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REGISTERED NUMBER: 05617524 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

CF RACING LIMITED

CF RACING LIMITED (REGISTERED NUMBER: 05617524)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CF RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: H W Lloyd
H G Lloyd



SECRETARY: A Lloyd



REGISTERED OFFICE: 25 Grosvenor Road
Wrexham
LL11 1BT



REGISTERED NUMBER: 05617524 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: National Westminster Bank
Corwen
Menai SC
PO Box 1130
Bangor
Gwynedd
LL59 5ZD

CF RACING LIMITED (REGISTERED NUMBER: 05617524)

BALANCE SHEET
30TH APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,051 129,501

CURRENT ASSETS
Stocks 5 1,350,000 858,998
Debtors 6 82,683 170,372
Cash at bank 103,385 352,176
1,536,068 1,381,546
CREDITORS
Amounts falling due within one year 7 1,471,138 1,287,115
NET CURRENT ASSETS 64,930 94,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

160,981

223,932

PROVISIONS FOR LIABILITIES 8 12,580 4,731
NET ASSETS 148,401 219,201

CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 148,299 219,099
SHAREHOLDERS' FUNDS 148,401 219,201

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

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

CF RACING LIMITED (REGISTERED NUMBER: 05617524)

BALANCE SHEET - continued
30TH APRIL 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th December 2023 and were signed on its behalf by:





H W Lloyd - Director


CF RACING LIMITED (REGISTERED NUMBER: 05617524)

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

1. STATUTORY INFORMATION

CF 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover comprises income from sponsorship, and sales of goods and services, excluding value added tax where applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on cost

in addition to the above the directors may make further provisions to write down assets to their recoverable value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

CF RACING LIMITED (REGISTERED NUMBER: 05617524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st May 2022
and 30th April 2023 20,792 326,065 346,857
DEPRECIATION
At 1st May 2022 15,837 201,519 217,356
Charge for year 3,404 30,046 33,450
At 30th April 2023 19,241 231,565 250,806
NET BOOK VALUE
At 30th April 2023 1,551 94,500 96,051
At 30th April 2022 4,955 124,546 129,501

5. STOCKS
30.4.23 30.4.22
£    £   
Stocks 1,350,000 858,998

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 31,040 70,073
Other debtors 30,000 30,000
Tax 6,012 5,671
VAT 15,631 64,628
82,683 170,372

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade creditors 347,050 172,794
Credit card 439 157
Related concerns 1,120,279 1,108,279
Directors' current accounts 910 910
Accrued expenses 2,460 4,975
1,471,138 1,287,115

CF RACING LIMITED (REGISTERED NUMBER: 05617524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

8. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax
Accelerated capital allowances 18,250 4,731
Tax losses carried forward (5,670 ) -
12,580 4,731

Deferred
tax
£   
Balance at 1st May 2022 4,731
movement in year due to
changes in tax allowance 13,519
changes in tax losses (5,670 )
Balance at 30th April 2023 12,580

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
102 Ordinary £1 102 102

10. CAPITAL COMMITMENTS
30.4.23 30.4.22
£    £   
Contracted but not provided for in the
financial statements - -

11. RELATED PARTY DISCLOSURES

Corwen Forestry Partnership, charged the Company £192,000 (2022: £90,123) in respect of management charges and rent.

A shareholder of this company, Mr H W Lloyd, has an interest in Corwen Forestry Timber Products Limited and the Corwen Forestry Partnership.

The company owed £1,120,279 (2022: £,1108,279) to the above entities at the year end. This is shown in Creditors: Amounts falling due within one year.