IRIS Accounts Production v23.1.5.20 01158000 Board of Directors 1.2.22 31.1.23 31.1.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011580002022-01-31011580002023-01-31011580002022-02-012023-01-31011580002021-01-31011580002021-02-012022-01-31011580002022-01-3101158000ns15:EnglandWales2022-02-012023-01-3101158000ns14:PoundSterling2022-02-012023-01-3101158000ns10:Director12022-02-012023-01-3101158000ns10:PrivateLimitedCompanyLtd2022-02-012023-01-3101158000ns10:SmallEntities2022-02-012023-01-3101158000ns10:AuditExempt-NoAccountantsReport2022-02-012023-01-3101158000ns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3101158000ns10:SmallCompaniesRegimeForAccounts2022-02-012023-01-3101158000ns10:FullAccounts2022-02-012023-01-3101158000ns10:Director22022-02-012023-01-3101158000ns10:Director32022-02-012023-01-3101158000ns10:RegisteredOffice2022-02-012023-01-3101158000ns5:CurrentFinancialInstruments2023-01-3101158000ns5:CurrentFinancialInstruments2022-01-3101158000ns5:ShareCapital2023-01-3101158000ns5:ShareCapital2022-01-3101158000ns5:RetainedEarningsAccumulatedLosses2023-01-3101158000ns5:RetainedEarningsAccumulatedLosses2022-01-3101158000ns5:PlantMachinery2022-02-012023-01-3101158000ns5:PlantMachinery2022-01-3101158000ns5:PlantMachinery2023-01-3101158000ns5:PlantMachinery2022-01-3101158000ns5:TaxLossesCarry-forwardsDeferredTax2023-01-3101158000ns5:TaxLossesCarry-forwardsDeferredTax2022-01-3101158000ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3101158000ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-01-31



























IAN FLUX RACING LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023






IAN FLUX RACING LIMITED (REGISTERED NUMBER: 01158000)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IAN FLUX RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2023







DIRECTORS: I J Flux
C Flux
W Flux





REGISTERED OFFICE: 2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ





REGISTERED NUMBER: 01158000 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

IAN FLUX RACING LIMITED (REGISTERED NUMBER: 01158000)

BALANCE SHEET
31ST JANUARY 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 59 73

CURRENT ASSETS
Debtors 6 2,432 1,510
Cash at bank and in hand 448 222
2,880 1,732
CREDITORS
Amounts falling due within one year 7 15,605 9,202
NET CURRENT LIABILITIES (12,725 ) (7,470 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,666

)

(7,397

)

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings (12,671 ) (7,402 )
SHAREHOLDERS' FUNDS (12,666 ) (7,397 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 14th October 2023 and were signed on its behalf by:





I J Flux - Director


IAN FLUX RACING LIMITED (REGISTERED NUMBER: 01158000)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2023

1. STATUTORY INFORMATION

Ian Flux Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

IAN FLUX RACING LIMITED (REGISTERED NUMBER: 01158000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st February 2022
and 31st January 2023 3,785
DEPRECIATION
At 1st February 2022 3,712
Charge for year 14
At 31st January 2023 3,726
NET BOOK VALUE
At 31st January 2023 59
At 31st January 2022 73

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
VAT - 253
Deferred tax asset
Tax losses carried forward 2,432 1,257
2,432 1,510

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Directors' current accounts 14,718 8,317
Accrued expenses 887 885
15,605 9,202

8. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £11,118 (2022 - £4,716) to I Flux and £3,600 (2022 - £3,600) to C Flux, both directors of the company .The amounts are interest free and repayable on demand.