Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09634500 2022-04-01 2023-03-31 09634500 2021-04-01 2022-03-31 09634500 2023-03-31 09634500 2022-03-31 09634500 c:Director1 2022-04-01 2023-03-31 09634500 d:MotorVehicles 2022-04-01 2023-03-31 09634500 d:MotorVehicles 2023-03-31 09634500 d:MotorVehicles 2022-03-31 09634500 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09634500 d:FreeholdInvestmentProperty 2023-03-31 09634500 d:FreeholdInvestmentProperty 2022-03-31 09634500 d:CurrentFinancialInstruments 2023-03-31 09634500 d:CurrentFinancialInstruments 2022-03-31 09634500 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09634500 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09634500 d:ShareCapital 2023-03-31 09634500 d:ShareCapital 2022-03-31 09634500 d:RetainedEarningsAccumulatedLosses 2023-03-31 09634500 d:RetainedEarningsAccumulatedLosses 2022-03-31 09634500 c:FRS102 2022-04-01 2023-03-31 09634500 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09634500 c:FullAccounts 2022-04-01 2023-03-31 09634500 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09634500 2 2022-04-01 2023-03-31 09634500 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09634500










SAM TWISTON-DAVIES RACING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SAM TWISTON-DAVIES RACING LTD
REGISTERED NUMBER: 09634500

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,560
13,600

Investment property
 5 
651,889
651,889

  
663,449
665,489

Current assets
  

Stocks
  
34,050
22,050

Debtors: amounts falling due within one year
 6 
74,218
59,073

Current asset investments
 7 
36,290
36,290

Cash at bank and in hand
 8 
167,371
90,239

  
311,929
207,652

Creditors: amounts falling due within one year
 9 
(45,061)
(40,792)

Net current assets
  
 
 
266,868
 
 
166,860

Total assets less current liabilities
  
930,317
832,349

  

Net assets
  
930,317
832,349


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
930,217
832,249

  
930,317
832,349


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.

Page 1

 
SAM TWISTON-DAVIES RACING LTD
REGISTERED NUMBER: 09634500
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023




................................................
Sam Twiston-Davies
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Sam Twiston-Davies Racing Limited is a private company, limited by shares, registered in England and Wales. It's registered office is 2 Michaels Court, Hanney Road, Southmoor, Oxon., OX13 5HR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 5

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2022
16,000



At 31 March 2023

16,000



Depreciation


At 1 April 2022
2,400


Charge for the year on owned assets
2,040



At 31 March 2023

4,440



Net book value



At 31 March 2023
11,560



At 31 March 2022
13,600

Page 6

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
651,889



At 31 March 2023
651,889

The 2023 valuations were made by the director, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
34,647
20,073

Other debtors
39,571
39,000

74,218
59,073



7.


Current asset investments

2023
2022
£
£

Unlisted investments
36,290
36,290

36,290
36,290



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
167,371
90,239

167,371
90,239


Page 7

 
SAM TWISTON-DAVIES RACING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
41,766
36,817

Other creditors
3,295
3,975

45,061
40,792



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,000 (2022 - £20,000).

 
Page 8