REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Gridline Racing Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
Gridline Racing Limited (Registered number: 05880344) |
Balance Sheet - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
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 |
Additions |
Transfer to ownership | (16,027 | ) | - | (16,027 | ) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Transfer to ownership | (12,224 | ) | - | (12,224 | ) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans and overdrafts |
Mortgage |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 34,071 | 1,716 |
Directors' current accounts | 65,042 | 76,183 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Mortgage |
Hire purchase contracts |
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 |
Hire purchase contracts | 12,296 | 1,337 |
Funding circle | - | 18,302 |
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. |