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Registered number: 12628562
Suzy Smith Racing Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
C&H Associates T/AS Mobile Accountants
Chartered Management Accountants & Tax Practitioners
206 Turners Hill
Cheshunt
Waltham Cross
Hertfordshire
EN8 9DE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12628562
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 52,800 57,600
Tangible Assets 5 56,996 66,570
109,796 124,170
CURRENT ASSETS
Stocks 6 231,501 187,698
Debtors 7 30,822 42,384
Cash at bank and in hand 8,259 35,452
270,582 265,534
Creditors: Amounts Falling Due Within One Year 8 (198,564 ) (154,576 )
NET CURRENT ASSETS (LIABILITIES) 72,018 110,958
TOTAL ASSETS LESS CURRENT LIABILITIES 181,814 235,128
Creditors: Amounts Falling Due After More Than One Year 9 (309,596 ) (325,677 )
NET LIABILITIES (127,782 ) (90,549 )
CAPITAL AND RESERVES
Called up share capital 11 10,100 10,100
Profit and Loss Account (137,882 ) (100,649 )
SHAREHOLDERS' FUNDS (127,782) (90,549)
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Suzy Smith
Director
28/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Suzy Smith Racing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12628562 . The registered office is 206 Turners Hill Cheshunt, Waltham Cross, Herts, EN8 9DE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20
Motor Vehicles 20
Fixtures & Fittings 20
Computer Equipment 20
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 72,000
As at 30 June 2024 72,000
Amortisation
As at 1 July 2023 14,400
Provided during the period 4,800
As at 30 June 2024 19,200
Net Book Value
As at 30 June 2024 52,800
As at 1 July 2023 57,600
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 31,067 71,058 1,141 103,266
As at 30 June 2024 31,067 71,058 1,141 103,266
Depreciation
As at 1 July 2023 23,558 12,453 685 36,696
Provided during the period 6,305 3,269 - 9,574
As at 30 June 2024 29,863 15,722 685 46,270
Net Book Value
As at 30 June 2024 1,204 55,336 456 56,996
As at 1 July 2023 7,509 58,605 456 66,570
6. Stocks
2024 2023
£ £
Stock 231,501 187,698
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,023 51,451
Prepayments and accrued income 500 (9,295 )
Other debtors 9,299 228
30,822 42,384
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 89,933 52,963
Other taxes and social security 19,218 49,458
VAT 77,634 49,864
Accruals and deferred income 11,779 2,198
Director's loan account - 93
198,564 154,576
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,522 8,077
Bank loans 303,074 317,600
309,596 325,677
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 6,522 8,077
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,100 10,100
Page 5