IRIS Accounts Production v24.3.0.553 09258584 Board of Directors Board of Directors 1.11.22 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092585842022-10-31092585842024-03-31092585842022-11-012024-03-31092585842021-10-31092585842021-11-012022-10-31092585842022-10-3109258584ns15:EnglandWales2022-11-012024-03-3109258584ns14:PoundSterling2022-11-012024-03-3109258584ns10:Director12022-11-012024-03-3109258584ns10:Director22022-11-012024-03-3109258584ns10:PrivateLimitedCompanyLtd2022-11-012024-03-3109258584ns10:SmallEntities2022-11-012024-03-3109258584ns10:AuditExempt-NoAccountantsReport2022-11-012024-03-3109258584ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012024-03-3109258584ns10:SmallCompaniesRegimeForAccounts2022-11-012024-03-3109258584ns10:FullAccounts2022-11-012024-03-3109258584ns10:RegisteredOffice2022-11-012024-03-3109258584ns5:CurrentFinancialInstruments2024-03-3109258584ns5:CurrentFinancialInstruments2022-10-3109258584ns5:Non-currentFinancialInstruments2024-03-3109258584ns5:Non-currentFinancialInstruments2022-10-3109258584ns5:ShareCapital2024-03-3109258584ns5:ShareCapital2022-10-3109258584ns5:RetainedEarningsAccumulatedLosses2024-03-3109258584ns5:PlantMachinery2022-11-012024-03-3109258584ns5:FurnitureFittings2022-11-012024-03-3109258584ns5:MotorVehicles2022-11-012024-03-3109258584ns5:PlantMachinery2022-10-3109258584ns5:FurnitureFittings2022-10-3109258584ns5:MotorVehicles2022-10-3109258584ns5:PlantMachinery2024-03-3109258584ns5:FurnitureFittings2024-03-3109258584ns5:MotorVehicles2024-03-3109258584ns5:PlantMachinery2022-10-3109258584ns5:FurnitureFittings2022-10-3109258584ns5:MotorVehicles2022-10-3109258584ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-012024-03-3109258584ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-012024-03-3109258584ns5:LeasedAssetsHeldAsLessee2022-11-012024-03-3109258584ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3109258584ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3109258584ns5:LeasedAssetsHeldAsLessee2024-03-3109258584ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:LeasedAssetsHeldAsLessee2022-10-3109258584ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109258584ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31092585841ns10:Director12022-10-31092585841ns10:Director12021-10-31092585841ns10:Director12022-11-012024-03-31092585841ns10:Director12021-11-012022-10-31092585841ns10:Director12024-03-31092585841ns10:Director12022-10-3109258584ns10:Director222022-10-3109258584ns10:Director222021-10-3109258584ns10:Director222022-11-012024-03-3109258584ns10:Director222021-11-012022-10-3109258584ns10:Director222024-03-3109258584ns10:Director222022-10-31
REGISTERED NUMBER: 09258584 (England and Wales)











Unaudited Financial Statements

for the Period 1 November 2022 to 31 March 2024

for

Race Spec Cages Ltd

Race Spec Cages Ltd (Registered number: 09258584)






Contents of the Financial Statements
for the Period 1 November 2022 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Race Spec Cages Ltd

Company Information
for the Period 1 November 2022 to 31 March 2024







DIRECTORS: J Ingram
T S Wood





REGISTERED OFFICE: Unit 31 Straight Mile
Bourton
Rugby
CV23 9QQ





REGISTERED NUMBER: 09258584 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Race Spec Cages Ltd (Registered number: 09258584)

Balance Sheet
31 March 2024

31.3.24 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 149,717 179,292

CURRENT ASSETS
Stocks 17,567 20,000
Debtors 5 12,593 29,063
Cash at bank and in hand 19,782 7,638
49,942 56,701
CREDITORS
Amounts falling due within one year 6 62,408 36,968
NET CURRENT (LIABILITIES)/ASSETS (12,466 ) 19,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

137,251

199,025

CREDITORS
Amounts falling due after more than one
year

7

(82,762

)

(101,327

)

PROVISIONS FOR LIABILITIES (12,707 ) -
NET ASSETS 41,782 97,698

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 41,682 97,598
41,782 97,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Race Spec Cages Ltd (Registered number: 09258584)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




T S Wood - Director



J Ingram - Director


Race Spec Cages Ltd (Registered number: 09258584)

Notes to the Financial Statements
for the Period 1 November 2022 to 31 March 2024

1. STATUTORY INFORMATION

Race Spec Cages Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 10 years and Straight line over 5 years
Fixtures and fittings - Straight line over 3 years and Straight line over 4 years
Motor vehicles - Straight line over 4 years and Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Race Spec Cages Ltd (Registered number: 09258584)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 223,860 4,158 112,667 340,685
Additions - - 107,900 107,900
Disposals - - (104,167 ) (104,167 )
At 31 March 2024 223,860 4,158 116,400 344,418
DEPRECIATION
At 1 November 2022 126,726 3,803 30,864 161,393
Charge for period 44,550 355 16,927 61,832
Eliminated on disposal - - (28,524 ) (28,524 )
At 31 March 2024 171,276 4,158 19,267 194,701
NET BOOK VALUE
At 31 March 2024 52,584 - 97,133 149,717
At 31 October 2022 97,134 355 81,803 179,292

Race Spec Cages Ltd (Registered number: 09258584)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 55,000 - 55,000
Additions - 107,900 107,900
At 31 March 2024 55,000 107,900 162,900
DEPRECIATION
At 1 November 2022 27,500 - 27,500
Charge for period 15,583 11,617 27,200
At 31 March 2024 43,083 11,617 54,700
NET BOOK VALUE
At 31 March 2024 11,917 96,283 108,200
At 31 October 2022 27,500 - 27,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.10.22
as restated
£    £   
Trade debtors 10,152 26,908
Amounts owed by group undertakings - 500
Other debtors 2,441 1,655
12,593 29,063

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.10.22
as restated
£    £   
Bank loans and overdrafts - 124
Hire purchase contracts 22,393 645
Trade creditors 28,801 17,272
Taxation and social security 10,028 8,816
Other creditors 1,186 10,111
62,408 36,968

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.10.22
as restated
£    £   
Hire purchase contracts 82,762 101,327

Race Spec Cages Ltd (Registered number: 09258584)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.10.22
as restated
£    £   
Hire purchase contracts 105,155 101,972

The hire purchase creditor is secured on the asset purchased under the agreement.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2024 and the year ended 31 October 2022:

31.3.24 31.10.22
as restated
£    £   
T S Wood
Balance outstanding at start of period (9,400 ) -
Amounts advanced 20,098 -
Amounts repaid (10,234 ) (9,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 464 (9,400 )

J Ingram
Balance outstanding at start of period (600 ) -
Amounts advanced 600 -
Amounts repaid - (600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - (600 )

These amounts are interest free and are repaid in full following the balance sheet date,

10. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by Mr T S Wood by virtue of him holding the majority of the issued ordinary share capital of the company.