4 4 R Racing GT Ltd 13556754 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is motor racing. Digita Accounts Production Advanced 6.30.9574.0 true 13556754 2023-05-01 2024-04-30 13556754 2024-04-30 13556754 bus:OrdinaryShareClass1 2024-04-30 13556754 core:CurrentFinancialInstruments 2024-04-30 13556754 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13556754 core:Non-currentFinancialInstruments 2024-04-30 13556754 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 13556754 core:FurnitureFittingsToolsEquipment 2024-04-30 13556754 bus:SmallEntities 2023-05-01 2024-04-30 13556754 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13556754 bus:FilletedAccounts 2023-05-01 2024-04-30 13556754 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13556754 bus:RegisteredOffice 2023-05-01 2024-04-30 13556754 bus:Director1 2023-05-01 2024-04-30 13556754 bus:Director2 2023-05-01 2024-04-30 13556754 bus:Director3 2023-05-01 2024-04-30 13556754 bus:Director4 2023-05-01 2024-04-30 13556754 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 13556754 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13556754 bus:Agent1 2023-05-01 2024-04-30 13556754 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 13556754 core:PlantMachinery 2023-05-01 2024-04-30 13556754 countries:EnglandWales 2023-05-01 2024-04-30 13556754 2023-04-30 13556754 core:FurnitureFittingsToolsEquipment 2023-04-30 13556754 2022-09-01 2023-04-30 13556754 2023-04-30 13556754 bus:OrdinaryShareClass1 2023-04-30 13556754 core:CurrentFinancialInstruments 2023-04-30 13556754 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 13556754 core:Non-currentFinancialInstruments 2023-04-30 13556754 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 13556754 core:FurnitureFittingsToolsEquipment 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 13556754

R Racing GT Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

R Racing GT Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

R Racing GT Ltd

Company Information

Directors

N Read

D Robinson

M D Robinson

J Ross

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered AccountantsLawford House
Albert Place
London
N3 1QA

 

R Racing GT Ltd

(Registration number: 13556754)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

135,430

Current assets

 

Stocks

5

-

3,200

Debtors

6

-

76,871

Cash at bank and in hand

 

15,166

7,905

 

15,166

87,976

Creditors: Amounts falling due within one year

7

(104,955)

(200,883)

Net current liabilities

 

(89,789)

(112,907)

Total assets less current liabilities

 

(89,789)

22,523

Creditors: Amounts falling due after more than one year

7

-

(78,896)

Provisions for liabilities

-

(33,858)

Net liabilities

 

(89,789)

(90,231)

Capital and reserves

 

Called up share capital

8

4

4

Profit and loss account

(89,793)

(90,235)

Shareholders' deficit

 

(89,789)

(90,231)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

 

R Racing GT Ltd

(Registration number: 13556754)
Balance Sheet as at 30 April 2024

.........................................
M D Robinson
Director

.........................................
J Ross
Director

 

R Racing GT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the Board on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

R Racing GT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on reducing balance

Stocks

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

Financial instruments

Classification
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

 Recognition and measurement
Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

R Racing GT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

216,688

216,688

Additions

82,111

82,111

Disposals

(298,799)

(298,799)

At 30 April 2024

-

-

Depreciation

At 1 May 2023

81,258

81,258

Eliminated on disposal

(81,258)

(81,258)

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

135,430

135,430

5

Stocks

2024
£

2023
£

Closing stock

-

3,200

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

51,480

Prepayments

-

25,391

 

-

76,871

 

R Racing GT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

70,245

131,113

Trade creditors

 

940

34,388

Taxation and social security

 

12,258

2,021

Accruals and deferred income

 

3,100

2,950

Other creditors

 

18,412

30,411

 

104,955

200,883

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

78,896

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

70,245

131,113

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

78,896

 

R Racing GT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

As at the balance sheet date:

1) The company owed two of its directors the sum of £12,998 (2023 - £25,000).

2) The company owed a loan balance of £70,246 (2023 - £210,009) to a related party. During the year, a further loan of £93,244 was advanced to the company, repayments totalling £245,000 were made and interest in the sum of £11,993 (2023 - £8,357) accrued on the loan at a margin of 2% above the Bank of England base rate.

3) The company also owed the sum of £5,413 (2023 - £5,413) to a separate company which is a related party.