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THE RACING BUG (UK) LIMITED

Registered Number
07786860
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

THE RACING BUG (UK) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

RUTHERFORD, Martin Joseph

Registered Address

Meadow Valley Farm Nash Road
Thornborough
Buckingham
MK18 2DY

Registered Number

07786860 (England and Wales)
THE RACING BUG (UK) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4321,587229,151
321,587229,151
Current assets
Debtors378,978273,597
Cash at bank and on hand174,302243,538
553,280517,135
Creditors amounts falling due within one year5(217,364)(145,246)
Net current assets (liabilities)335,916371,889
Total assets less current liabilities657,503601,040
Net assets657,503601,040
Capital and reserves
Called up share capital1010
Profit and loss account657,493601,030
Shareholders' funds657,503601,040
The financial statements were approved and authorised for issue by the Director on 20 February 2025, and are signed on its behalf by:
RUTHERFORD, Martin Joseph
Director
Registered Company No. 07786860
THE RACING BUG (UK) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised at 25% pa.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings25
Plant and machinery5
Fixtures and fittings4
Vehicles5
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year1918
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 23751,304751,304
At 31 March 24751,304751,304
Amortisation and impairment
At 01 April 23751,304751,304
At 31 March 24751,304751,304
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 23-466,903143,74673513,096624,480
Additions124,96530,79116,550--172,306
Disposals-(30,000)---(30,000)
At 31 March 24124,965467,694160,29673513,096766,786
Depreciation and impairment
At 01 April 23-275,267111,3387018,023395,329
Charge for year4,16655,59811,642353,42974,870
On disposals-(25,000)---(25,000)
At 31 March 244,166305,865122,98073611,452445,199
Net book value
At 31 March 24120,799161,82937,316(1)1,644321,587
At 31 March 23-191,63632,408345,073229,151
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,75623,463
Taxation and social security34,6168,353
Other creditors91,069106,405
Accrued liabilities and deferred income85,9237,025
Total217,364145,246
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year