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Chimp Tune Racing Ltd

Financial Statements for the Year Ended 31 December 2023






Chimp Tune Racing Ltd (Registered number: 05433089)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Chimp Tune Racing Ltd

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr R Chamberlain
Dr M R Chamberlain
Mrs E J Chamberlain





SECRETARY: Dr M R Chamberlain





REGISTERED OFFICE: 1 Orchard Gate
Braefield
Hemingford Abbots
Huntingdon
Cambridgeshire
PE28 9EZ





REGISTERED NUMBER: 05433089 (England and Wales)





ACCOUNTANTS: Hargreaves Owen Ltd
Chartered Certified Accountants
Red Sky House
Fairclough Hall, Halls Green
Weston
Hertfordshire
SG4 7DP

Chimp Tune Racing Ltd (Registered number: 05433089)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 68,816 60,024
68,817 60,025

CURRENT ASSETS
Stocks 8,000 -
Debtors 6 19,255 11,883
Cash at bank 68,747 113,649
96,002 125,532
CREDITORS
Amounts falling due within one year 7 357,590 361,697
NET CURRENT LIABILITIES (261,588 ) (236,165 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(192,771

)

(176,140

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (192,871 ) (176,240 )
SHAREHOLDERS' FUNDS (192,771 ) (176,140 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 7 March 2024 and were signed on its behalf by:




Dr M R Chamberlain - Director


Chimp Tune Racing Ltd (Registered number: 05433089)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Chimp Tune Racing Ltd 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.

These financial statement have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered to be valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer Software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Chimp Tune Racing Ltd (Registered number: 05433089)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 5,500
AMORTISATION
At 1 January 2023
and 31 December 2023 5,499
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 65,557 84,129 68,890 22,051 240,627
Additions - - 27,895 - 27,895
Disposals - - (7,800 ) - (7,800 )
At 31 December 2023 65,557 84,129 88,985 22,051 260,722
DEPRECIATION
At 1 January 2023 24,135 69,542 64,881 22,045 180,603
Charge for year 6,555 3,647 7,667 - 17,869
Eliminated on disposal - - (6,566 ) - (6,566 )
At 31 December 2023 30,690 73,189 65,982 22,045 191,906
NET BOOK VALUE
At 31 December 2023 34,867 10,940 23,003 6 68,816
At 31 December 2022 41,422 14,587 4,009 6 60,024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,926 1,522
Prepayments 7,329 10,361
19,255 11,883

Chimp Tune Racing Ltd (Registered number: 05433089)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 21
Corporation tax 32 32
PAYE 446 446
VAT 7,498 9,409
Directors Current Account 348,965 351,789
Credit card 649 -
357,590 361,697