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Registered number: 06821729
Concept Racing Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Alliance Accountants Ltd
19 Gloucester Road
Ross on Wye
Herefordshire
HR9 5LQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06821729
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,852 7,098
32,852 7,098
CURRENT ASSETS
Stocks 5 18,270 20,751
Debtors 6 24,684 22,293
Cash at bank and in hand 5,300 22,818
48,254 65,862
Creditors: Amounts Falling Due Within One Year 7 (13,337 ) (22,340 )
NET CURRENT ASSETS (LIABILITIES) 34,917 43,522
TOTAL ASSETS LESS CURRENT LIABILITIES 67,769 50,620
NET ASSETS 67,769 50,620
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 67,767 50,618
SHAREHOLDERS' FUNDS 67,769 50,620
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Miss Clare Daniels
Director
31/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Concept Racing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06821729 . The registered office is Unit 5C Alton Road Business Park, Alton Road, Ross-on-wye, Herefordshire, HR9 5BP.
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:
Plant & Machinery 25% on cost
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% on cost
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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 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. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 27,096 - 652 2,950 30,698
Additions 6,656 28,298 - - 34,954
As at 31 March 2024 33,752 28,298 652 2,950 65,652
Depreciation
As at 1 April 2023 21,725 - 130 1,745 23,600
Provided during the period 3,007 5,660 131 402 9,200
As at 31 March 2024 24,732 5,660 261 2,147 32,800
Net Book Value
As at 31 March 2024 9,020 22,638 391 803 32,852
As at 1 April 2023 5,371 - 522 1,205 7,098
5. Stocks
2024 2023
£ £
Work in progress 18,270 20,751
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,920 12,528
Other debtors 9,764 9,765
24,684 22,293
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,006 2,796
Other creditors 4,098 4,318
Taxation and social security 6,233 15,226
13,337 22,340
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4