Company Registration No. SC437634 (Scotland)
ALBATEC RACING LIMITED
ABRIDGED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ALBATEC RACING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ALBATEC RACING LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
35,336
27,231
Cash at bank and in hand
4,441
3,076
39,777
30,307
Creditors: amounts falling due within one year
4
(2,051,024)
(1,958,134)
Net current liabilities
(2,011,247)
(1,927,827)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,011,248)
(1,927,828)
Total equity
(2,011,247)
(1,927,827)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
A SCOTT
Mr A Scott
Director
Company Registration No. SC437634
ALBATEC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Albatec Racing Limited is a private company limited by shares incorporated in Scotland. The registered office is Shealinghill, Lochfoot, Dumfries, Scotland, DG2 8NJ.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

1.2
Going concern

At the balance sheet date, the company had net liabilities of £2,011,247 (2022 - £1,927,827). Included within these liabilities are amounts due from related parties of £1,229,496 (2022 - £1,938,861). The director, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

1.3
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.4
Foreign currency translation
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are tranlated into the functional currency using the spot exchange rates at the dates of the transactions.
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

ALBATEC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Retirement benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income 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.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,047
16,680
Other debtors
11,845
-
0
Prepayments and accrued income
1,444
10,551
35,336
27,231
ALBATEC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,511
28,546
Taxation and social security
598
(16,747)
Other creditors
2,037,415
1,943,836
Accruals and deferred income
2,500
2,499
2,051,024
1,958,134
5
Related party transactions

Transactions

 

During the current year, the company made advances to the director of £183,072 and received credits of £209,443 which resulted in a balance due by the company at the year end of £1,229,496 (2022 - £1,203,125).

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