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Filleted
Registration number: 06278678

M C R Race Cars Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

M C R Race Cars Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

M C R Race Cars Limited

Company Information

Directors

Miss C T Pearce

Mr C Hayes

Registered office

Pegity Cot
Whitesands
St. Davids
Haverfordwest
SA62 6PU

Accountants

LHP Haverfordwest
Chartered Certified Accountants1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

M C R Race Cars Limited

(Registration number: 06278678)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

208,575

208,575

Tangible assets

5

178,237

132,661

 

386,812

341,236

Current assets

 

Stocks

6

152,000

140,000

Debtors

7

15,228

27,069

Cash at bank and in hand

 

-

34,017

 

167,228

201,086

Creditors: Amounts falling due within one year

8

(676,544)

(597,240)

Net current liabilities

 

(509,316)

(396,154)

Total assets less current liabilities

 

(122,504)

(54,918)

Creditors: Amounts falling due after more than one year

8

(18,013)

(27,417)

Net liabilities

 

(140,517)

(82,335)

Capital and reserves

 

Called up share capital

9

100,000

100,000

Retained earnings

(240,517)

(182,335)

Shareholders' deficit

 

(140,517)

(82,335)

For the financial 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.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr C Hayes
Director

   
     
 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Pegity Cot
Whitesands
St. Davids
Haverfordwest
SA62 6PU

These financial statements were authorised for issue by the Board on 11 March 2025.

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

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

Reducing balance 10%

Plant and machinery

Reducing balance 10%

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

12,265

196,310

208,575

At 30 June 2024

12,265

196,310

208,575

Amortisation

Carrying amount

At 30 June 2024

12,265

196,310

208,575

At 30 June 2023

12,265

196,310

208,575

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

77,344

142,177

36,000

255,521

Additions

51,107

-

-

51,107

At 30 June 2024

128,451

142,177

36,000

306,628

Depreciation

At 1 July 2023

-

94,180

28,680

122,860

Charge for the year

-

4,799

732

5,531

At 30 June 2024

-

98,979

29,412

128,391

Carrying amount

At 30 June 2024

128,451

43,198

6,588

178,237

At 30 June 2023

77,344

47,997

7,320

132,661

Included within the net book value of land and buildings above is £128,451 (2023 - £77,344) in respect of freehold land and buildings.
 

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

152,000

140,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

12,870

20,787

Prepayments

-

6,282

Other debtors

2,358

-

 

15,228

27,069

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

25,971

-

Trade creditors

 

6,350

21,967

Taxation and social security

 

8,716

10,089

Other related parties

 

631,848

563,273

Outstanding defined contribution pension costs

 

635

295

Other creditors

 

3,024

1,616

 

676,544

597,240

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

18,013

27,417

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

       

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Repayments by director
£

At 30 June 2024
£

Mr C Hayes

Interest free loan with no fixed repayment terms

(281,636)

(34,288)

(315,924)

Miss C T Pearce

Interest free loan with no fixed payment terms

(281,636)

(34,288)

(315,924)

 

M C R Race Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr C Hayes

Interest free loan with no fixed repayment terms

(254,363)

(27,273)

(281,636)

Miss C T Pearce

Interest free loan with no fixed payment terms

(254,363)

(27,273)

(281,636)