2022-03-012023-02-282023-02-28false09981944RIVAL MOTORSPORT 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RIVAL MOTORSPORT LTD

Registered Number
09981944
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

RIVAL MOTORSPORT LTD
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

LANDELS, Jack
LANDELS, Sam George

Registered Address

15 Riverside Studios Amethyst Road
Newcastle Business Park
Newcastle Upon Tyne
NE4 7YL

Registered Number

09981944 (England and Wales)
RIVAL MOTORSPORT LTD
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets57,6406,576
7,6406,576
Current assets
Stocks30,43240,000
Debtors1,1081,093
Cash at bank and on hand13,62914,222
45,16955,315
Creditors amounts falling due within one year(68,418)(70,207)
Net current assets (liabilities)(23,249)(14,892)
Total assets less current liabilities(15,609)(8,316)
Creditors amounts falling due after one year(53,216)(61,115)
Net assets(68,825)(69,431)
Capital and reserves
Called up share capital22
Profit and loss account(68,827)(69,433)
Shareholders' funds(68,825)(69,431)
The financial statements were approved and authorised for issue by the Board of Directors on 21 November 2023, and are signed on its behalf by:
LANDELS, Jack
Director
Registered Company No. 09981944
RIVAL MOTORSPORT LTD
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Fixtures and fittings20-
Vehicles25-
Office Equipment-3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 March 2212,121
Additions3,394
At 28 February 2315,515
Depreciation and impairment
At 01 March 225,544
Charge for year2,331
At 28 February 237,875
Net book value
At 28 February 237,640
At 28 February 226,576