Caseware UK (AP4) 2023.0.135 2023.0.135 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-01falseManufacture of other transport equipment not elsewhere classified.66true 05424866 2022-04-01 2023-03-31 05424866 2021-04-01 2022-03-31 05424866 2023-03-31 05424866 2022-03-31 05424866 c:Director4 2022-04-01 2023-03-31 05424866 d:PlantMachinery 2022-04-01 2023-03-31 05424866 d:PlantMachinery 2023-03-31 05424866 d:PlantMachinery 2022-03-31 05424866 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05424866 d:ComputerEquipment 2022-04-01 2023-03-31 05424866 d:ComputerEquipment 2023-03-31 05424866 d:ComputerEquipment 2022-03-31 05424866 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05424866 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05424866 d:CurrentFinancialInstruments 2023-03-31 05424866 d:CurrentFinancialInstruments 2022-03-31 05424866 d:Non-currentFinancialInstruments 2023-03-31 05424866 d:Non-currentFinancialInstruments 2022-03-31 05424866 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05424866 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05424866 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05424866 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05424866 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05424866 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 05424866 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05424866 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 05424866 d:ShareCapital 2023-03-31 05424866 d:ShareCapital 2022-03-31 05424866 d:RetainedEarningsAccumulatedLosses 2023-03-31 05424866 d:RetainedEarningsAccumulatedLosses 2022-03-31 05424866 c:FRS102 2022-04-01 2023-03-31 05424866 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05424866 c:FullAccounts 2022-04-01 2023-03-31 05424866 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05424866 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05424866 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 05424866 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05424866 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 05424866 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05424866










Race Completions Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2023

 
Race Completions Limited
Registered number: 05424866

Balance Sheet
As at 31 March 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
10,628
7,106

  
10,628
7,106

Current assets
  

Stocks
  
125,218
248,287

Debtors: amounts falling due within one year
 5 
135,657
286,614

Cash at bank and in hand
 6 
5,672
-

  
266,547
534,901

Creditors: amounts falling due within one year
 7 
(492,143)
(492,537)

Net current (liabilities)/assets
  
 
 
(225,596)
 
 
42,364

Total assets less current liabilities
  
(214,968)
49,470

Creditors: amounts falling due after more than one year
 8 
(24,055)
(37,661)

Net (liabilities)/assets
  
(239,023)
11,809


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(239,123)
11,709

  
(239,023)
11,809


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Page 1

 
Race Completions Limited
Registered number: 05424866

Balance Sheet (continued)
As at 31 March 2023

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 comprehensive income 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 28 March 2024.




TDS McClelland
Director

The notes on pages 3 to 9 form part of these financial statements.

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Page 2

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

1.


General information

Race Completions Limited is a private company, limited by shares,  registered in England and Wales, registration number 05424866. The registered office is Unit 7/8 Simmonds Buildings, Bristol Road, Hambrook, Bristol, BS16 1RY.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

On 27 November 2023, the company was acquired by Wellington Acquisitions One Limited, a company incorporated in Northern Ireland.  The directors are satisfied that they can rely on the continued support of the parent company to ensure they can meet their debts as they fall due and can continue in operational existence for the foreseeable future.
Accordingly, Race Completions Limited continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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Page 3

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.8

Pensions

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.

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Page 4

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
per annum
Computer equipment
-
25%
per annum

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

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Page 5

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

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Page 6

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
20,561
7,555
28,116


Additions
11,550
-
11,550



At 31 March 2023

32,111
7,555
39,666



Depreciation


At 1 April 2022
13,455
7,555
21,010


Charge for the year on owned assets
8,028
-
8,028



At 31 March 2023

21,483
7,555
29,038



Net book value



At 31 March 2023
10,628
-
10,628



At 31 March 2022
7,106
-
7,106


5.


Debtors

2023
2022
£
£


Trade debtors
124,863
249,649

Amounts owed by group undertakings
-
11,663

Other debtors
10,794
23,942

Prepayments and accrued income
-
1,360

135,657
286,614



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,672
-

Less: bank overdrafts
(69,966)
(20,898)

(64,294)
(20,898)


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Page 7

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
69,966
20,898

Bank loans
9,934
9,699

Trade creditors
138,906
177,837

Amounts owed to group undertakings
231,952
224,926

Other taxation and social security
25,985
14,303

Obligations under finance lease and hire purchase contracts
1,455
2,887

Other creditors
6,585
3,193

Accruals and deferred income
7,360
38,794

492,143
492,537


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts with Upstream
62,444
-

62,444
-

Details of security provided:

The above overdraft balances are secured by a fixed floating charge over all the property or undertakings of the company. 


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,055
33,989

Net obligations under finance leases and hire purchase contracts
-
3,672

24,055
37,661


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Page 8

 
Race Completions Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,934
9,699

Amounts falling due 1-2 years

Bank loans
10,179
9,934

Amounts falling due 2-5 years

Bank loans
13,876
24,055


33,989
43,688



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
1,455
2,887

Between 1-5 years
-
3,672

1,455
6,559


11.


Ultimate parent undertaking

Up to 27 November 2023, the ultimate parent undertaking was considered to be Causeway Aero Group Limited, a company incorporated in Northern Ireland.
On 27 November 2023 the company was acquired by Wellington Acquisitions One Limited, a company incorporated in Northern Ireland. 


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Page 9