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Company registration number: 03398223
Cumbria Kart Racing Club Limited
Company limited by guarantee
Unaudited financial statements
For the year ended
31 December 2023
Cumbria Kart Racing Club Limited
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
Cumbria Kart Racing Club Limited
Company limited by guarantee
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 298,331 351,580
Investments 4 22,240 22,240
________ ________
320,571 373,820
Current assets
Stocks 400 400
Debtors 5 8,094 9,053
Cash at bank and in hand 781,924 695,045
________ ________
790,418 704,498
Creditors: amounts falling due
within one year 6 ( 1,662) ( 2,598)
________ ________
Net current assets 788,756 701,900
________ ________
Total assets less current liabilities 1,109,327 1,075,720
________ ________
Net assets 1,109,327 1,075,720
________ ________
Capital and reserves
Profit and loss account 1,109,327 1,075,720
________ ________
Members funds 1,109,327 1,075,720
________ ________
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
P D Walsh
Director
Company registration number: 03398223
Cumbria Kart Racing Club Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2023
1. Accounting policies
Company information
The company is a private company limited by guarantee, registered in England and Wales, registration number 03398223 . The address of the registered office is 50 Newton Road, Dalton-In-Furness, LA15 8NF.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
2. Limited by guarantee
The company is limited by guarantee. The guarantors are the members of the company and the liability in respect of the guarantee as set out in the memorandum is limited to £10 per member.
3. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 429,082 497,657 11,434 938,173
Additions - 28,145 - 28,145
________ ________ ________ ________
At 31 December 2023 429,082 525,802 11,434 966,318
________ ________ ________ ________
Depreciation
At 1 January 2023 240,760 338,521 7,312 586,593
Charge for the year 42,908 37,456 1,030 81,394
________ ________ ________ ________
At 31 December 2023 283,668 375,977 8,342 667,987
________ ________ ________ ________
Carrying amount
At 31 December 2023 145,414 149,825 3,092 298,331
________ ________ ________ ________
At 31 December 2022 188,322 159,136 4,122 351,580
________ ________ ________ ________
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 22,240 22,240
________ ________
Impairment
At 1 January 2023 and 31 December 2023 - -
________ ________
Carrying amount
At 31 December 2023 22,240 22,240
________ ________
At 31 December 2022 22,240 22,240
________ ________
5. Debtors
2023 2022
£ £
Other debtors 8,094 9,053
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Taxation and social security ( 418) 418
Other creditors 2,080 2,180
________ ________
1,662 2,598
________ ________