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Registered number: 06337319
Rednal Racing Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Hudson LM Limited
Castle Court
Castle Street
Whittington, Oswestry
Shropshire
SY11 4DF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06337319
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 106,171 83,461
106,171 83,461
CURRENT ASSETS
Stocks 6 7,385 8,520
Debtors 7 185,968 145,134
Cash at bank and in hand 252,895 235,672
446,248 389,326
Creditors: Amounts Falling Due Within One Year 8 (56,526 ) (55,482 )
NET CURRENT ASSETS (LIABILITIES) 389,722 333,844
TOTAL ASSETS LESS CURRENT LIABILITIES 495,893 417,305
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,766 ) -
NET ASSETS 479,127 417,305
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 479,125 417,303
SHAREHOLDERS' FUNDS 479,127 417,305
Page 1
Page 2
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Ms Lisa Wrigley
Director
Mr Michael Rees
Director
27 March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rednal Racing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06337319 . The registered office is The Chapel, Whitehurst, Chirk, Wrexham, LL14 5AS.
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 11 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:
Leasehold property is not depreciated due to a clause in lease that should the lease terminate or not be renewed, the landlord will pay the lower of cost or market value for the buildings on site.
Property Improvements 4% Straight line
Leasehold Not depreciated
Plant & Machinery 15% Written down value
Motor Vehicles 25% Written down value
Computer Equipment 33% Written down value
2.5. 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.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 19)
19 19
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 178,855
As at 31 August 2024 178,855
Amortisation
As at 1 September 2023 178,855
As at 31 August 2024 178,855
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
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5. Tangible Assets
Land & Property
Property Improvements Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 September 2023 1,436 52,831 213,438 -
Additions - - 26,129 15,850
Disposals - - (17,040 ) -
As at 31 August 2024 1,436 52,831 222,527 15,850
Depreciation
As at 1 September 2023 275 26,085 157,884 -
Provided during the period 55 - 11,664 3,963
Disposals - - (13,093 ) -
As at 31 August 2024 330 26,085 156,455 3,963
Net Book Value
As at 31 August 2024 1,106 26,746 66,072 11,887
As at 1 September 2023 1,161 26,746 55,554 -
Computer Equipment Total
£ £
Cost
As at 1 September 2023 - 267,705
Additions 538 42,517
Disposals - (17,040 )
As at 31 August 2024 538 293,182
Depreciation
As at 1 September 2023 - 184,244
Provided during the period 178 15,860
Disposals - (13,093 )
As at 31 August 2024 178 187,011
Net Book Value
As at 31 August 2024 360 106,171
As at 1 September 2023 - 83,461
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6. Stocks
2024 2023
£ £
Stock 7,385 8,520
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,905 1,925
Amounts owed by participating interests 172,803 136,458
Other debtors 5,260 6,751
185,968 145,134
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,058 8,417
Bank loans and overdrafts 682 594
Other creditors 4,192 4,743
Taxation and social security 36,594 41,728
56,526 55,482
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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