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REGISTERED NUMBER: 10742180 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Misty Racing Limited

Misty Racing Limited (Registered number: 10742180)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Misty Racing Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: S J Kite
A K Kite





REGISTERED OFFICE: 36 Briarfield Gardens
Horndean
Waterlooville
Hampshire
PO8 9HX





REGISTERED NUMBER: 10742180 (England and Wales)





ACCOUNTANTS: Turner & Co
Chartered Accountants
10a White Hart Parade
London Road
Blackwater
Camberley
Surrey
GU17 9AD

Misty Racing Limited (Registered number: 10742180)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,066 36,273

CURRENT ASSETS
Debtors 5 7,448 7,083
Cash at bank 178 5,874
7,626 12,957
CREDITORS
Amounts falling due within one year 6 47,676 44,083
NET CURRENT LIABILITIES (40,050 ) (31,126 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,984

)

5,147

CREDITORS
Amounts falling due after more than
one year

7

34,505

25,917
NET LIABILITIES (47,489 ) (20,770 )

Misty Racing Limited (Registered number: 10742180)

Balance Sheet - continued
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (47,490 ) (20,771 )
(47,489 ) (20,770 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

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 22 April 2024 and were signed on its behalf by:





S J Kite - Director


Misty Racing Limited (Registered number: 10742180)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Misty Racing Limited 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.

Turnover
Turnover 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 etc - 33% on cost and 25% on cost

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Misty Racing Limited (Registered number: 10742180)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 69,961
Additions 8,027
At 30 April 2023 77,988
DEPRECIATION
At 1 May 2022 33,688
Charge for year 17,234
At 30 April 2023 50,922
NET BOOK VALUE
At 30 April 2023 27,066
At 30 April 2022 36,273

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.4.23 30.4.22
£    £   
Trade debtors 1,463 510
Other debtors 5,985 6,573
7,448 7,083

Misty Racing Limited (Registered number: 10742180)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 2,000 2,000
Taxation and social security 2,321 -
Other creditors 43,355 42,083
47,676 44,083

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans 6,468 8,567
Other creditors 28,037 17,350
34,505 25,917