Company Registration No. 4469503 (England and Wales)
Red Lodge Racing Limited
Unaudited accounts
for the year ended 30 June 2023
Red Lodge Racing Limited
Unaudited accounts
Contents
Red Lodge Racing Limited
Statement of financial position
as at 30 June 2023
Tangible assets
21,089
7,425
Cash at bank and in hand
39,235
53,683
Creditors: amounts falling due within one year
(43,921)
(40,591)
Net current (liabilities)/assets
(1,442)
15,082
Total assets less current liabilities
19,647
22,507
Creditors: amounts falling due after more than one year
(6,863)
(10,167)
Called up share capital
100
100
Profit and loss account
12,684
12,240
Shareholders' funds
12,784
12,340
For the year ending 30 June 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 20 February 2024 and were signed on its behalf by
N J Pomfret
Director
Company Registration No. 4469503
Red Lodge Racing Limited
Notes to the Accounts
for the year ended 30 June 2023
Red Lodge Racing Limited is a private company, limited by shares, registered in England and Wales, registration number 4469503. The registered office is Red Lodge Farm, Marefield Lane, Tilton on the Hill, Leicestershire, LE7 9LJ.
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.
These accounts are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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
33.33% per annum on cost
Motor vehicles
25% per annum on net book value
Fixtures & fittings
25% per annum on net book value
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Red Lodge Racing Limited
Notes to the Accounts
for the year ended 30 June 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
14,234
13,200
22,267
49,701
Additions
3,660
-
14,963
18,623
Disposals
-
-
(6,850)
(6,850)
At 30 June 2023
17,894
13,200
30,380
61,474
At 1 July 2022
13,360
9,023
19,893
42,276
Charge for the year
1,177
1,044
1,126
3,347
On disposals
-
-
(5,238)
(5,238)
At 30 June 2023
14,537
10,067
15,781
40,385
At 30 June 2023
3,357
3,133
14,599
21,089
At 30 June 2022
874
4,177
2,374
7,425
Amounts falling due within one year
Accrued income and prepayments
1,804
1,410
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
3,050
3,050
Taxes and social security
-
1,440
Other creditors
38,412
35,296
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Creditors: amounts falling due after more than one year
2023
2022
Red Lodge Racing Limited
Notes to the Accounts
for the year ended 30 June 2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 2 (2022: 2).