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REGISTERED NUMBER: 06215461 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

TOM WALKINSHAW RACING LIMITED

TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)






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


TOM WALKINSHAW RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: S N T Walkinshaw
K Page





SECRETARY: K Page





REGISTERED OFFICE: Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP





REGISTERED NUMBER: 06215461 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 20,000 708
Debtors 6 56,806 55,402
Cash at bank and in hand 1,239 1,771
78,045 57,881
CREDITORS
Amounts falling due within one year 7 20 1,020
NET CURRENT ASSETS 78,025 56,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,025

56,861

CREDITORS
Amounts falling due after more than one
year

8

65,771

39,721
NET ASSETS 12,254 17,140

CAPITAL AND RESERVES
Called up share capital 726,000 726,000
Retained earnings (713,746 ) (708,860 )
SHAREHOLDERS' FUNDS 12,254 17,140

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 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.

TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2024 and were signed on its behalf by:





K Page - Director


TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Tom Walkinshaw Racing Limited 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

Accounting convention
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.

Going Concern Justification
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 December 2023 have been prepared using the going concern basis of accounting.

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.

Development costs are being amortised evenly over their estimated useful life of nil 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 - 33% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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


TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1st January 2023
and 31st December 2023 575,000
AMORTISATION
At 1st January 2023
and 31st December 2023 575,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 19,662 39,300 58,962
DEPRECIATION
At 1st January 2023
and 31st December 2023 19,662 39,300 58,962
NET BOOK VALUE
At 31st December 2023 - - -
At 31st December 2022 - - -

TOM WALKINSHAW RACING LIMITED (REGISTERED NUMBER: 06215461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,400 55,402
Other debtors 2,220 -
VAT 186 -
56,806 55,402

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20 97
VAT - 923
20 1,020

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 65,771 39,721