IRIS Accounts Production v24.1.0.578 14276561 director 1.10.23 30.9.24 30.9.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh142765612023-09-30142765612024-09-30142765612023-10-012024-09-30142765612022-08-03142765612022-08-042023-09-30142765612023-09-3014276561ns15:EnglandWales2023-10-012024-09-3014276561ns14:PoundSterling2023-10-012024-09-3014276561ns10:Director12023-10-012024-09-3014276561ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3014276561ns10:SmallEntities2023-10-012024-09-3014276561ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3014276561ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3014276561ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3014276561ns10:FullAccounts2023-10-012024-09-301427656112023-10-012024-09-3014276561ns10:RegisteredOffice2023-10-012024-09-3014276561ns5:CurrentFinancialInstruments2024-09-3014276561ns5:CurrentFinancialInstruments2023-09-3014276561ns5:ShareCapital2024-09-3014276561ns5:ShareCapital2023-09-3014276561ns5:RetainedEarningsAccumulatedLosses2024-09-3014276561ns5:RetainedEarningsAccumulatedLosses2023-09-3014276561ns5:NetGoodwill2023-10-012024-09-3014276561ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3014276561ns5:PlantMachinery2023-10-012024-09-3014276561ns5:NetGoodwill2023-09-3014276561ns5:NetGoodwill2024-09-3014276561ns5:NetGoodwill2023-09-3014276561ns5:PlantMachinery2023-09-3014276561ns5:PlantMachinery2024-09-3014276561ns5:PlantMachinery2023-09-3014276561ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-09-3014276561ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-30
REGISTERED NUMBER: 14276561 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Parker Racing Ltd

Parker Racing Ltd (Registered number: 14276561)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Parker Racing Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTOR: A Parker





REGISTERED OFFICE: 521 Doncaster Road
Crofton
Wakefield
West Yorkshire
WF4 1LP





REGISTERED NUMBER: 14276561 (England and Wales)





ACCOUNTANTS: The Sanders Partnership
Chartered Accountants
19 King Street
The Civic Quarter
Wakefield
West Yorkshire
WF1 2SQ

Parker Racing Ltd (Registered number: 14276561)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,380 9,840
Tangible assets 5 5,754 6,423
13,134 16,263

CURRENT ASSETS
Stocks 208,476 162,849
Debtors 6 1,689 212
Cash at bank and in hand 34,765 39,796
244,930 202,857
CREDITORS
Amounts falling due within one year 7 196,292 178,952
NET CURRENT ASSETS 48,638 23,905
TOTAL ASSETS LESS CURRENT LIABILITIES 61,772 40,168

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 61,672 40,068
61,772 40,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 January 2025 and were signed by:





A Parker - Director


Parker Racing Ltd (Registered number: 14276561)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Parker Racing 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

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 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 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 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.

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

Provisions
Provisions are only set up where it is probable that a present obligation exists as a result of an event prior to the balance sheet and that a payment will be required in settlement that can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Parker Racing Ltd (Registered number: 14276561)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 12,300
AMORTISATION
At 1 October 2023 2,460
Charge for year 2,460
At 30 September 2024 4,920
NET BOOK VALUE
At 30 September 2024 7,380
At 30 September 2023 9,840

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 October 2023 8,449
Additions 1,249
At 30 September 2024 9,698
DEPRECIATION
At 1 October 2023 2,026
Charge for year 1,918
At 30 September 2024 3,944
NET BOOK VALUE
At 30 September 2024 5,754
At 30 September 2023 6,423

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 293 -
Other debtors 556 212
Prepayments 840 -
1,689 212

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 17,180 10,878
VAT 904 2,991
Directors' current accounts 177,993 164,868
Accrued expenses 215 215
196,292 178,952