2022-08-012023-07-312023-07-31false10892685GO-RACE ENGINEERING 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GO-RACE ENGINEERING LTD

Registered Number
10892685
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

GO-RACE ENGINEERING LTD
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

ROSAGRO, Danny

Registered Address

Willowbrook Farm Stow Road
Alderton
Gloucestershire
GL20 8NH

Place of Business

Unit 28

Park Farm Industrial Estate

Winchcombe

Cheltenham

GL54 5BX


Registered Number

10892685 (England and Wales)
GO-RACE ENGINEERING LTD
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets324,45510,540
24,45510,540
Current assets
Stocks47,2458,714
Debtors58,9723,467
Cash at bank and on hand6,89318,220
23,11030,401
Creditors amounts falling due within one year6(18,973)(20,966)
Net current assets (liabilities)4,1379,435
Total assets less current liabilities28,59219,975
Creditors amounts falling due after one year7(27,001)(17,455)
Net assets1,5912,520
Capital and reserves
Called up share capital22
Profit and loss account1,5892,518
Shareholders' funds1,5912,520
The financial statements were approved and authorised for issue by the Director on 15 April 2024, and are signed on its behalf by:
ROSAGRO, Danny
Director
Registered Company No. 10892685
GO-RACE ENGINEERING LTD
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings5
Plant and machinery5
Fixtures and fittings10
Vehicles5
Office Equipment3
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 August 22-9,7626,750802-17,314
Additions2,40015,076--1,12318,599
At 31 July 232,40024,8386,7508021,12335,913
Depreciation and impairment
At 01 August 22-4,0012,70073-6,774
Charge for year2052,9451,350801044,684
At 31 July 232056,9464,05015310411,458
Net book value
At 31 July 232,19517,8922,7006491,01924,455
At 31 July 22-5,7614,050729-10,540
4.Stocks

2023

2022

££
Other stocks7,2458,714
Total7,2458,714
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables5,025846
Other debtors2,2502,409
Prepayments and accrued income1,697212
Total8,9723,467
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,9074,146
Bank borrowings and overdrafts4,4374,437
Taxation and social security7,0189,461
Other creditors22,022
Accrued liabilities and deferred income1,609900
Total18,97320,966
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts27,00117,455
Total27,00117,455