Registered number
05672402
In2Racing Limited
Report and Accounts
31 August 2023
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
In2Racing Limited
Registered number: 05672402
Balance Sheet
as at 31 August 2023
Notes 31/8/23 27/2/23
£ £
Fixed assets
Tangible assets 3 - 14,104
Current assets
Debtors 4 375 50,824
Cash at bank and in hand - 16,555
375 67,379
Creditors: amounts falling due within one year 5 - (54,442)
Net current assets 375 12,937
Total assets less current liabilities 375 27,041
Creditors: amounts falling due after more than one year 6 - (15,500)
Net assets 375 11,541
Capital and reserves
Called up share capital 200 200
Profit and loss account 175 11,341
Shareholders' funds 375 11,541
The directors are 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 directors acknowledge their 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 and delivered 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.
Nicholas Paul Dudfield
Director
Approved by the board on 5 October 2023
In2Racing Limited
Notes to the Accounts
for the period from 28 February 2023 to 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Motor vehices 25% reducing balance
Plant and machinery 20% reducing balance
Office Equipment 15% reducing balance
Stocks
Stocks 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 (which is usually the invoice 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 (which is usually the invoice 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.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Employees 31/8/23 27/2/23
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 28 February 2023 33,431
Disposals (33,431)
At 31 August 2023 -
Depreciation
At 28 February 2023 19,327
On disposals (19,327)
At 31 August 2023 -
Net book value
At 31 August 2023 -
At 27 February 2023 14,104
4 Debtors 31/8/23 27/2/23
£ £
Other debtors 375 50,824
5 Creditors: amounts falling due within one year 31/8/23 27/2/23
£ £
Bank loans and overdrafts - 10,000
Trade creditors - 317
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 4,009
Other taxes and social security costs - 27,463
Other creditors - 12,653
- 54,442
6 Creditors: amounts falling due after one year 31/8/23 27/2/23
£ £
Bank loans - 15,500
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