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REGISTERED NUMBER: 05750992 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TIM VAUGHAN RACING LIMITED

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TIM VAUGHAN RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T E Vaughan
Mrs A Vaughan





SECRETARY: Mrs A Vaughan





REGISTERED OFFICE: Court House
Court Road
Bridgend
CF31 1BE





REGISTERED NUMBER: 05750992 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,130,476 2,807,261

CURRENT ASSETS
Stocks 223,590 147,347
Debtors 5 263,174 414,370
Cash at bank and in hand 135,477 8,303
622,241 570,020
CREDITORS
Amounts falling due within one year 6 1,663,421 1,187,477
NET CURRENT LIABILITIES (1,041,180 ) (617,457 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,089,296

2,189,804

CREDITORS
Amounts falling due after more than one
year

7

(300,747

)

(578,394

)

PROVISIONS FOR LIABILITIES (255,888 ) (137,875 )
NET ASSETS 1,532,661 1,473,535

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,532,561 1,473,435
SHAREHOLDERS' FUNDS 1,532,661 1,473,535

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

BALANCE SHEET - continued
31 MARCH 2023


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 19 October 2023 and were signed on its behalf by:





T E Vaughan - Director


TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Tim Vaughan 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 5% on cost
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 2,994,884 1,000,059 3,994,943
Additions 448,274 119,840 568,114
Disposals - (20,495 ) (20,495 )
At 31 March 2023 3,443,158 1,099,404 4,542,562
DEPRECIATION
At 1 April 2022 642,268 545,414 1,187,682
Charge for year 160,393 76,094 236,487
Eliminated on disposal - (12,083 ) (12,083 )
At 31 March 2023 802,661 609,425 1,412,086
NET BOOK VALUE
At 31 March 2023 2,640,497 489,979 3,130,476
At 31 March 2022 2,352,616 454,645 2,807,261

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 638,518
Disposals (20,495 )
At 31 March 2023 618,023
DEPRECIATION
At 1 April 2022 328,094
Charge for year 47,019
Eliminated on disposal (12,083 )
At 31 March 2023 363,030
NET BOOK VALUE
At 31 March 2023 254,993
At 31 March 2022 310,424

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 192,492 137,529
Other debtors 70,682 276,841
263,174 414,370

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,730 3,668
Hire purchase contracts 127,588 127,588
Trade creditors 256,179 421,461
Taxation and social security 22,393 52,203
Other creditors 1,218,531 582,557
1,663,421 1,187,477

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 134,197 238,633
Other creditors 166,550 339,761
300,747 578,394

TIM VAUGHAN RACING LIMITED (REGISTERED NUMBER: 05750992)

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


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
T E Vaughan and Mrs A Vaughan
Balance outstanding at start of year - 207,486
Amounts repaid - (207,486 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. RELATED PARTY DISCLOSURES

The company rents land which is owned by the directors. The annual rent cost is £30,000.

Other creditors includes amounts due to the directors of £959,976.