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COMPANY REGISTRATION NUMBER: 07159006
MacG Racing Ltd
Filleted Unaudited Financial Statements
28 February 2024
MacG Racing Ltd
Balance Sheet
28 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
414,530
403,513
Investments
6
75
75
---------
---------
414,605
403,588
Current assets
Stocks
35,550
27,178
Debtors
7
112,335
87,226
Cash at bank and in hand
17,729
41,637
---------
---------
165,614
156,041
Creditors: amounts falling due within one year
8
31,871
22,131
---------
---------
Net current assets
133,743
133,910
---------
---------
Total assets less current liabilities
548,348
537,498
Creditors: amounts falling due after more than one year
9
975,653
946,907
---------
---------
Net liabilities
( 427,305)
( 409,409)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 427,405)
( 409,509)
---------
---------
Shareholders deficit
( 427,305)
( 409,409)
---------
---------
These 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 profit and loss account has not been delivered.
For the year ending 28 February 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 financial statements for the year 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 financial statements .
MacG Racing Ltd
Balance Sheet (continued)
28 February 2024
These 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:
R V MacGregor
Director
Company registration number: 07159006
MacG Racing Ltd
Notes to the Financial Statements
Year ended 28 February 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 Barrow Bridge Industrial Estate, Sinfin Lane, Barrow upon Trent, Derby, DE73 7HH.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements by loans from the directors. The directors will continue to support the company for the foreseeable future and therefore consider that it is appropriate to prepare the financial statements on the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% reducing balance
Fixtures, fittings and equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Racing cars
-
10-20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Government grants
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from banks and other third parties .
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 year amounted to 6 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Racing cars
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
202,313
36,880
27,980
22,000
317,356
606,529
Additions
8,340
2,931
10,992
22,263
---------
--------
--------
--------
---------
---------
At 28 Feb 2024
202,313
45,220
30,911
32,992
317,356
628,792
---------
--------
--------
--------
---------
---------
Depreciation
At 1 Mar 2023
18,668
13,585
12,510
158,253
203,016
Charge for the year
4,060
3,020
4,096
70
11,246
---------
--------
--------
--------
---------
---------
At 28 Feb 2024
22,728
16,605
16,606
158,323
214,262
---------
--------
--------
--------
---------
---------
Carrying amount
At 28 Feb 2024
202,313
22,492
14,306
16,386
159,033
414,530
---------
--------
--------
--------
---------
---------
At 28 Feb 2023
202,313
18,212
14,395
9,490
159,103
403,513
---------
--------
--------
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 March 2023 and 28 February 2024
75
----
Impairment
At 1 March 2023 and 28 February 2024
----
Carrying amount
At 28 February 2024
75
----
At 28 February 2023
75
----
The company owns 75% of the issued share capital of Sports Ground Design Ltd, a company registered in England and Wales. At the balance sheet date the company had aggregate capital and reserves of £267,703 (2023: £261,869) and the profit for the year was £5,834 (2023: Loss £(6,196)).
7. Debtors
2024
2023
£
£
Trade debtors
19,143
4,011
Other debtors
93,192
83,215
---------
--------
112,335
87,226
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,838
14,619
Social security and other taxes
5,393
155
Other creditors
7,640
7,357
--------
--------
31,871
22,131
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
265,996
265,996
Directors current account
709,657
680,911
---------
---------
975,653
946,907
---------
---------