Lee Martin Racing Ltd 08671322 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is racing Digita Accounts Production Advanced 6.30.9574.0 true true 08671322 2023-04-01 2024-03-31 08671322 2024-03-31 08671322 bus:OrdinaryShareClass1 2024-03-31 08671322 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08671322 bus:SmallEntities 2023-04-01 2024-03-31 08671322 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08671322 bus:FilletedAccounts 2023-04-01 2024-03-31 08671322 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08671322 bus:RegisteredOffice 2023-04-01 2024-03-31 08671322 bus:Director1 2023-04-01 2024-03-31 08671322 bus:Director2 2023-04-01 2024-03-31 08671322 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08671322 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08671322 core:MotorVehicles 2023-04-01 2024-03-31 08671322 core:PlantMachinery 2023-04-01 2024-03-31 08671322 countries:AllCountries 2023-04-01 2024-03-31 08671322 2022-04-01 2023-03-31 08671322 2023-03-31 08671322 bus:OrdinaryShareClass1 2023-03-31 08671322 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08671322

Lee Martin Racing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lee Martin Racing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 4

 

Lee Martin Racing Ltd

Company Information

Directors

E A Martin

L S C Martin

Registered office

2 Toomers Wharf,
Canal Walk
Newbury
Berkshire
RG14 1DY

Accountants

EJBC Chartered Accountants
2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Lee Martin Racing Ltd

(Registration number: 08671322)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

-

2,075

Current assets

 

Cash at bank and in hand

 

13,397

15,041

Creditors: Amounts falling due within one year

(6,032)

(7,009)

Net current assets

 

7,365

8,032

Net assets

 

7,365

10,107

Capital and reserves

 

Called up share capital

3

100

100

Retained earnings

7,265

10,007

Shareholders' funds

 

7,365

10,107

For the financial year ending 31 March 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.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
E A Martin
Director

.........................................
L S C Martin
Director

 

Lee Martin Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Motor vehicles

25% straight line on cost

Plant and machinery

25% straight line on cost

 

Lee Martin Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

3

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100