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REGISTERED NUMBER: 09023299 (England and Wales)


































Unaudited Financial Statements

for the Year Ended 31 May 2024

for

INGSPORT RACING LIMITED

INGSPORT RACING LIMITED (REGISTERED NUMBER: 09023299)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INGSPORT RACING LIMITED

Company Information
for the year ended 31 May 2024







DIRECTOR: I R Lawson





REGISTERED OFFICE: Courtyard 1
Dissington Hall Enterprise Hub
Dalton
Newcastle Upon Tyne
NE18 0AD





REGISTERED NUMBER: 09023299 (England and Wales)





ACCOUNTANTS: Mitchells Grievson Limited
Kensington House
3 Kensington
Bishop Auckland
Co. Durham
DL14 6HX

INGSPORT RACING LIMITED (REGISTERED NUMBER: 09023299)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,677 21,591

CREDITORS
Amounts falling due within one year 5 413,982 564,345
NET CURRENT LIABILITIES (413,982 ) (564,345 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(410,305

)

(542,754

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (410,306 ) (542,755 )
SHAREHOLDERS' FUNDS (410,305 ) (542,754 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 17 February 2025 and were signed by:





I R Lawson - Director


INGSPORT RACING LIMITED (REGISTERED NUMBER: 09023299)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

INGSport 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.

The financial statements have been prepared on the going concern basis of accounting. At the balance sheet date the company's liabilities exceeded its assets by £463,562 (2021 : £382,672). Included within liabilities is an amount of £496,952 (2021 : £420,472) owed to the director of the company. The director has confirmed that repayment of the loan will not be sought if it proved to be prejudicial to the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 20% on cost
Motor vehicles - 10% on cost

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.

3. EMPLOYEES AND DIRECTORS

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

INGSPORT RACING LIMITED (REGISTERED NUMBER: 09023299)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 20,918 137,041 157,959
Disposals - (137,041 ) (137,041 )
At 31 May 2024 20,918 - 20,918
DEPRECIATION
At 1 June 2023 15,321 121,047 136,368
Charge for year 1,920 5,729 7,649
Eliminated on disposal - (126,776 ) (126,776 )
At 31 May 2024 17,241 - 17,241
NET BOOK VALUE
At 31 May 2024 3,677 - 3,677
At 31 May 2023 5,597 15,994 21,591

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,633 1,673
Trade creditors 80 5,045
Taxation and social security 720 93
Other creditors 411,549 557,534
413,982 564,345

6. ULTIMATE CONTROLLING PARTY

The controlling party is I R Lawson.