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Registered Number: 11811015
England and Wales

 

 

 


Report of the Director and Unaudited Financial Statements

for the year ended 28 February 2023

for

RACE CAR DEVELOPMENTS LIMITED

 
 
 
£
2023
£
   
£
2022
£
Fixed assets 8,960  11,200 
Current assets 29,950  31,678 
Creditors: amount falling due within one year (121,199) (120,850)
Net current assets (91,249) (89,172)
Total assets less current liabilities (82,289) (77,972)
Net assets (82,289) (77,972)
 
Capital and reserves (82,289) (77,972)
 
  1. For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
  2. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the companies act 2006.
  3. 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 in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Signed on behalf of the board of directors:


----------------------------------
David Ellesley
Director

Date approved: 28 November 2023
1
Statutory Information
RACE CAR DEVELOPMENTS LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration number 11811015, registration address 1 Mill Lane, Elmsett, Ipswich, Suffolk, IP7 6LP, United Kingdom.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 105 Financial Reporting Standard for Micro Entities (effective January 2016).
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery20% Reducing Balance
Motor Vehicles20% Reducing Balance
2.

Tangible fixed assets

Cost or Valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 March 2022 7,500    6,500    14,000 
Additions    
Disposals    
At 28 February 2023 7,500    6,500    14,000 
Depreciation
At 01 March 2022 1,500    1,300    2,800 
Charge for year 1,200    1,040    2,240 
On disposals    
At 28 February 2023 2,700    2,340    5,040 
Net book values
Closing balance as at 28 February 2023 4,800    4,160    8,960 
Opening balance as at 01 March 2022 6,000    5,200    11,200 

3.

Average number of employees

Average number of employees during the year was 1  (2022: 1).
2