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Registration number: 7515907

Eazi-Grip Racing Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Eazi-Grip Racing Products Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Eazi-Grip Racing Products Limited

Company Information

Directors

Mr Andrew Sherlock

Richard Taylor

Registered office

Unit 35
Centurion Industrial Estate
Farrington
Leyland
Lancashire
PR25 4GU

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

Eazi-Grip Racing Products Limited

(Registration number: 7515907)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,377

3,377

Tangible assets

5

93,980

129,785

Investments

6

-

73,269

 

97,357

206,431

Current assets

 

Stocks

75,272

147,377

Debtors

7

33,017

56,380

Cash at bank and in hand

 

38,397

76,473

 

146,686

280,230

Creditors: Amounts falling due within one year

8

(81,172)

(88,467)

Net current assets

 

65,514

191,763

Total assets less current liabilities

 

162,871

398,194

Creditors: Amounts falling due after more than one year

8

(20,958)

(62,458)

Net assets

 

141,913

335,736

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

141,813

335,636

Shareholders' funds

 

141,913

335,736

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Eazi-Grip Racing Products Limited

(Registration number: 7515907)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Sherlock
Director

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 35
Centurion Industrial Estate
Farrington
Leyland
Lancashire
PR25 4GU

These financial statements were authorised for issue by the Board on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

33% reducing balance basis

Furniture and Fittings

25% reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10 % straight line

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 8).

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2023

3,377

3,377

At 29 February 2024

3,377

3,377

Amortisation

Carrying amount

At 29 February 2024

3,377

3,377

At 28 February 2023

3,377

3,377

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

23,581

201,524

225,105

Additions

-

2,065

2,065

Disposals

(385)

(40,919)

(41,304)

At 29 February 2024

23,196

162,670

185,866

Depreciation

At 1 March 2023

19,499

75,133

94,632

Charge for the year

805

16,036

16,841

Eliminated on disposal

(212)

(19,375)

(19,587)

At 29 February 2024

20,092

71,794

91,886

Carrying amount

At 29 February 2024

3,104

90,876

93,980

At 28 February 2023

3,394

126,391

129,785

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

73,269

Subsidiaries

£

Cost or valuation

At 1 March 2023

73,269

Disposals

(73,269)

At 29 February 2024

-

Provision

Carrying amount

At 29 February 2024

-

At 28 February 2023

73,269

7

debtors

Current

2024
£

2023
£

Trade debtors

33,017

54,217

Other debtors

-

2,163

 

33,017

56,380

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans and overdrafts

41,500

41,501

trade creditors

17,064

26,229

Amounts owed to director

2,940

2,420

Taxation and social security

15,827

14,160

Other creditors

3,841

4,157

81,172

88,467

Due after one year

Loans and borrowings

20,958

62,458

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,390

6,870

Later than one year and not later than five years

-

6,870

3,390

13,740

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,484 (2023 - £6,870).

 

Eazi-Grip Racing Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £Nil (2023 - £73.50) per each Ordinary

 

-

 

7,350

         

12

Related party transactions

The company occupies premises owned by a director, Mr M Brassington. The company paid £18,000 of rent during the year, at the date the financial statements were approved there was no formal lease agreement. Mr Brassington ceased to be a director on 28 February 2024.

The company also had fixed and floating charges over its assets and undertaking in favour of National Westminster Bank plc which related to personal borrowing of Mr Brassington. These charges were satisfied on .........