CC Motorsport Racing Limited 14701563 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the management and marketing of motorsport racing drivers. Digita Accounts Production Advanced 6.30.9574.0 true true 14701563 2024-01-01 2024-12-31 14701563 2024-12-31 14701563 bus:Director1 1 2024-12-31 14701563 core:CurrentFinancialInstruments 2024-12-31 14701563 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 14701563 core:FurnitureFittings 2024-12-31 14701563 core:PlantMachinery 2024-12-31 14701563 bus:SmallEntities 2024-01-01 2024-12-31 14701563 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 14701563 bus:FilletedAccounts 2024-01-01 2024-12-31 14701563 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14701563 bus:RegisteredOffice 2024-01-01 2024-12-31 14701563 bus:Director1 2024-01-01 2024-12-31 14701563 bus:Director1 1 2024-01-01 2024-12-31 14701563 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14701563 core:FurnitureFittings 2024-01-01 2024-12-31 14701563 core:PlantMachinery 2024-01-01 2024-12-31 14701563 countries:EnglandWales 2024-01-01 2024-12-31 14701563 2023-12-31 14701563 bus:Director1 1 2023-12-31 14701563 core:FurnitureFittings 2023-12-31 14701563 core:PlantMachinery 2023-12-31 14701563 2023-03-02 2023-12-31 14701563 2023-12-31 14701563 bus:Director1 1 2023-12-31 14701563 core:CurrentFinancialInstruments 2023-12-31 14701563 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14701563 core:FurnitureFittings 2023-12-31 14701563 core:PlantMachinery 2023-12-31 14701563 bus:Director1 1 2023-03-02 2023-12-31 14701563 bus:Director1 1 2023-03-01 iso4217:GBP xbrli:pure

Registration number: 14701563

CC Motorsport Racing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

CC Motorsport Racing Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

CC Motorsport Racing Limited

(Registration number: 14701563)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,532

31,306

Current assets

 

Debtors

5

6,602

9,650

Cash at bank and in hand

 

9,816

36,715

 

16,418

46,365

Creditors: Amounts falling due within one year

6

(820,227)

(371,716)

Net current liabilities

 

(803,809)

(325,351)

Net liabilities

 

(778,277)

(294,045)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(778,377)

(294,145)

Shareholders' deficit

 

(778,277)

(294,045)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2025
 

.........................................
Mr J R Chong
Director

 

CC Motorsport Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has the financial backing of its director for the foreseeable future and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Race Equipment

20% Reducing Balance

Fixtures & Fittings

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

CC Motorsport Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Race Equipment
£

Total
£

Cost or valuation

At 1 January 2024

-

33,651

33,651

Additions

1,024

-

1,024

At 31 December 2024

1,024

33,651

34,675

Depreciation

At 1 January 2024

-

2,345

2,345

Charge for the year

68

6,730

6,798

At 31 December 2024

68

9,075

9,143

Carrying amount

At 31 December 2024

956

24,576

25,532

At 31 December 2023

-

31,306

31,306

5

Debtors

 

CC Motorsport Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Current

2024
£

2023
£

Trade debtors

180

700

Prepayments

-

1,170

Other debtors

6,422

7,780

 

6,602

9,650

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

820,227

371,716

7

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr J R Chong

Directors Loan

(370,716)

11,862

(458,223)

(817,077)

2023

At 2 March 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr J R Chong

Directors Loan

-

201

(370,917)

(370,716)