Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mrs A Hardie 08/02/2013 Mr W Hardie 08/02/2013 09 August 2024 The principal activity of the company continued to be that of stock car and banger racing. SC442353 2024-02-29 SC442353 bus:Director1 2024-02-29 SC442353 bus:Director2 2024-02-29 SC442353 2023-02-28 SC442353 core:CurrentFinancialInstruments 2024-02-29 SC442353 core:CurrentFinancialInstruments 2023-02-28 SC442353 core:Non-currentFinancialInstruments 2024-02-29 SC442353 core:Non-currentFinancialInstruments 2023-02-28 SC442353 core:ShareCapital 2024-02-29 SC442353 core:ShareCapital 2023-02-28 SC442353 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC442353 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC442353 core:LeaseholdImprovements 2023-02-28 SC442353 core:PlantMachinery 2023-02-28 SC442353 core:Vehicles 2023-02-28 SC442353 core:ComputerEquipment 2023-02-28 SC442353 core:LeaseholdImprovements 2024-02-29 SC442353 core:PlantMachinery 2024-02-29 SC442353 core:Vehicles 2024-02-29 SC442353 core:ComputerEquipment 2024-02-29 SC442353 bus:OrdinaryShareClass1 2024-02-29 SC442353 2023-03-01 2024-02-29 SC442353 bus:FilletedAccounts 2023-03-01 2024-02-29 SC442353 bus:SmallEntities 2023-03-01 2024-02-29 SC442353 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC442353 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC442353 bus:Director1 2023-03-01 2024-02-29 SC442353 bus:Director2 2023-03-01 2024-02-29 SC442353 core:LeaseholdImprovements core:TopRangeValue 2023-03-01 2024-02-29 SC442353 core:PlantMachinery 2023-03-01 2024-02-29 SC442353 core:Vehicles 2023-03-01 2024-02-29 SC442353 core:ComputerEquipment 2023-03-01 2024-02-29 SC442353 2022-03-01 2023-02-28 SC442353 core:LeaseholdImprovements 2023-03-01 2024-02-29 SC442353 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC442353 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC442353 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC442353 (Scotland)

HARDIE RACE PROMOTIONS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

HARDIE RACE PROMOTIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

HARDIE RACE PROMOTIONS LTD

BALANCE SHEET

AS AT 29 FEBRUARY 2024
HARDIE RACE PROMOTIONS LTD

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 30,539 21,098
30,539 21,098
Current assets
Debtors 4 12,766 10,660
Cash at bank and in hand 58,490 85,519
71,256 96,179
Creditors: amounts falling due within one year 5 ( 71,371) ( 59,602)
Net current (liabilities)/assets (115) 36,577
Total assets less current liabilities 30,424 57,675
Creditors: amounts falling due after more than one year 6 ( 12,331) ( 22,345)
Net assets 18,093 35,330
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 17,993 35,230
Total shareholders' funds 18,093 35,330

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hardie Race Promotions Ltd (registered number: SC442353) were approved and authorised for issue by the Board of Directors on 09 August 2024. They were signed on its behalf by:

Mrs A Hardie
Director
HARDIE RACE PROMOTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
HARDIE RACE PROMOTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hardie Race Promotions Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7 Gables Polmont Park, Polmont, Falkirk, FK2 0XT, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 20 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 March 2023 6,450 7,645 9,080 4,747 27,922
Additions 7,884 5,000 0 848 13,732
Disposals 0 0 0 ( 649) ( 649)
At 29 February 2024 14,334 12,645 9,080 4,946 41,005
Accumulated depreciation
At 01 March 2023 242 2,576 3,143 863 6,824
Charge for the financial year 634 1,256 1,187 819 3,896
Disposals 0 0 0 ( 254) ( 254)
At 29 February 2024 876 3,832 4,330 1,428 10,466
Net book value
At 29 February 2024 13,458 8,813 4,750 3,518 30,539
At 28 February 2023 6,208 5,069 5,937 3,884 21,098

4. Debtors

2024 2023
£ £
Trade debtors 2,580 7,160
Other debtors 10,186 3,500
12,766 10,660

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,169 10,155
Trade creditors 13,876 17,527
Taxation and social security 31,006 21,394
Other creditors 16,320 10,526
71,371 59,602

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,331 22,345

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by/(to) to Key Management Personnel 5,571 (925)

Other related party transactions

2024 2023
£ £
Amounted owed from other related parties 4,615 3,500
Amounts owed to other related parties 220 220