Silverfin false false 31/01/2024 01/02/2023 31/01/2024 A Bacheta 04/01/2011 27 January 2025 The principal activity of the company is that of a formula racing management company. 07481886 2024-01-31 07481886 bus:Director1 2024-01-31 07481886 2023-01-31 07481886 core:CurrentFinancialInstruments 2024-01-31 07481886 core:CurrentFinancialInstruments 2023-01-31 07481886 core:Non-currentFinancialInstruments 2024-01-31 07481886 core:Non-currentFinancialInstruments 2023-01-31 07481886 core:ShareCapital 2024-01-31 07481886 core:ShareCapital 2023-01-31 07481886 core:SharePremium 2024-01-31 07481886 core:SharePremium 2023-01-31 07481886 core:RetainedEarningsAccumulatedLosses 2024-01-31 07481886 core:RetainedEarningsAccumulatedLosses 2023-01-31 07481886 core:OtherPropertyPlantEquipment 2023-01-31 07481886 core:OtherPropertyPlantEquipment 2024-01-31 07481886 2023-02-01 2024-01-31 07481886 bus:FilletedAccounts 2023-02-01 2024-01-31 07481886 bus:SmallEntities 2023-02-01 2024-01-31 07481886 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07481886 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07481886 bus:Director1 2023-02-01 2024-01-31 07481886 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 07481886 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 07481886 2022-02-01 2023-01-31 07481886 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 07481886 (England and Wales)

BACHETA RACING LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

BACHETA RACING LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

BACHETA RACING LTD

BALANCE SHEET

As at 31 January 2024
BACHETA RACING LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,642 6,407
4,642 6,407
Current assets
Debtors 4 129,440 118,950
Cash at bank and in hand 40,423 65,258
169,863 184,208
Creditors: amounts falling due within one year 5 ( 344,373) ( 446,523)
Net current liabilities (174,510) (262,315)
Total assets less current liabilities (169,868) (255,908)
Creditors: amounts falling due after more than one year 6 ( 6,975) ( 12,056)
Net liabilities ( 176,843) ( 267,964)
Capital and reserves
Called-up share capital 100 100
Share premium account 249,979 249,979
Profit and loss account ( 426,922 ) ( 518,043 )
Total shareholder's deficit ( 176,843) ( 267,964)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bacheta Racing Ltd (registered number: 07481886) were approved and authorised for issue by the Director on 27 January 2025. They were signed on its behalf by:

A Bacheta
Director
BACHETA RACING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
BACHETA RACING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bacheta Racing Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Total liabilities exceed current assets at the balance sheet date. The director considers, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its director, shareholder and creditors. Accordingly the director considers that it is appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT where applicable.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 9,401 9,401
At 31 January 2024 9,401 9,401
Accumulated depreciation
At 01 February 2023 2,994 2,994
Charge for the financial year 1,765 1,765
At 31 January 2024 4,759 4,759
Net book value
At 31 January 2024 4,642 4,642
At 31 January 2023 6,407 6,407

4. Debtors

2024 2023
£ £
Trade debtors 490 0
Other debtors 128,950 118,950
129,440 118,950

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,081 4,955
Trade creditors 3,891 2,461
Other taxation and social security 32,379 17,640
Other creditors 303,022 421,467
344,373 446,523

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,975 12,056

7. Related party transactions

At the year end the company owed £222,183 (2023 - £262,183) to Bachetta Limited, a company under common control.

At the year end the company was owed £7,450 (2023 - £7,450) by Rocky Worldwide Limited, a company under common control.