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REGISTERED NUMBER: 08522538 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st December 2023

for

Air Race Cc Ltd

Air Race Cc Ltd (Registered number: 08522538)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Air Race Cc Ltd

Company Information
for the year ended 31st December 2023







DIRECTOR: J Zaltman





REGISTERED OFFICE: 12b Sun Street
Waltham Abbey
Essex
EN9 1EE





REGISTERED NUMBER: 08522538 (England and Wales)





ACCOUNTANTS: Apple Accounting Services Ltd
Chartered Management Accountants
12b Sun Street
Waltham Abbey
Essex
EN9 1EE

Air Race Cc Ltd (Registered number: 08522538)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 365 458
Tangible assets 5 9,749 11,832
Investments 6 100 100
10,214 12,390

CURRENT ASSETS
Debtors 7 1,299 1,304
Cash at bank 7,300 918
8,599 2,222
CREDITORS
Amounts falling due within one year 8 38,812 44,481
NET CURRENT LIABILITIES (30,213 ) (42,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(19,999

)

(29,869

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (20,099 ) (29,969 )
SHAREHOLDERS' FUNDS (19,999 ) (29,869 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

Air Race Cc Ltd (Registered number: 08522538)

Balance Sheet - continued
31st December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd September 2024 and were signed by:





J Zaltman - Director


Air Race Cc Ltd (Registered number: 08522538)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Air Race Cc Ltd 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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Misc. Intangibles are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Air Race Cc Ltd (Registered number: 08522538)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2023
and 31st December 2023 932
AMORTISATION
At 1st January 2023 474
Charge for year 93
At 31st December 2023 567
NET BOOK VALUE
At 31st December 2023 365
At 31st December 2022 458

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 21,459
DEPRECIATION
At 1st January 2023 9,627
Charge for year 2,083
At 31st December 2023 11,710
NET BOOK VALUE
At 31st December 2023 9,749
At 31st December 2022 11,832

Air Race Cc Ltd (Registered number: 08522538)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1st January 2023
and 31st December 2023 100
NET BOOK VALUE
At 31st December 2023 100
At 31st December 2022 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,299 1,304

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 193 120
Other creditors 38,619 44,361
38,812 44,481

9. RELATED PARTY DISCLOSURES

During the year the company provided services for the value of £20,811 (2023 - £0) to Yankee Entertainment SL a company registered in Spain and controlled by the Director. All transactions were conducted at arms length.

10. ULTIMATE CONTROLLING PARTY

The controlling party is J Zaltman.