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Registered number: 08792700
Raceskin Limited
Financial Statements
For The Year Ended 30 November 2023
G Brown & Co Ltd
Accountants & Taxation Consultants
37a Wakefield Road
Tandem
Huddersfield
HD5 0AN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08792700
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,419 8,056
5,419 8,056
CURRENT ASSETS
Stocks 5 10,000 12,000
Debtors 6 16,741 9,031
Cash at bank and in hand 55,860 65,131
82,601 86,162
Creditors: Amounts Falling Due Within One Year 7 (55,471 ) (55,344 )
NET CURRENT ASSETS (LIABILITIES) 27,130 30,818
TOTAL ASSETS LESS CURRENT LIABILITIES 32,549 38,874
NET ASSETS 32,549 38,874
CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Profit and Loss Account 2,549 8,874
SHAREHOLDERS' FUNDS 32,549 38,874
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 Colin McNeill
Director
29/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Raceskin Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08792700 . The registered office is 37a Wakefield Road, Tandem, Huddersfield, HD5 0AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 12,450 4,732 17,182
As at 30 November 2023 12,450 4,732 17,182
Depreciation
As at 1 December 2022 4,980 4,146 9,126
Provided during the period 2,490 147 2,637
As at 30 November 2023 7,470 4,293 11,763
Net Book Value
As at 30 November 2023 4,980 439 5,419
As at 1 December 2022 7,470 586 8,056
5. Stocks
2023 2022
£ £
Stock 10,000 12,000
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Page 4
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,741 9,031
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,440 1,358
Bank loans and overdrafts 37,432 40,295
Corporation tax - 3,288
Other taxes and social security 247 246
VAT 2,397 3,072
Other creditors 5,000 -
Accruals and deferred income 1,460 1,440
Directors' loan accounts 7,495 5,645
55,471 55,344
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 30,000 30,000
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 4