2022-11-03 2023-11-30 false Capium Accounts Production 1.1 SC749279 bus:FullAccounts 2022-11-03 2023-11-30 SC749279 bus:FRS102 2022-11-03 2023-11-30 SC749279 bus:AuditExemptWithAccountantsReport 2022-11-03 2023-11-30 SC749279 bus:SmallCompaniesRegimeForAccounts 2022-11-03 2023-11-30 SC749279 bus:PrivateLimitedCompanyLtd 2022-11-03 2023-11-30 SC749279 2022-11-03 2023-11-30 SC749279 2023-11-30 SC749279 bus:RegisteredOffice 2022-11-03 2023-11-30 SC749279 core:WithinOneYear 2023-11-30 SC749279 core:AfterOneYear 2023-11-30 SC749279 bus:Director1 2022-11-03 2023-11-30 SC749279 bus:Director1 2023-11-30 SC749279 2021-11-03 SC749279 2022-11-02 SC749279 core:ComputerEquipment 2022-11-03 2023-11-30 SC749279 core:ComputerEquipment 2023-11-30 SC749279 core:ComputerEquipment 2022-11-02 SC749279 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-11-30 SC749279 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-11-02 SC749279 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 SC749279 core:CostValuation core:Non-currentFinancialInstruments 2022-11-02 SC749279 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-11-30 SC749279 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2023-11-30 SC749279 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2023-11-30 SC749279 core:Non-currentFinancialInstruments 2023-11-30 SC749279 core:Non-currentFinancialInstruments 2022-11-02 SC749279 core:ShareCapital 2023-11-30 SC749279 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC749279 dpl:Item1 2022-11-03 SC749279 dpl:Item1 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: SC749279
Scotland

 

 

 

PRIMO RACING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 03 November 2022

End date: 30 November 2023
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 November 2023.
Principal activities
Principal activity of the company during the financial period was of racing of sports cars.
Director
The director who served the company throughout the period was as follows:
MCNAIR Colin Jamie
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
MCNAIR Colin Jamie
Director

Date approved: 04 August 2024
1
 
 
Notes
 
2023
£
Fixed assets    
Tangible fixed assets 3 251 
251 
Current assets    
Debtors 4 2,101 
Cash at bank and in hand 159 
2,260 
Creditors: amount falling due within one year 5 (2,286)
Net current assets (26)
 
Total assets less current liabilities 225 
Provisions for liabilities 6 (48)
Net assets 177 
 

Capital and reserves
   
Called up share capital 100 
Profit and loss account 77 
Shareholders' funds 177 
 


For the period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 04 August 2024 and were signed by:


-------------------------------
MCNAIR Colin Jamie
Director
2
General Information
PRIMO RACING LIMITED is a private company, limited by shares, registered in Scotland, registration number SC749279, registration address 4 Laurieston Crescent, Chapelhall, Airdrie, ML6 8HG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the period was 1.
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 03 November 2022  
Additions 375    375 
Disposals  
At 30 November 2023 375    375 
Depreciation
At 03 November 2022  
Charge for period 124    124 
On disposals  
At 30 November 2023 124    124 
Net book values
Closing balance as at 30 November 2023 251    251 
Opening balance as at 03 November 2022  


4.

Debtors: amounts falling due within one year

2023
£
Directors' Current Accounts 2,047 
VAT 54 
2,101 

5.

Creditors: amount falling due within one year

2023
£
Corporation Tax 1,542 
Accrued Expenses 744 
2,286 

6.

Provisions for liabilities

2023
£
Deferred Tax 48 
48 

3