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REGISTERED NUMBER: 13858117 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

EDMUNDS RACING LTD

EDMUNDS RACING LTD (REGISTERED NUMBER: 13858117)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EDMUNDS RACING LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: F Kehoe
M Kehoe





REGISTERED OFFICE: Unit 1 Harmansfield Wing Road
Stewkley
Leighton Buzzard
LU7 0JB





REGISTERED NUMBER: 13858117 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

EDMUNDS RACING LTD (REGISTERED NUMBER: 13858117)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 108,969 75,089

CURRENT ASSETS
Debtors 5 65,652 81,592
Cash at bank and in hand 30,255 18,944
95,907 100,536
CREDITORS
Amounts falling due within one year 6 (180,673 ) (163,580 )
NET CURRENT LIABILITIES (84,766 ) (63,044 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,203

12,045

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 24,103 11,945
24,203 12,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





M Kehoe - Director


EDMUNDS RACING LTD (REGISTERED NUMBER: 13858117)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Edmunds Racing Ltd is a limited company, limited by shares, registered in England and Wales. Its registered office address is Unit 1 Harmansfield Wing Road, Stewkley, Leighton Buzzard, England, LU7 0JB and registered number is 13858117.

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.

The presentational currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes. The following criteria must also be met before revenue is recognised:

Rendering of Services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following condition are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Plant and Machinery - 20% reducing balance
Motor Vehicles - 25 % reducing balance
Computer equipment - 25 % Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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


EDMUNDS RACING LTD (REGISTERED NUMBER: 13858117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 73,370 20,000 266 93,636
Additions - 75,250 - 75,250
Disposals (35,000 ) - - (35,000 )
At 31 March 2024 38,370 95,250 266 133,886
DEPRECIATION
At 1 April 2023 14,596 3,929 22 18,547
Charge for year 6,155 7,154 61 13,370
Eliminated on disposal (7,000 ) - - (7,000 )
At 31 March 2024 13,751 11,083 83 24,917
NET BOOK VALUE
At 31 March 2024 24,619 84,167 183 108,969
At 31 March 2023 58,774 16,071 244 75,089

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,471 74,462
Other debtors 1,181 7,130
65,652 81,592

EDMUNDS RACING LTD (REGISTERED NUMBER: 13858117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 15,866 21,350
Taxation and social security 26,207 31,216
Other creditors 138,600 111,014
180,673 163,580

7. RELATED PARTY DISCLOSURES

At the year end, £93,659 was owed to a company under common ownership. The loan is interest free and repayable on demand.