Company Registration No. 08821274 (England and Wales)
R1 RACING LTD
Unaudited accounts
for the year ended 31 December 2023
R1 RACING LTD
Unaudited accounts
Contents
R1 RACING LTD
Company Information
for the year ended 31 December 2023
Directors
W Beavis
N Beavis
Company Number
08821274 (England and Wales)
Registered Office
74 Queen Katharine Rd
Lymington
Hampshire
SO41 3RZ
Accountants
Eleve11 Consulting Ltd T/A Cloud Eleven Accountants
Palamos House
66-67 High St
Lymington
Hampshire
SO41 9AL
R1 RACING LTD
Statement of financial position
as at 31 December 2023
Tangible assets
27,561
1,045
Cash at bank and in hand
158,206
188,773
Creditors: amounts falling due within one year
(162,803)
(109,153)
Net current (liabilities)/assets
(176)
79,686
Called up share capital
2
2
Profit and loss account
27,383
80,729
Shareholders' funds
27,385
80,731
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by
W Beavis
Director
Company Registration No. 08821274
R1 RACING LTD
Notes to the Accounts
for the year ended 31 December 2023
R1 RACING LTD is a private company, limited by shares, registered in England and Wales, registration number 08821274. The registered office is 74 Queen Katharine Rd, Lymington, Hampshire, SO41 3RZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Computer equipment
50% straight line
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
-
-
1,982
1,982
Additions
827
31,641
-
32,468
At 31 December 2023
827
31,641
1,982
34,450
At 1 January 2023
-
-
937
937
Charge for the year
156
5,274
522
5,952
At 31 December 2023
156
5,274
1,459
6,889
At 31 December 2023
671
26,367
523
27,561
At 31 December 2022
-
-
1,045
1,045
R1 RACING LTD
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Accrued income and prepayments
-
66
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
8,197
19,521
Other creditors
12,659
33,788
Loans from directors
140,635
54,634
7
Average number of employees
During the year the average number of employees was 2 (2022: 1).