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Registered number: 06844952
Rally Preparation Services Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Dark Consulting Ltd
34c High Street
Yatton
Bristol
BS49 4JA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06844952
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 265,497 255,567
265,497 255,567
CURRENT ASSETS
Stocks 6 22,000 35,000
Debtors 7 85,258 47,657
Cash at bank and in hand 69,059 148,061
176,317 230,718
Creditors: Amounts Falling Due Within One Year 8 (201,845 ) (276,271 )
NET CURRENT ASSETS (LIABILITIES) (25,528 ) (45,553 )
TOTAL ASSETS LESS CURRENT LIABILITIES 239,969 210,014
Creditors: Amounts Falling Due After More Than One Year 9 (94,564 ) (101,584 )
NET ASSETS 145,405 108,430
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 145,205 108,230
SHAREHOLDERS' FUNDS 145,405 108,430
Page 1
Page 2
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
Mr Simon Ayris
Director
04/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rally Preparation Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06844952 . The registered office is Unit 8 Cotswold Business Park, Range Road, Witney, Oxfordshire, OX29 0YB.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Freehold 15%
Plant & Machinery 20%
Motor Vehicles 25%
Fixtures & Fittings 20%
Computer Equipment 20%
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 11)
16 11
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 5,000
As at 31 March 2024 5,000
Amortisation
As at 1 April 2023 5,000
As at 31 March 2024 5,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 250,000 16,178 33,806 4,509 304,493
Additions - - 18,444 - 18,444
As at 31 March 2024 250,000 16,178 52,250 4,509 322,937
...CONTINUED
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Page 5
Depreciation
As at 1 April 2023 - 16,178 31,256 1,492 48,926
Provided during the period - - 7,837 677 8,514
As at 31 March 2024 - 16,178 39,093 2,169 57,440
Net Book Value
As at 31 March 2024 250,000 - 13,157 2,340 265,497
As at 1 April 2023 250,000 - 2,550 3,017 255,567
6. Stocks
2024 2023
£ £
Finished goods 22,000 35,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 55,647 12,101
Prepayments and accrued income 2,669 9,263
Pension scheme prepayments (767 ) -
Deferred tax current asset 5,681 5,681
Directors' loan accounts 22,028 20,612
85,258 47,657
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 49,500 118,080
Corporation tax 23,632 48
Other taxes and social security 2,746 6,509
VAT 71,235 43,335
Net wages 14,835 16,682
Other creditors - 62,550
Accruals and deferred income 39,897 29,067
201,845 276,271
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 94,564 101,584
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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