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Registered number: 03887392
Club 100 Racing Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Cleverdons
Chartered Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03887392
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 476,482 238,261
476,482 238,261
CURRENT ASSETS
Stocks 6 41,300 29,480
Debtors 7 8,222 26,041
Cash at bank and in hand 215,864 417,946
265,386 473,467
Creditors: Amounts Falling Due Within One Year 8 (214,855 ) (232,833 )
NET CURRENT ASSETS (LIABILITIES) 50,531 240,634
TOTAL ASSETS LESS CURRENT LIABILITIES 527,013 478,895
Creditors: Amounts Falling Due After More Than One Year 9 (124,591 ) (86,346 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (86,224 ) (40,977 )
NET ASSETS 316,198 351,572
CAPITAL AND RESERVES
Called up share capital 10 200 200
Share premium account 26,128 26,128
Profit and Loss Account 289,870 325,244
SHAREHOLDERS' FUNDS 316,198 351,572
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Vigor
Director
15 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Club 100 Racing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03887392 . The registered office is 7 The Broadway, Broadstairs, Kent, CT10 2AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It was amortised over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on written down value and 33% on cost
Motor Vehicles 25% on written down value
Karts 25% on cost
Engines 25% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 7)
8 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 22,000
As at 30 November 2023 22,000
Amortisation
As at 1 December 2022 22,000
As at 30 November 2023 22,000
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 December 2022 638,968
Additions 351,740
As at 30 November 2023 990,708
Depreciation
As at 1 December 2022 400,707
Provided during the period 113,519
As at 30 November 2023 514,226
Net Book Value
As at 30 November 2023 476,482
As at 1 December 2022 238,261
6. Stocks
2023 2022
£ £
Stock 41,300 29,480
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 8,222 26,041
8,222 26,041
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 36,041 44,175
Bank loans and overdrafts 89,425 71,567
Other creditors 23,113 4,938
Taxation and social security 66,276 112,153
214,855 232,833
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 124,591 86,346
124,591 86,346
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
200 Ordinary Shares of £ 1.000 each 200 200
11. Other Commitments
2023 2022
£ £
Not later than one year 49,785 27,523
Later than one year and not later than five years 205,828 26,070
255,613 53,593
12. Directors Advances, Credits and Guarantees
Included within Debtors is a loan to a director of £243 (2022 £22,190). Interest has been charged at the official rate and the balance was cleared on 15 August 2024.
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