Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 04253096 Mr Terry Chambers iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04253096 2023-03-31 04253096 2024-03-31 04253096 2023-04-01 2024-03-31 04253096 frs-core:CurrentFinancialInstruments 2024-03-31 04253096 frs-core:MotorVehicles 2024-03-31 04253096 frs-core:MotorVehicles 2023-04-01 2024-03-31 04253096 frs-core:MotorVehicles 2023-03-31 04253096 frs-core:ShareCapital 2024-03-31 04253096 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 04253096 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04253096 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 04253096 frs-bus:SmallEntities 2023-04-01 2024-03-31 04253096 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04253096 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04253096 frs-bus:Director1 2023-04-01 2024-03-31 04253096 frs-countries:EnglandWales 2023-04-01 2024-03-31 04253096 2022-03-31 04253096 2023-03-31 04253096 2022-04-01 2023-03-31 04253096 frs-core:CurrentFinancialInstruments 2023-03-31 04253096 frs-core:ShareCapital 2023-03-31 04253096 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 04253096
Racepaint (UK) Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04253096
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 7,500
- 7,500
CURRENT ASSETS
Stocks 5 1,500 4,050
Debtors 6 1,420 1,945
Cash at bank and in hand 1 -
2,921 5,995
Creditors: Amounts Falling Due Within One Year 7 (9,741 ) (12,981 )
NET CURRENT ASSETS (LIABILITIES) (6,820 ) (6,986 )
TOTAL ASSETS LESS CURRENT LIABILITIES (6,820 ) 514
NET (LIABILITIES)/ASSETS (6,820 ) 514
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (6,920 ) 414
SHAREHOLDERS' FUNDS (6,820) 514
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Terry Chambers
Director
31 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Racepaint (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04253096 . The registered office is 16 Queen Street, Ilkeston, Derbyshire, DE7 5GT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 April 2023 30,000
As at 31 March 2024 30,000
Depreciation
As at 1 April 2023 22,500
Provided during the period 7,500
As at 31 March 2024 30,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 7,500
5. Stocks
2024 2023
£ £
Stock 1,500 1,800
Work in progress - 2,250
1,500 4,050
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 445 1,400
Prepayments and accrued income 581 545
Other debtors 394 -
1,420 1,945
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,503 771
Bank loans and overdrafts 4,175 3,442
Corporation tax 39 784
Other taxes and social security - 136
Other creditors 1,634 3,447
Accruals and deferred income 2,390 2,396
Director's loan account - 2,005
9,741 12,981
Page 4
Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5