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REGISTERED NUMBER: 11558890 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

LYCETT RACING LIMITED

LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LYCETT RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: D Lycett





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 11558890 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 50 50

CURRENT ASSETS
Stocks 165,856 139,000
Debtors 5 218,051 191,938
Investments 6 240 240
Cash at bank 22,580 15,902
406,727 347,080
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

772,374

767,473
NET CURRENT LIABILITIES (365,647 ) (420,393 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(365,597

)

(420,343

)

PROVISIONS FOR LIABILITIES 14,126 14,126
NET LIABILITIES (379,723 ) (434,469 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (379,823 ) (434,569 )
(379,723 ) (434,469 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





D Lycett - Director


LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Lycett Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Financial instruments
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Going concern
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its creditors. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 October 2022
and 30 September 2023 50
NET BOOK VALUE
At 30 September 2023 50
At 30 September 2022 50

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,429 33,429
Amounts owed by participating interests 193,509 158,509
Other debtors 3,113 -
218,051 191,938

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 240 240

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 38,020 16,197
Amounts owed to participating interests 529,641 546,025
Taxation and social security 1,896 3,286
Other creditors 202,817 201,965
772,374 767,473

LYCETT RACING LIMITED (REGISTERED NUMBER: 11558890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. RELATED PARTY DISCLOSURES

Included in amounts owed/owing in relation to participating interests is a total credit balance of
£336,132, which relates to associated companies.

These loans are interest free and repayable on demand.