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Registered number: 02385800
Racecraft Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
JHB Accountancy Services
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 02385800
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 589
- 589
CURRENT ASSETS
Stocks 5 - 2,867
Debtors 6 - 8,589
Cash at bank and in hand - 25,528
- 36,984
Creditors: Amounts Falling Due Within One Year 7 (51,224 ) (60,120 )
NET CURRENT ASSETS (LIABILITIES) (51,224 ) (23,136 )
TOTAL ASSETS LESS CURRENT LIABILITIES (51,224 ) (22,547 )
NET LIABILITIES (51,224 ) (22,547 )
CAPITAL AND RESERVES
Called up share capital 8 86 86
Capital redemption reserve 33 33
Profit and Loss Account (51,343 ) (22,666 )
SHAREHOLDERS' FUNDS (51,224) (22,547)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gary Ward
Director
1st May 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Racecraft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02385800 . The registered office is Unit 6 Elliott Park Industrial Estate, Eastern Road, Aldershot, Hampshire, GU12 4TF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 6,576 22,215 750 29,541
Disposals (6,576 ) (22,215 ) (750 ) (29,541 )
Depreciation
As at 1 April 2023 6,576 21,626 750 28,952
Disposals (6,576 ) (21,626 ) (750 ) (28,952 )
As at 31 March 2024 - - - -
Net Book Value
As at 31 March 2024 - - - -
As at 1 April 2023 - 589 - 589
Page 3
Page 4
5. Stocks
2024 2023
£ £
Stock - 2,867
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - (36 )
Other debtors - Deposit held - 8,625
- 8,589
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
VAT - 1,874
Accruals and deferred income - 500
Director's loan account 51,224 57,746
51,224 60,120
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 86 86
Page 4