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REGISTERED NUMBER: 11030900 (England and Wales)



















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: J Bayly
G D Chilton





REGISTERED OFFICE: Suffolk House
George Street
Croydon
Surrey
CR0 0YN





REGISTERED NUMBER: 11030900 (England and Wales)





ACCOUNTANTS: TC Group
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 4 104,830 128,230
Cash at bank 77,858 7
182,688 128,237
CREDITORS
Amounts falling due within one year 5 6,817,767 6,880,448
NET CURRENT LIABILITIES (6,635,079 ) (6,752,211 )
TOTAL ASSETS LESS CURRENT LIABILITIES (6,635,079 ) (6,752,211 )

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings (6,635,179 ) (6,752,311 )
SHAREHOLDERS' FUNDS (6,635,079 ) (6,752,211 )

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

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

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 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th January 2025 and were signed on its behalf by:





J Bayly - Director


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 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.

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 - 24,000
Other debtors 600 -
Amounts owed to related parties 104,230 104,230
104,830 128,230

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 740 72
Tax - 1,869
VAT 10,970 7,017
Directors' current accounts 6,805,182 6,803,864
Accruals and deferred income 875 67,626
6,817,767 6,880,448

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: £    £   
100 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.