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COMPANY REGISTRATION NUMBER: 08736068
Fireball Rally Limited
Filleted Unaudited Financial Statements
31 October 2023
Fireball Rally Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Fireball Rally Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
7,854
10,249
Current assets
Debtors
5
4,442
Investments
6
28,000
Cash at bank and in hand
9,865
9,416
-------
--------
9,865
41,858
Creditors: amounts falling due within one year
7
( 24,944)
( 57,117)
--------
--------
Net current liabilities
( 15,079)
( 15,259)
--------
--------
Total assets less current liabilities
( 7,225)
( 5,010)
-------
-------
Net liabilities
( 7,225)
( 5,010)
-------
-------
Fireball Rally Limited
Balance Sheet (continued)
31 October 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 7,325)
( 5,110)
-------
-------
Shareholders deficit
( 7,225)
( 5,010)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 July 2024 , and are signed on behalf of the board by:
Mr G Warwick
Director
Company registration number: 08736068
Fireball Rally Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge the losses made in the company and with their continued support believe the company to be a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 November 2022
16,869
1,515
18,384
Additions
258
258
--------
-------
--------
At 31 October 2023
16,869
1,773
18,642
--------
-------
--------
Depreciation
At 1 November 2022
7,307
828
8,135
Charge for the year
2,390
263
2,653
--------
-------
--------
At 31 October 2023
9,697
1,091
10,788
--------
-------
--------
Carrying amount
At 31 October 2023
7,172
682
7,854
--------
-------
--------
At 31 October 2022
9,562
687
10,249
--------
-------
--------
5. Debtors
2023
2022
£
£
Other debtors
4,442
----
-------
6. Investments
2023
2022
£
£
NS & I Investment
28,000
----
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
24,944
57,117
--------
--------
8. Directors' advances, credits and guarantees
During the year, the company benefitted from interest-free, repayable on demand loans from the directors. At the start of the year the directors were owed £51,645, and at the end of the year the directors were owed £23,824.