Company registration number 04349957 (England and Wales)
Elite Racing Transmissions Limited
Unaudited financial statements
For the year ended 31 January 2024
Elite Racing Transmissions Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Elite Racing Transmissions Limited
Statement of financial position
As at 31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Capital and reserves
Called up share capital
550
550
Profit and loss reserves
(550)
(550)
Total equity
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr M Bloor
Director
Company registration number 04349957 (England and Wales)
Elite Racing Transmissions Limited
Notes to the financial statements
For the year ended 31 January 2024
- 2 -
1
Accounting policies
Company information
Elite Racing Transmissions Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Gearworks, Salem Street, Etruria, Stoke on Trent, Staffordshire, ST1 5PR.
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
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.3
Intangible fixed assets other than goodwill
Amortisation 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:
Development costs
over 5 years
1.4
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:
Computers equipment
25% on cost
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.
1.5
Financial instruments
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Elite Racing Transmissions Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 3 -
2
Intangible fixed assets
Development costs
£
Cost
At 1 February 2023 and 31 January 2024
142,783
Amortisation and impairment
At 1 February 2023 and 31 January 2024
142,783
Carrying amount
At 31 January 2024
At 31 January 2023
3
Tangible fixed assets
Computers equipment
£
Cost
At 1 February 2023 and 31 January 2024
18,549
Depreciation and impairment
At 1 February 2023 and 31 January 2024
18,549
Carrying amount
At 31 January 2024
At 31 January 2023