Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06799772 A D Cheshire C L Cheshire iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06799772 2023-03-31 06799772 2024-03-31 06799772 2023-04-01 2024-03-31 06799772 frs-core:CurrentFinancialInstruments 2024-03-31 06799772 frs-core:Non-currentFinancialInstruments 2024-03-31 06799772 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06799772 frs-core:FurnitureFittings 2024-03-31 06799772 frs-core:FurnitureFittings 2023-04-01 2024-03-31 06799772 frs-core:FurnitureFittings 2023-03-31 06799772 frs-core:MotorVehicles 2024-03-31 06799772 frs-core:MotorVehicles 2023-04-01 2024-03-31 06799772 frs-core:MotorVehicles 2023-03-31 06799772 frs-core:PlantMachinery 2024-03-31 06799772 frs-core:PlantMachinery 2023-04-01 2024-03-31 06799772 frs-core:PlantMachinery 2023-03-31 06799772 frs-core:ShareCapital 2024-03-31 06799772 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06799772 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06799772 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06799772 frs-bus:SmallEntities 2023-04-01 2024-03-31 06799772 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06799772 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06799772 frs-bus:Director1 2023-04-01 2024-03-31 06799772 frs-bus:Director2 2023-04-01 2024-03-31 06799772 frs-core:CurrentFinancialInstruments 1 2024-03-31 06799772 frs-core:CurrentFinancialInstruments 2 2024-03-31 06799772 frs-countries:EnglandWales 2023-04-01 2024-03-31 06799772 2022-03-31 06799772 2023-03-31 06799772 2022-04-01 2023-03-31 06799772 frs-core:CurrentFinancialInstruments 2023-03-31 06799772 frs-core:Non-currentFinancialInstruments 2023-03-31 06799772 frs-core:ShareCapital 2023-03-31 06799772 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 06799772 frs-core:CurrentFinancialInstruments 1 2023-03-31 06799772 frs-core:CurrentFinancialInstruments 2 2023-03-31
Registered number: 06799772
Grand Prix Racegear Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06799772
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,627 11,444
10,627 11,444
CURRENT ASSETS
Stocks 5 824,299 657,417
Debtors 6 131,152 132,936
Cash at bank and in hand 323,561 176,282
1,279,012 966,635
Creditors: Amounts Falling Due Within One Year 7 (510,748 ) (410,446 )
NET CURRENT ASSETS (LIABILITIES) 768,264 556,189
TOTAL ASSETS LESS CURRENT LIABILITIES 778,891 567,633
Creditors: Amounts Falling Due After More Than One Year 8 (534,451 ) (458,939 )
NET ASSETS 244,440 108,694
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 244,340 108,594
SHAREHOLDERS' FUNDS 244,440 108,694
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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
A D Cheshire
Director
18 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Grand Prix Racegear Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06799772 . The registered office is Unit 1 Technology Park, Silverstone Circuit, Silverstone, Towcester, NN12 8TN.
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% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 11)
12 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 77,973 14,930 34,127 127,030
Additions 2,725 - - 2,725
As at 31 March 2024 80,698 14,930 34,127 129,755
Depreciation
As at 1 April 2023 73,690 13,435 28,461 115,586
Provided during the period 1,752 374 1,416 3,542
As at 31 March 2024 75,442 13,809 29,877 119,128
Net Book Value
As at 31 March 2024 5,256 1,121 4,250 10,627
As at 1 April 2023 4,283 1,495 5,666 11,444
5. Stocks
2024 2023
£ £
Stock 824,299 657,417
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 52,078 43,950
Prepayments and accrued income 41,914 51,826
93,992 95,776
Due after more than one year
Other debtors 37,160 37,160
131,152 132,936
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 301,904 153,296
Bank loans and overdrafts 10,596 9,688
Corporation tax 46,080 5,924
Other taxes and social security 5,248 4,510
VAT 105,000 101,414
Other creditors - 100,000
Credit card control 802 385
Pension liability 834 796
Accruals and deferred income 40,284 34,433
510,748 410,446
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,010 30,718
Other creditors 422,606 331,221
Accruals and deferred income 90,835 97,000
534,451 458,939
Lease incentive
Creditors falling due after more than one year include Accruals of £90,835 (2023 - £97,000). The accrual is in
respect of adjustments required relating to rent free and reduced rent periods under the company's premises
lease. In accordance with Financial Reporting Standard 102, rent free and reduced rent periods are lease
incentives and the benefit arising from these incentives must be spread over the life of the lease.
Bank borrowings
The bounceback loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on
31 March 2027. The carrying amount at year end is £31,605 (2023 - £40,406).
The loan was drawn down in March 2021 with the first repayments commencing in May 2022. Security
for the loan is provided by the Government.
9. Other Commitments
The total amount of financial commitments not included in the balance sheet is £1,919,929 (2023 - £2,047,041).
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10. Related Party Transactions
FF Corse Limited - company with same directors and shareholders
During the year, the company borrowed a further £nil (2023 - £nil) from FF Corse Limited. The loan is unsecured,
and interest is charged at 2.5%. The first capital repayment is due on 28 February 2024 and the final repayment
is due on 31 January 2030. The amount outstanding at the year end was £422,605 (2023 - £431,220).
During the year the company charged rent of £102,757 (2023 - £101,615) to FF Corse Limited. There is no formal
lease in place. The amount of rent outstanding at the year end was £1,830 (2023 - £nil).
During the year the company recharged light and heat costs of £13,547 (2023 - £9,671) and other overhead costs of £12,518 (2023 - £23,952) to FF Corse Limited.
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