REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th April 2024 |
for |
CAPSICUM TOURING CAR R&D LTD. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th April 2024 |
for |
CAPSICUM TOURING CAR R&D LTD. |
CAPSICUM TOURING CAR R&D LTD. (REGISTERED NUMBER: 11030900) |
Contents of the Financial Statements |
for the year ended 30th April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CAPSICUM TOURING CAR R&D LTD. |
Company Information |
for the year ended 30th April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Office: Croydon - TC SWP |
3rd Floor, Suffolk House |
George Street |
Croydon |
CR0 0YN |
CAPSICUM TOURING CAR R&D LTD. (REGISTERED NUMBER: 11030900) |
Statement of Financial Position |
30th April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAPSICUM TOURING CAR R&D LTD. (REGISTERED NUMBER: 11030900) |
Notes to the Financial Statements |
for the year ended 30th April 2024 |
1. | STATUTORY INFORMATION |
Capsicum Touring Car R&D Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have considered the financial position of the company at 30th April 2024 and the projected cash flows and financial performance of the company for at least 12 months from the date of approval of these financial statements. They have also taken into consideration the continual financial support of the ultimate controlling party. The director considers, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the company, that the company has adequate resources to continue in operation as a going concern for the forseeable future. |
Turnover |
Turnover comprises revenue recognised by the company in respect of the provision of services, prize money and sponsorship income, exclusive of Value Added Tax. |
Turnover from a contract to provide services and sponsorship income is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- | the amount of turnover can be measured reliably; |
- | it is probable that the company will receive the consideration due under the contract; and |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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 Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured at the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 Statement of Financial Position date. |
CAPSICUM TOURING CAR R&D LTD. (REGISTERED NUMBER: 11030900) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year 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. |
Foreign currencies |
The company's functional and presentational currency is pound sterling. |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised within administrative expenses in the Statement of Comprehensive Income. |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
Amounts owed to related parties | 104,230 | 104,230 |
CAPSICUM TOURING CAR R&D LTD. (REGISTERED NUMBER: 11030900) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade creditors |
Tax |
VAT | 10,970 | 7,017 |
Directors' current accounts | 6,805,182 | 6,803,864 |
Accruals and deferred income |
The director's loan balance is interest free and whilst technically repayable on demand, the director has confirmed he will not seek repayment for a period of at least one year from accounts approval, and then only should funds permit. |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |