Company registration number 14978773 (England and Wales)
RACE CAR EXPERIENCES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
RACE CAR EXPERIENCES LIMITED
COMPANY INFORMATION
Directors
Mr J Shanks
(Appointed 4 July 2023)
Mr D Tyson
(Appointed 12 October 2023)
Company number
14978773
Registered office
Gorse Lands
Hawkins Lane
West Hill
Ottery St Mary
EX11 1XG
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
RACE CAR EXPERIENCES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RACE CAR EXPERIENCES LIMITED
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
5,943
Current assets
Debtors
4
10,809
Cash at bank and in hand
50
10,859
Creditors: amounts falling due within one year
5
(154,248)
Net current liabilities
(143,389)
Net liabilities
(137,446)
Capital and reserves
Called up share capital
100
Retained earnings
(137,546)
Total equity
(137,446)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RACE CAR EXPERIENCES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mr J Shanks
Mr D Tyson
Director
Director
Company Registration No. 14978773
RACE CAR EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Race Car Experiences Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gorse Lands, Hawkins Lane, West Hill, Ottery St Mary, EX11 1XG.
1.1
Reporting period
The company was incorporated on 4 July 2023 and began trading on 1 August 2023.
1.2
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is dependent on the continued support of the company's directors. The directors have agreed not to draw funds from their loan accounts in the next twelve months if such drawing is likely to jeopardise the ability of the company to trade. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.5
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:
Plant and equipment
25% reducing balance
Computers
33% straight line
RACE CAR EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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 instruments 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/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
RACE CAR EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 4 July 2023
Additions
8,274
At 31 July 2024
8,274
Depreciation and impairment
At 4 July 2023
Depreciation charged in the period
2,331
At 31 July 2024
2,331
Carrying amount
At 31 July 2024
5,943
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
10,809
5
Creditors: amounts falling due within one year
2024
£
Other creditors
154,248
RACE CAR EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 6 -
6
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
£
37,025