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REGISTERED NUMBER: 12316817 (England and Wales)















RACEWAY MOTORSPORT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024






RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Report of the Accountants 7

RACEWAY MOTORSPORT LTD

COMPANY INFORMATION
FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024







DIRECTORS: L A Hirst
R G Meakin





SECRETARY:





REGISTERED OFFICE: Unit 3 Smeaton Industrial Park
Went Edge Road
Kirk Smeaton
Pontefract
Yorkshire
WF8 3LU





REGISTERED NUMBER: 12316817 (England and Wales)





ACCOUNTANTS: FINLAYSON & CO
Whitby Court
Abbey Road
Shepley
HUDDERSFIELD
West Yorkshire
HD8 8EL

RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 112,692 148,240

CURRENT ASSETS
Debtors 5 62,845 11,121
Cash at bank 35,833 51,246
98,678 62,367
CREDITORS
Amounts falling due within one year 6 34,692 58,448
NET CURRENT ASSETS 63,986 3,919
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,678

152,159

CREDITORS
Amounts falling due after more than one year 7 14,970 26,666
NET ASSETS 161,708 125,493

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 161,608 125,393
SHAREHOLDERS' FUNDS 161,708 125,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2024 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.

RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 16 February 2024 and were signed on its behalf by:




L A Hirst - Director



R G Meakin - Director


RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024

1. STATUTORY INFORMATION

Raceway Motorsport Ltd 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Revenue 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.
Plant and Machinery - 20% on cost
Motor Vehicles - 25% on cost
Computer Equipment - 33% on cost

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 4 ) .

RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
Machinery Vehicles Equipment Totals
£    £    £    £   
COST
At 1 December 2022 96,387 116,700 7,022 220,109
Additions 28,014 250 887 29,151
Disposals (7,977 ) (8,000 ) - (15,977 )
At 31 January 2024 116,424 108,950 7,909 233,283
DEPRECIATION
At 1 December 2022 28,443 40,644 2,782 71,869
Charge for period 24,436 25,360 2,527 52,323
Eliminated on disposal (1,101 ) (2,500 ) - (3,601 )
At 31 January 2024 51,778 63,504 5,309 120,591
NET BOOK VALUE
At 31 January 2024 64,646 45,446 2,600 112,692
At 30 November 2022 67,944 76,056 4,240 148,240

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 120 7,693
Other debtors 62,725 3,428
62,845 11,121

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 8,195
Taxation and social security (6,377 ) 7,404
Other creditors 31,069 32,849
34,692 58,448

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
£    £   
Bank loans 14,970 26,666

RACEWAY MOTORSPORT LTD (REGISTERED NUMBER: 12316817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 31 JANUARY 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
100 ordinary £1.00 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 January 2024 and the year ended 30 November 2022:

2024 2022
£    £   
L A Hirst
Balance outstanding at start of period (117 ) (9,950 )
Amounts advanced 5,926 12,333
Amounts repaid (4,182 ) (2,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 1,627 (117 )

RACEWAY MOTORSPORT LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
RACEWAY MOTORSPORT LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the period ended 31 January 2024 set out on pages two to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






FINLAYSON & CO
Whitby Court
Abbey Road
Shepley
HUDDERSFIELD
West Yorkshire
HD8 8EL


16 February 2024