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REGISTERED NUMBER: 12304279 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RACE AND FILM LTD

RACE AND FILM LTD (REGISTERED NUMBER: 12304279)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RACE AND FILM LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: R A Flack





REGISTERED OFFICE: 223 Downs Road
Istead Rise
Gravesend
Kent
DA13 9HW





REGISTERED NUMBER: 12304279 (England and Wales)





ACCOUNTANTS: Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,340 46,384

CURRENT ASSETS
Debtors 5 3,649 8,142
Cash at bank 12,360 6,804
16,009 14,946
CREDITORS
Amounts falling due within one year 6 12,749 19,396
NET CURRENT ASSETS/(LIABILITIES) 3,260 (4,450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,600

41,934

CREDITORS
Amounts falling due after more than one
year

7

(1,730

)

-

PROVISIONS FOR LIABILITIES (7,835 ) (11,596 )
NET ASSETS 25,035 30,338

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 25,034 30,337
25,035 30,338

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 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.

RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

BALANCE SHEET - continued
31 MARCH 2024


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 11 October 2024 and were signed by:





R A Flack - Director


RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Race And Film 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, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of engineering and vehicle recovery services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised 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.


RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 6,126 1,771 58,523 952 67,372
Additions - 608 - 829 1,437
Disposals - - (7,500 ) - (7,500 )
At 31 March 2024 6,126 2,379 51,023 1,781 61,309
DEPRECIATION
At 1 April 2023 1,260 960 17,968 800 20,988
Charge for year 1,216 216 8,538 - 9,970
Eliminated on disposal - - (1,094 ) - (1,094 )
Reclassification/transfer - - - 105 105
At 31 March 2024 2,476 1,176 25,412 905 29,969
NET BOOK VALUE
At 31 March 2024 3,650 1,203 25,611 876 31,340
At 31 March 2023 4,866 811 40,555 152 46,384

RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 13,303
DEPRECIATION
At 1 April 2023 2,494
Charge for year 2,703
At 31 March 2024 5,197
NET BOOK VALUE
At 31 March 2024 8,106
At 31 March 2023 10,809

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 259 1,089
Other debtors 3,390 7,053
3,649 8,142

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 2,800 7,121
Trade creditors 84 -
Taxation and social security 8,538 3,739
Other creditors 1,327 8,536
12,749 19,396

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 1,730 -

RACE AND FILM LTD (REGISTERED NUMBER: 12304279)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,800 7,121
Between one and five years 1,730 -
4,530 7,121

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 20,000