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REGISTERED NUMBER: SC265486 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FP Racing Ltd

FP Racing Ltd (Registered number: SC265486)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FP Racing Ltd

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Mr S M A Malik





REGISTERED OFFICE: 8 Mey Court
Newton Mearns
Glasgow
G77 6WP





REGISTERED NUMBER: SC265486 (Scotland)





ACCOUNTANTS: R.A.M.
Unit 17, Colvilles Park
Kelvin Industrial Estate
East Kilbride
South Lanarkshire
G75 0GZ

FP Racing Ltd (Registered number: SC265486)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,219 9,626

CURRENT ASSETS
Stocks 121,000 104,600
Debtors 5 2,659 7,928
Cash at bank and in hand 4,309 4,086
127,968 116,614
CREDITORS
Amounts falling due within one year 6 91,696 63,772
NET CURRENT ASSETS 36,272 52,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,491

62,468

CREDITORS
Amounts falling due after more than one
year

7

28,149

43,475
NET ASSETS 15,342 18,993

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 15,341 18,992
SHAREHOLDERS' FUNDS 15,342 18,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FP Racing Ltd (Registered number: SC265486)

BALANCE SHEET - continued
31 March 2024


The 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.

The financial statements were approved by the director and authorised for issue on 10 May 2024 and were signed by:





Mr S M A Malik - Director


FP Racing Ltd (Registered number: SC265486)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

FP Racing Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 50% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

FP Racing Ltd (Registered number: SC265486)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 32,756 1,065 33,821
Disposals - (1,065 ) (1,065 )
At 31 March 2024 32,756 - 32,756
DEPRECIATION
At 1 April 2023 23,130 1,065 24,195
Charge for year 2,407 - 2,407
Eliminated on disposal - (1,065 ) (1,065 )
At 31 March 2024 25,537 - 25,537
NET BOOK VALUE
At 31 March 2024 7,219 - 7,219
At 31 March 2023 9,626 - 9,626

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,659 7,928

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 21,432 5,434
Taxation and social security 15,174 29,165
Other creditors 55,090 29,173
91,696 63,772

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 28,149 43,475

8. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S M A Malik.