IRIS Accounts Production v24.3.0.553 03914414 director 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039144142023-01-31039144142024-01-31039144142023-02-012024-01-31039144142022-01-31039144142022-02-012023-01-31039144142023-01-3103914414ns15:EnglandWales2023-02-012024-01-3103914414ns14:PoundSterling2023-02-012024-01-3103914414ns10:Director12023-02-012024-01-3103914414ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3103914414ns10:SmallEntities2023-02-012024-01-3103914414ns10:AuditExemptWithAccountantsReport2023-02-012024-01-3103914414ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3103914414ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103914414ns10:FullAccounts2023-02-012024-01-3103914414ns10:OrdinaryShareClass12023-02-012024-01-3103914414ns10:CompanySecretary12023-02-012024-01-3103914414ns10:RegisteredOffice2023-02-012024-01-3103914414ns5:CurrentFinancialInstruments2024-01-3103914414ns5:CurrentFinancialInstruments2023-01-3103914414ns5:ShareCapital2024-01-3103914414ns5:ShareCapital2023-01-3103914414ns5:RetainedEarningsAccumulatedLosses2024-01-3103914414ns5:RetainedEarningsAccumulatedLosses2023-01-3103914414ns5:PlantMachinery2023-02-012024-01-3103914414ns5:ComputerEquipment2023-02-012024-01-3103914414ns5:PlantMachinery2023-01-3103914414ns5:ComputerEquipment2023-01-3103914414ns5:PlantMachinery2024-01-3103914414ns5:ComputerEquipment2024-01-3103914414ns5:PlantMachinery2023-01-3103914414ns5:ComputerEquipment2023-01-3103914414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3103914414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3103914414ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: 03914414 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

RACING CAR FILMS LTD.

RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

RACING CAR FILMS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: A M Hollebone





SECRETARY: Mrs G M Hollebone





REGISTERED OFFICE: 2b Marston House
Cromwell Business Park
Chipping Norton
Oxfordshire
OX7 5SR





REGISTERED NUMBER: 03914414 (England and Wales)





ACCOUNTANTS: Astral Accountancy Services Limited
Astral House
Granville Way
Bicester
Oxfordshire
OX26 4JT

RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,774 2,585

CURRENT ASSETS
Stocks 36,900 33,850
Debtors 5 7,597 2,154
Cash at bank 1,966 5,735
46,463 41,739
CREDITORS
Amounts falling due within one year 6 47,249 33,155
NET CURRENT (LIABILITIES)/ASSETS (786 ) 8,584
TOTAL ASSETS LESS CURRENT
LIABILITIES

988

11,169

PROVISIONS FOR LIABILITIES 283 -
NET ASSETS 705 11,169

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 605 11,069
SHAREHOLDERS' FUNDS 705 11,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)

BALANCE SHEET - continued
31 JANUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





A M Hollebone - Director


RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Racing Car Films Ltd. 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

Basis of preparing the financial statements
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.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the accounting policies below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the Revenue costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

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 - 25% on reducing balance
Computer Equipment - 25% on reducing balance

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 Income Statement, 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.


RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery Equipment Totals
£    £    £   
COST
At 1 February 2023 2,800 2,765 5,565
Disposals - (1,739 ) (1,739 )
At 31 January 2024 2,800 1,026 3,826
DEPRECIATION
At 1 February 2023 700 2,280 2,980
Charge for year 525 66 591
Eliminated on disposal - (1,519 ) (1,519 )
At 31 January 2024 1,225 827 2,052
NET BOOK VALUE
At 31 January 2024 1,575 199 1,774
At 31 January 2023 2,100 485 2,585

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 941 2,154
Directors' current accounts 6,326 -
Prepayments 330 -
7,597 2,154

RACING CAR FILMS LTD. (REGISTERED NUMBER: 03914414)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank overdraft 16 -
Tax 26,389 19,540
VAT 17,182 9,304
Directors' current accounts - 648
Accruals and deferred income 3,662 3,663
47,249 33,155

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RACING CAR FILMS LTD.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Racing Car Films Ltd. for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Racing Car Films Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Racing Car Films Ltd. and state those matters that we have agreed to state to the director of Racing Car Films Ltd. in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Racing Car Films Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Racing Car Films Ltd.. You consider that Racing Car Films Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Racing Car Films Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Astral Accountancy Services Limited
Astral House
Granville Way
Bicester
Oxfordshire
OX26 4JT


31 October 2024