Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-3036truefalse2022-05-01No description of principal activity36falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07161047 2022-05-01 2023-04-30 07161047 2021-05-01 2022-04-30 07161047 2023-04-30 07161047 2022-04-30 07161047 c:Director1 2022-05-01 2023-04-30 07161047 d:Buildings d:LongLeaseholdAssets 2022-05-01 2023-04-30 07161047 d:Buildings d:LongLeaseholdAssets 2023-04-30 07161047 d:Buildings d:LongLeaseholdAssets 2022-04-30 07161047 d:PlantMachinery 2022-05-01 2023-04-30 07161047 d:PlantMachinery 2023-04-30 07161047 d:PlantMachinery 2022-04-30 07161047 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 07161047 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 07161047 d:CurrentFinancialInstruments 2023-04-30 07161047 d:CurrentFinancialInstruments 2022-04-30 07161047 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 07161047 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 07161047 d:ShareCapital 2023-04-30 07161047 d:ShareCapital 2022-04-30 07161047 d:RetainedEarningsAccumulatedLosses 2023-04-30 07161047 d:RetainedEarningsAccumulatedLosses 2022-04-30 07161047 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 07161047 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 07161047 c:FRS102 2022-05-01 2023-04-30 07161047 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 07161047 c:FullAccounts 2022-05-01 2023-04-30 07161047 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07161047 2 2022-05-01 2023-04-30 07161047 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 07161047










NEIL MULHOLLAND RACING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
NEIL MULHOLLAND RACING LTD
REGISTERED NUMBER: 07161047

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
666,315
989,209

  
666,315
989,209

Current assets
  

Stocks
  
2,000
-

Debtors: amounts falling due within one year
 5 
421,541
117,434

Cash at bank and in hand
 6 
172,876
132,304

  
596,417
249,738

Creditors: amounts falling due within one year
 7 
(152,846)
(434,638)

Net current assets/(liabilities)
  
 
 
443,571
 
 
(184,900)

Total assets less current liabilities
  
1,109,886
804,309

Provisions for liabilities
  

Deferred tax
  
(36,173)
(45,060)

  
 
 
(36,173)
 
 
(45,060)

Net assets
  
1,073,713
759,249


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,073,711
759,247

  
1,073,713
759,249


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2024.


Page 1

 
NEIL MULHOLLAND RACING LTD
REGISTERED NUMBER: 07161047

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023



Neil Mulholland
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Neil Mulholland Racing Limited is a private company, limited by shares, registered in England and Wales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

Page 5

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 36).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2022
362,389
1,412,514
1,774,903


Additions
113,538
12,103
125,641


Disposals
-
(520,772)
(520,772)



At 30 April 2023

475,927
903,845
1,379,772



Depreciation


At 1 May 2022
-
785,694
785,694


Charge for the year on owned assets
-
63,463
63,463


Disposals
-
(135,700)
(135,700)



At 30 April 2023

-
713,457
713,457



Net book value



At 30 April 2023
475,927
190,388
666,315



At 30 April 2022
362,389
626,820
989,209


5.


Debtors

2023
2022
£
£

Page 6

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.Debtors (continued)


Trade debtors
346,714
59,671

Other debtors
74,827
-

Prepayments and accrued income
-
57,763

421,541
117,434


Included within other debtors due within one year is a loan to N Mulholland, a director, amounting to £60,960. Interest was charged at 2.25%.
The loan was repaid in full following the year end.




6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
172,876
132,304

172,876
132,304



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
72,313
37,400

Other taxation and social security
74,356
76,084

Other creditors
2,177
321,154

Accruals and deferred income
4,000
-

152,846
434,638



8.


Deferred taxation




2023


£






At beginning of year
(45,060)


Utilised in year
8,887



At end of year
(36,173)

Page 7

 
NEIL MULHOLLAND RACING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(36,174)
(45,060)

(36,174)
(45,060)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £11,542. 


Page 8