ROAD, LONDON, N1 7GU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Computer equipment
33.33% On cost
At the period end the company has total net liabilities of £12,168 (2022 - £5,155). The company has received a loan from the directors which remains unpaid. The directors will not seek repayment of the loan until the company's other debts have been met. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
CUSTOM RACEWEAR LTD
Notes to the Accounts
for the year ended 31 January 2023
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2022
9,595
1,995
11,590
At 31 January 2023
13,165
1,995
15,160
At 1 February 2022
3,742
1,995
5,737
Charge for the year
1,885
-
1,885
At 31 January 2023
5,627
1,995
7,622
At 31 January 2023
7,538
-
7,538
At 31 January 2022
5,853
-
5,853
5
Creditors: amounts falling due within one year
2023
2022
Loans from directors
23,909
16,714
6
Average number of employees
During the year the average number of employees was 1 (2022: 1).