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COMPANY REGISTRATION NUMBER: 05289378
R W Racing Services Limited
Filleted Unaudited Financial Statements
31 December 2023
R W Racing Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
38,480
10,731
Current assets
Stocks
16,500
24,500
Debtors
6
112,542
51,073
Cash at bank and in hand
74,223
126,057
---------
---------
203,265
201,630
Creditors: amounts falling due within one year
7
128,698
117,369
---------
---------
Net current assets
74,567
84,261
---------
--------
Total assets less current liabilities
113,047
94,992
Creditors: amounts falling due after more than one year
8
21,821
Provisions
Taxation including deferred tax
7,311
2,039
---------
--------
Net assets
83,915
92,953
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
83,815
92,853
--------
--------
Shareholders funds
83,915
92,953
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 .
R W Racing Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mrs S Walbyoff
Director
Company registration number: 05289378
R W Racing Services Limited
Notes to the Financial Statements
Year ended 31 December 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 College Farm, Bicester Hill, Evenley, Brackley, Northants, NN13 5SD.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
20,418
79,010
99,428
Additions
7,250
26,499
33,749
--------
---------
---------
At 31 December 2023
27,668
105,509
133,177
--------
---------
---------
Depreciation
At 1 January 2023
19,332
69,365
88,697
Charge for the year
1,933
4,067
6,000
--------
---------
---------
At 31 December 2023
21,265
73,432
94,697
--------
---------
---------
Carrying amount
At 31 December 2023
6,403
32,077
38,480
--------
---------
---------
At 31 December 2022
1,086
9,645
10,731
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
31,174
51,073
Other debtors
81,368
---------
--------
112,542
51,073
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,505
2,500
Trade creditors
956
325
Corporation tax
19,096
Social security and other taxes
23,841
30,439
Other creditors
99,396
65,009
---------
---------
128,698
117,369
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,603
Other creditors
18,218
--------
----
21,821
--------
----