Company Registration No. 03550936 (England and Wales)
NITRON RACING SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NITRON RACING SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
NITRON RACING SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,828,335
2,606,186
Current assets
Stocks
1,209,765
1,520,619
Debtors
4
1,080,656
810,292
Cash at bank and in hand
235,009
309,572
2,525,430
2,640,483
Creditors: amounts falling due within one year
5
(672,856)
(641,763)
Net current assets
1,852,574
1,998,720
Total assets less current liabilities
4,680,909
4,604,906
Creditors: amounts falling due after more than one year
6
(1,316,046)
(1,426,473)
Provisions for liabilities
(99,851)
(114,801)
Net assets
3,265,012
3,063,632
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,264,012
3,062,632
Total equity
3,265,012
3,063,632
NITRON RACING SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr G S Evans
Director
Company registration number 03550936 (England and Wales)
NITRON RACING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
1,000
2,819,000
2,820,000
Year ended 30 September 2022:
Profit and total comprehensive income
-
623,632
623,632
Dividends
-
(380,000)
(380,000)
Balance at 30 September 2022
1,000
3,062,632
3,063,632
Year ended 30 September 2023:
Profit and total comprehensive income
-
551,480
551,480
Dividends
-
(350,100)
(350,100)
Balance at 30 September 2023
1,000
3,264,012
3,265,012
NITRON RACING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Nitron Racing Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Tungsten Park, Collett Way, Witney, OX29 0AX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NITRON RACING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NITRON RACING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Warranty provision

Provisions for warranty costs are recognised when the company has a legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Warranty provisions are not discounted.

NITRON RACING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
34
33
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
2,025,879
968,644
2,994,523
Additions
198,721
196,539
395,260
Disposals
-
0
(17,900)
(17,900)
At 30 September 2023
2,224,600
1,147,283
3,371,883
Depreciation and impairment
At 1 October 2022
36,145
352,192
388,337
Depreciation charged in the year
41,414
119,111
160,525
Eliminated in respect of disposals
-
0
(5,314)
(5,314)
At 30 September 2023
77,559
465,989
543,548
Carrying amount
At 30 September 2023
2,147,041
681,294
2,828,335
At 30 September 2022
1,989,734
616,452
2,606,186
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
519,686
333,118
Other debtors
560,970
477,174
1,080,656
810,292
NITRON RACING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
110,604
74,695
Trade creditors
332,274
458,500
Corporation tax
137,567
58,255
Other taxation and social security
31,158
19,231
Other creditors
61,253
31,082
672,856
641,763
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,266,327
1,426,473
Other creditors
49,719
-
0
1,316,046
1,426,473

On 18 December 2020, HSBC Bank plc created a fixed charge over the property at Tungsten Park, Witney, Oxfordshire.

7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,804
16,571

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
950
950
950
950
Ordinary B shares of £1 each
50
50
50
50
1,000
1,000
1,000
1,000
9
Directors' transactions

At the period end, the director owed the company £433,096 (2022: £350,073). Interest has been charged on the loan totalling £11,561 (2022: £10,990). There is no fixed date for repayment other than the loan is repayable on demand.

2023-09-302022-10-01false16 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr G S EvansMrs B  Noppagaowfalsefalse035509362022-10-012023-09-30035509362023-09-30035509362022-09-3003550936core:LandBuildings2023-09-3003550936core:OtherPropertyPlantEquipment2023-09-3003550936core:LandBuildings2022-09-3003550936core:OtherPropertyPlantEquipment2022-09-3003550936core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3003550936core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3003550936core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3003550936core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3003550936core:CurrentFinancialInstruments2023-09-3003550936core:CurrentFinancialInstruments2022-09-3003550936core:Non-currentFinancialInstruments2023-09-3003550936core:Non-currentFinancialInstruments2022-09-3003550936core:ShareCapital2023-09-3003550936core:ShareCapital2022-09-3003550936core:RetainedEarningsAccumulatedLosses2023-09-3003550936core:RetainedEarningsAccumulatedLosses2022-09-3003550936core:ShareCapital2021-09-3003550936core:RetainedEarningsAccumulatedLosses2021-09-3003550936core:ShareCapitalOrdinaryShares2023-09-3003550936core:ShareCapitalOrdinaryShares2022-09-3003550936bus:Director12022-10-012023-09-3003550936core:RetainedEarningsAccumulatedLosses2021-10-012022-09-30035509362021-10-012022-09-3003550936core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3003550936core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3003550936core:PlantMachinery2022-10-012023-09-3003550936core:FurnitureFittings2022-10-012023-09-3003550936core:ComputerEquipment2022-10-012023-09-3003550936core:MotorVehicles2022-10-012023-09-3003550936core:LandBuildings2022-09-3003550936core:OtherPropertyPlantEquipment2022-09-30035509362022-09-3003550936core:LandBuildings2022-10-012023-09-3003550936core:OtherPropertyPlantEquipment2022-10-012023-09-3003550936core:WithinOneYear2023-09-3003550936core:WithinOneYear2022-09-3003550936bus:PrivateLimitedCompanyLtd2022-10-012023-09-3003550936bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3003550936bus:FRS1022022-10-012023-09-3003550936bus:AuditExemptWithAccountantsReport2022-10-012023-09-3003550936bus:CompanySecretary12022-10-012023-09-3003550936bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP