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COMPANY REGISTRATION NUMBER: 14692636
Pro-Race Exhaust Systems Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Pro-Race Exhaust Systems Limited
Abridged Financial Statements
Period from 27 February 2023 to 31 March 2024
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
Pro-Race Exhaust Systems Limited
Officers and Professional Advisers
The board of directors
Mr R C Binns
Mr S J Howell
Registered office
Unit 3/4 St Marys Road Industrial Estate
Ramsey
Huntingdon
PE26 2SW
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
Pro-Race Exhaust Systems Limited
Abridged Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
Fixed assets
Tangible assets
5
41,658
Current assets
Stocks
12,500
Debtors
38,031
Cash at bank and in hand
7,333
--------
57,864
Creditors: amounts falling due within one year
108,040
---------
Net current liabilities
50,176
--------
Total assets less current liabilities
( 8,518)
Creditors: amounts falling due after more than one year
30,000
--------
Net liabilities
( 38,518)
--------
Capital and reserves
Called up share capital
100
Profit and loss account
( 38,618)
--------
Shareholders deficit
( 38,518)
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Pro-Race Exhaust Systems Limited
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr S J Howell
Director
Company registration number: 14692636
Pro-Race Exhaust Systems Limited
Notes to the Abridged Financial Statements
Period from 27 February 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3/4 St Marys Road Industrial Estate, Ramsey, Huntingdon, PE26 2SW.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 .
5. Tangible assets
£
Cost
At 27 February 2023
Additions
62,894
Disposals
( 7,500)
--------
At 31 March 2024
55,394
--------
Depreciation
At 27 February 2023
Charge for the period
13,736
--------
At 31 March 2024
13,736
--------
Carrying amount
At 31 March 2024
41,658
--------
6. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
One director
35,299
35,299
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--------
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