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COMPANY REGISTRATION NUMBER: 11960840
Lyndon Poskitt Racing Limited
Filleted Unaudited Financial Statements
Year ended
31 March 2023
Lyndon Poskitt Racing Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
125,100
89,588
Current assets
Stocks
51,020
49,316
Debtors
6
66,410
88,952
Cash at bank and in hand
66,091
105,891
----------
----------
183,521
244,159
Creditors: amounts falling due within one year
7
17,851
104,534
----------
----------
Net current assets
165,670
139,625
----------
----------
Total assets less current liabilities
290,770
229,213
Provisions
23,769
17,022
----------
----------
Net assets
267,001
212,191
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
266,901
212,091
----------
----------
Shareholders funds
267,001
212,191
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lyndon Poskitt Racing Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 August 2023 , and are signed on behalf of the board by:
Mr L M Poskitt
Director
Company registration number: 11960840
Lyndon Poskitt Racing Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Garmancarr Lane, Wistow, Selby, North Yorkshire, YO8 3UW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from provision of services is recognised when the sales invoice is issued.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Enter Dep
(g) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
5,633
120,864
13,480
139,977
Additions
5,666
50,086
21,460
77,212
--------
----------
--------
----------
At 31 March 2023
11,299
170,950
34,940
217,189
--------
----------
--------
----------
Depreciation
At 1 April 2022
2,365
41,737
6,287
50,389
Charge for the year
2,133
32,303
7,264
41,700
--------
----------
--------
----------
At 31 March 2023
4,498
74,040
13,551
92,089
--------
----------
--------
----------
Carrying amount
At 31 March 2023
6,801
96,910
21,389
125,100
--------
----------
--------
----------
At 31 March 2022
3,268
79,127
7,193
89,588
--------
----------
--------
----------
6. Debtors
2023
2022
£
£
Trade debtors
66,410
86,396
Other debtors
2,556
--------
--------
66,410
88,952
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,575
48,360
Corporation tax
14,566
9,298
Social security and other taxes
1,398
Other creditors
312
46,876
--------
----------
17,851
104,534
--------
----------
8. Related party transactions
The director had a loan account with the company during the year. The balance owing to the director on 31 March 2023 was £ 312 ,(31 March 2022 £46,876)