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REGISTERED NUMBER: 05880344 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Gridline Racing Limited

Gridline Racing Limited (Registered number: 05880344)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gridline Racing Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: J Frost
Miss V M Turner





REGISTERED OFFICE: Dunford Road
Off Canwick Road
Lincoln
LN5 8HF





REGISTERED NUMBER: 05880344 (England and Wales)





ACCOUNTANTS: ABC Accounting Services
1 Willoughton Place
Wharton Close
Gainsborough
Lincolnshire
DN21 1EB

Gridline Racing Limited (Registered number: 05880344)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 704,811 762,045

CURRENT ASSETS
Debtors 5 96,920 80,000
Cash at bank 108,791 80,184
205,711 160,184
CREDITORS
Amounts falling due within one year 6 176,206 256,085
NET CURRENT ASSETS/(LIABILITIES) 29,505 (95,901 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

734,316

666,144

CREDITORS
Amounts falling due after more than one
year

7

(299,922

)

(312,162

)

PROVISIONS FOR LIABILITIES (46,914 ) (55,666 )
NET ASSETS 387,480 298,316

CAPITAL AND RESERVES
Called up share capital 490 490
Retained earnings 386,990 297,826
SHAREHOLDERS' FUNDS 387,480 298,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Gridline Racing Limited (Registered number: 05880344)

Balance Sheet - continued
31 October 2024


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 Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:





J Frost - Director


Gridline Racing Limited (Registered number: 05880344)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Gridline Racing Limited 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 represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Fixtures, fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 14 ) .

Gridline Racing Limited (Registered number: 05880344)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Fixtures,
Improvements fittings
Freehold to and
property property equipment
£    £    £   
COST
At 1 November 2023 558,414 112,480 441,217
Additions - - 32,981
Disposals - - (126,329 )
At 31 October 2024 558,414 112,480 347,869
DEPRECIATION
At 1 November 2023 89,351 9,847 255,419
Charge for year 11,168 2,250 42,995
Eliminated on disposal - - (79,530 )
At 31 October 2024 100,519 12,097 218,884
NET BOOK VALUE
At 31 October 2024 457,895 100,383 128,985
At 31 October 2023 469,063 102,633 185,798

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 16,027 1,667 1,129,805
Additions 15,000 4,394 52,375
Disposals - - (126,329 )
At 31 October 2024 31,027 6,061 1,055,851
DEPRECIATION
At 1 November 2023 12,224 919 367,760
Charge for year 4,701 1,696 62,810
Eliminated on disposal - - (79,530 )
At 31 October 2024 16,925 2,615 351,040
NET BOOK VALUE
At 31 October 2024 14,102 3,446 704,811
At 31 October 2023 3,803 748 762,045

Gridline Racing Limited (Registered number: 05880344)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 16,027 - 16,027
Additions 15,000 2,270 17,270
Transfer to ownership (16,027 ) - (16,027 )
At 31 October 2024 15,000 2,270 17,270
DEPRECIATION
At 1 November 2023 12,224 - 12,224
Charge for year 3,750 749 4,499
Transfer to ownership (12,224 ) - (12,224 )
At 31 October 2024 3,750 749 4,499
NET BOOK VALUE
At 31 October 2024 11,250 1,521 12,771
At 31 October 2023 3,803 - 3,803

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Other debtors 96,920 80,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 10,654 51,251
Mortgage 13,000 13,000
Hire purchase contracts 3,172 1,337
Trade creditors 600 105,114
Tax 46,432 -
Social security and other taxes 2,633 6,983
VAT 34,071 1,716
Directors' current accounts 65,042 76,183
Accrued expenses 602 501
176,206 256,085

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans - 1-2 years 9,167 10,000
Bank loans - 2-5 years - 9,167
Mortgage 281,631 292,995
Hire purchase contracts 9,124 -
299,922 312,162

Gridline Racing Limited (Registered number: 05880344)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Mortgage 294,631 305,995
Hire purchase contracts 12,296 1,337
Funding circle - 18,302
306,927 325,634

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £8,940 (2023 - £10,940) were paid to the directors .

Included in Other debtors is an amount of £96,920 (2023 - £80.000) which is owed to the company by Frosty Properties Limited, a company in which the directors of Gridline Racing Limited are also directors.

10. ULTIMATE CONTROLLING PARTY

The controlling party is J Frost.