2022-11-01 05247804 2023-10-31 05247804 2022-11-01 2023-10-31 05247804 2022-10-31 05247804 2021-11-01 2022-10-31 05247804 uk-core:WithinOneYear 2022-10-31 05247804 uk-core:WithinOneYear 2023-10-31 05247804 uk-core:ShareCapital 2023-10-31 05247804 uk-core:ShareCapital 2022-10-31 05247804 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 05247804 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 05247804 uk-bus:Director1 2022-11-01 2023-10-31 05247804 uk-core:PlantMachinery 2022-11-01 2023-10-31 05247804 uk-core:MotorVehicles 2022-11-01 2023-10-31 05247804 uk-core:MotorVehicles 2022-10-31 05247804 uk-core:PlantMachinery 2022-10-31 05247804 uk-core:Buildings 2022-10-31 05247804 uk-core:Buildings 2022-11-01 2023-10-31 05247804 uk-core:Buildings 2023-10-31 05247804 uk-core:PlantMachinery 2023-10-31 05247804 uk-core:MotorVehicles 2023-10-31 05247804 uk-core:WithinOneYear uk-core:Secured 2023-10-31 05247804 uk-core:WithinOneYear uk-core:Secured 2022-10-31 iso4217:GBP xbrli:pure 05247804 uk-bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05247804 uk-bus:FRS102 2022-11-01 2023-10-31 05247804 uk-bus:FilletedAccounts 2022-11-01 2023-10-31 05247804 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
Richard Hughes Racing Limited
Registered Number:05247804
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
Richard Hughes Racing Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
05247804
As at 31 October 2023
Richard Hughes Racing Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
330,107
301,062
2
330,107
301,062
Current assets
Inventories
211,610
202,861
3
Trade and other receivables
1,118,951
1,118,951
4
876,908
Cash and cash equivalents
816,940
2,138,752
2,207,469
Trade and other payables: amounts falling due within one
year
(1,713,317)
(1,630,676)
5
494,152
508,076
Net current assets
Total assets less current liabilities
838,183
795,214
(10,318)
(12,056)
Provisions for liabilities
827,865
Net assets
783,158
Capital and reserves
Called up share capital
1
1
Retained earnings
827,864
783,157
827,865
783,158
Shareholders' funds
For the year ended 31 October 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 ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Richard Hughes Director
These financial statements were approved and authorised for issue by the Board on 30 October 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 October 2023
Richard Hughes Racing Limited
Notes to the Financial Statements
Statutory Information
Richard Hughes Racing Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 05247804.
Registered address:
Weathercock House & Stables
Upper Lambourne
Hungerford
Berkshire
RG17 8QT
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
25 Reducing balance
25 Reducing balance
Motor vehicles
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2 of 4
5
For the year ended 31 October 2023
Richard Hughes Racing Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
Cost or
valuation
At 01 November 2022
343,195
-
77,136
266,059
64,618
58,499
6,119
-
Additions
-
(51,917)
-
Disposals
(51,917)
At 31 October 2023
266,059
31,338
58,499
355,896
Provision for depreciation and impairment
At 01 November 2022
42,133
-
42,133
-
Charge for year
16,683
14,625
2,058
-
(33,027)
-
(33,027)
-
On disposal
At 31 October 2023
25,789
14,625
11,164
-
At 31 October 2023
Net book value
266,059
20,174
43,874
330,107
At 31 October 2022
266,059
35,003
-
301,062
3. Inventories
2022
2023
£
£
Stocks
202,861
211,610
4. Trade and other receivables
2022
2023
£
£
Trade debtors
1,118,951
1,118,951
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft (secured)
31,666
260,578
Trade creditors
1,435,748
1,261,086
Taxation and social security
143,860
181,900
Other creditors
19,402
9,753
1,630,676
1,713,317
3 of 4
6
For the year ended 31 October 2023
Richard Hughes Racing Limited
Notes to the Financial Statements Continued
6. Average number of persons employed
During the year the average number of employees was 27 (2022 : 27)
4 of 4