Company registration number 14938632 (England and Wales)
RACING GREEN CAR STORAGE LIMITED
Unaudited financial statements
For the period ended 30 June 2024
Pages for filing with registrar
RACING GREEN CAR STORAGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RACING GREEN CAR STORAGE LIMITED
BALANCE SHEET
As at 30 June 2024
30 June 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
164,998
Current assets
Debtors
4
27,361
Cash at bank and in hand
13,879
41,240
Creditors: amounts falling due within one year
5
(10,785)
Net current assets
30,455
Total assets less current liabilities
195,453
Creditors: amounts falling due after more than one year
6
(69,985)
Net assets
125,468
Capital and reserves
Called up share capital
117,125
Share premium account
51,190
Profit and loss reserves
(42,847)
Total equity
125,468
RACING GREEN CAR STORAGE LIMITED
BALANCE SHEET (CONTINUED)
As at 30 June 2024
30 June 2024
- 2 -
For the financial Period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
Mr O J M Hagger
Director
Company registration number 14938632 (England and Wales)
RACING GREEN CAR STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 30 June 2024
- 3 -
1
Accounting policies
Company information
Racing Green Car Storage Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RACING GREEN CAR STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 30 June 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
RACING GREEN CAR STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 30 June 2024
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 15 June 2023
Additions
107,162
65,109
172,271
At 30 June 2024
107,162
65,109
172,271
Depreciation and impairment
At 15 June 2023
Depreciation charged in the Period
3,200
4,073
7,273
At 30 June 2024
3,200
4,073
7,273
Carrying amount
At 30 June 2024
103,962
61,036
164,998
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
3,086
Other debtors
24,275
27,361
RACING GREEN CAR STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 30 June 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
2,818
Other creditors
7,967
10,785
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
69,985