Company registration number 07811075 (England and Wales)
TTR RACING LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2023
(PREPARED UP TO THE YEAR ENDED 31 DECEMBER 2023)
PAGES FOR FILING WITH REGISTRAR
TTR RACING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
TTR RACING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
29 December 2023
30 December 2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
3,019
-
0
Current assets
Trade and other receivables
4
706,649
293,277
Cash and cash equivalents
156,787
233,813
863,436
527,090
Current liabilities
5
(691,905)
(413,118)
Net current assets
171,531
113,972
Net assets
174,550
113,972
Equity
Called up share capital
6
1
1
Retained earnings
174,549
113,971
Total equity
174,550
113,972

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Under The Companies Act 2006 Section 444 (5(A)) the directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 April 2025 and are signed on its behalf by:
D McDonnell
Director
Company registration number 07811075 (England and Wales)
TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

TTR Racing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Acre Road, Reading, RG2 0SU.

1.1
Reporting period

The financial statements for the accounting reference period date 29 December 2023 have been prepared for a period up to 31 December 2023 as the company has taken advantage Section 390(3)(b) of the Companies Act 2006 in preparing its financial statements.

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. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company requires ongoing support of the Group to continue in operational existence for the foreseeable future.true

The Company’s fellow trading subsidiary Timeline Television Limited which provides assets and service support is currently in a net liability position.

The directors of the Group have prepared detailed cash flow projections that rely upon the continued availability of existing overdraft facilities together with newly agreed asset finance facility terms, along with meeting bank covenant and other measures. Within these forecasts exists an element of uncertainty but the Group directors have reasonable expectation that the Group can continue to meet its obligations as they fall due and remain in operational existence for the foreseeable future.

The directors of TTR Racing Limited therefore consider it appropriate to prepare the financial statements on the going concern basis.

The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern and provide ongoing financial support

1.4
Revenue

Revenue 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.

 

Revenue is recognised monthly over the period of the service agreement.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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:

Land and buildings Leasehold
Over the life of the lease
Plant and machinery
10% - 20% straight line

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
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.

1.7
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 statement of financial position 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 trade and other receivables 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

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

During the current and preceding year there are no employees other than the 3 directors.

 

3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 December 2022
444,618
2,572,342
3,016,960
Additions
-
0
3,019
3,019
Disposals
(444,618)
-
0
(444,618)
At 29 December 2023
-
0
2,575,361
2,575,361
Depreciation and impairment
At 31 December 2022
444,618
2,572,342
3,016,960
Eliminated in respect of disposals
(444,618)
-
0
(444,618)
At 29 December 2023
-
0
2,572,342
2,572,342
Carrying amount
At 29 December 2023
-
0
3,019
3,019
At 30 December 2022
-
0
-
0
-
0
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
636,260
94,452
Amounts due from group undertakings
5,532
-
0
Other receivables
64,857
198,825
706,649
293,277
TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 5 -
5
Current liabilities
2023
2022
£
£
Trade payables
128,358
168,504
Amounts owed to group undertakings
-
0
163,904
Taxation and social security
77,951
-
0
Accruals and deferred income
485,596
80,710
691,905
413,118
TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 6 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
Special Ordinary Share of 1p each
1
1
-
-

The ordinary £1 share and the special ordinary £0.01 share have the same rights and privileges, and rank pari passu in all respects save that:

 

As regards voting:

The holder of the Special Ordinary Share shall be entitled to receive notice of, attend, and speak at any general meeting of the company and to receive copies of any written shareholder resolutions, but shall not be entitled to vote at any general meeting of the company or on any written shareholder resolution.

 

As regards income:

The Special Ordinary Share shall not entitle the holder to share in any dividend or other distribution of the company.

 

As regards capital:

The Special Ordinary Share shall entitle the holder to £1, but no further share, out of the surplus assets of the company on liquidation in priority to any return to the holder of the Ordinary Share.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - going concern

We draw attention to note 1.3 of the financial statements which outlines the directors' assessment of going concern and the support provided by the parent company. As stated in note 1.3, the directors have concluded that it is appropriate to prepare these financial statements on a going concern basis and have not identified any material uncertainties in this respect. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
Date of audit report:
2 April 2025
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
64,857
418,460
TTR RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 7 -
9
Parent company

The immediate parent company is Timeline Television Limited having its registered office at 8 Acre Road, Reading, RG2 0SU. The ultimate parent company is Timeline Television Group Limited, a company incorporated in England and Wales.

The ultimate controlling party is D McDonnell.

Timeline Television Group Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements.

 

Group accounts are available on request from the registered office: 8 Acre Road, Reading, RG2 0SU.    

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