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Company Registration No. 08821274 (England and Wales)
R1 RACING LTD Unaudited accounts for the year ended 31 December 2023
R1 RACING LTD Unaudited accounts Contents
Page
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R1 RACING LTD Company Information for the year ended 31 December 2023
Directors
W Beavis N Beavis
Company Number
08821274 (England and Wales)
Registered Office
74 Queen Katharine Rd Lymington Hampshire SO41 3RZ
Accountants
Eleve11 Consulting Ltd T/A Cloud Eleven Accountants Palamos House 66-67 High St Lymington Hampshire SO41 9AL
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R1 RACING LTD Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
27,561 
1,045 
Current assets
Debtors
4,421 
66 
Cash at bank and in hand
158,206 
188,773 
162,627 
188,839 
Creditors: amounts falling due within one year
(162,803)
(109,153)
Net current (liabilities)/assets
(176)
79,686 
Net assets
27,385 
80,731 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
27,383 
80,729 
Shareholders' funds
27,385 
80,731 
For the year ending 31 December 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 25 January 2024 and were signed on its behalf by
W Beavis Director Company Registration No. 08821274
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R1 RACING LTD Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
R1 RACING LTD is a private company, limited by shares, registered in England and Wales, registration number 08821274. The registered office is 74 Queen Katharine Rd, Lymington, Hampshire, SO41 3RZ.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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
25% straight line
Motor vehicles
25% straight line
Computer equipment
50% straight line
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
- 
- 
1,982 
1,982 
Additions
827 
31,641 
- 
32,468 
At 31 December 2023
827 
31,641 
1,982 
34,450 
Depreciation
At 1 January 2023
- 
- 
937 
937 
Charge for the year
156 
5,274 
522 
5,952 
At 31 December 2023
156 
5,274 
1,459 
6,889 
Net book value
At 31 December 2023
671 
26,367 
523 
27,561 
At 31 December 2022
- 
- 
1,045 
1,045 
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R1 RACING LTD Notes to the Accounts for the year ended 31 December 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,421 
- 
Accrued income and prepayments
- 
66 
4,421 
66 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
8,197 
19,521 
Other creditors
12,659 
33,788 
Loans from directors
140,635 
54,634 
Accruals
1,312 
1,210 
162,803 
109,153 
7
Average number of employees
During the year the average number of employees was 2 (2022: 1).
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