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Registered number: 13123089














EEP RACING LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EEP RACING LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
EEP RACING LIMITED
REGISTERED NUMBER:13123089

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
90,352
401,156

  
90,352
401,156

Current assets
  

Debtors: amounts falling due within one year
 5 
1,223
90,322

Cash at bank and in hand
 6 
724
1,297

  
1,947
91,619

Creditors: amounts falling due within one year
 7 
(750,861)
(1,088,551)

Net current liabilities
  
 
 
(748,914)
 
 
(996,932)

Total assets less current liabilities
  
(658,562)
(595,776)

Provisions for liabilities
  

Deferred tax
 8 
(5,923)
-

  
 
 
(5,923)
 
 
-

Net liabilities
  
(664,485)
(595,776)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(664,585)
(595,876)

  
(664,485)
(595,776)


1

 
EEP RACING LIMITED
REGISTERED NUMBER:13123089
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E E C Pickering
Director

Date: 26 November 2024

The notes on pages 3 to 7 form part of these financial statements.

2

 
EEP RACING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

EEP Racing Limited is a private company, limited by shares, registered in England and Wales, registration number 13123089. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company is that of car racing and relating activities with a view of promoting the interests of the EEP Group as a whole.
The company ceased trading on 31 May 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the parent company has confirmed to continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3

 
EEP RACING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss account.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from other third parties and loans to related parties.


3.


Employees




The average monthly number of employees, including the director, during the year was 1 (2023 - 1).

4

 
EEP RACING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost 


At 1 April 2023
214,167
499,000
713,167


Disposals
-
(499,000)
(499,000)



At 31 March 2024

214,167
-
214,167



Depreciation


At 1 April 2023
93,698
218,313
312,011


Charge for the year on owned assets
30,117
-
30,117


Disposals
-
(218,313)
(218,313)



At 31 March 2024

123,815
-
123,815



Net book value



At 31 March 2024
90,352
-
90,352



At 31 March 2023
120,469
280,687
401,156


5.


Debtors

2024
2023
£
£


Other debtors
1,048
4,123

Prepayments
175
86,199

1,223
90,322


5

 
EEP RACING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
724
1,297



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
12,239

Amounts owed to group undertakings
745,862
1,070,562

Corporation tax
100
-

Accruals
4,899
5,750

750,861
1,088,551



8.


Deferred taxation




2024
2023


£

£






At beginning of year
-
(12,505)


Charged to profit or loss
(5,923)
12,505



At end of year
(5,923)
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,923)
-

(5,923)
-


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100


6

 
EEP RACING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.

 
7