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REGISTERED NUMBER: 10999262 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

NICK YELLOLY RACING LIMITED

NICK YELLOLY RACING LIMITED (REGISTERED NUMBER: 10999262)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NICK YELLOLY RACING LIMITED

Company Information
for the Year Ended 31 July 2024







DIRECTOR: N J Yelloly



REGISTERED OFFICE: c/o BTMR Limited
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF



REGISTERED NUMBER: 10999262 (England and Wales)



ACCOUNTANTS: BTMR Limited
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF



BANKERS: National Westminster Bank PLC
Chatham Customer Service Centre Chatham,
Waterside Court Chatham Maritime
Chatham
ME4 4RT

NICK YELLOLY RACING LIMITED (REGISTERED NUMBER: 10999262)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 22,459 87,533

CURRENT ASSETS
Debtors 5 112,607 18,289
Cash at bank 215,950 172,463
328,557 190,752
CREDITORS
Amounts falling due within one year 6 82,544 28,502
NET CURRENT ASSETS 246,013 162,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,472

249,783

PROVISIONS FOR LIABILITIES 5,615 16,393
NET ASSETS 262,857 233,390

CAPITAL AND RESERVES
Called up share capital 2 1
Retained earnings 262,855 233,389
262,857 233,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 April 2025 and were signed by:





N J Yelloly - Director


NICK YELLOLY RACING LIMITED (REGISTERED NUMBER: 10999262)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Nick Yelloly Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other uncertainties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & equipment - 15% on reducing balance
Computer equipment - 33% on straight line
Motor Vehicle - 25% on straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

NICK YELLOLY RACING LIMITED (REGISTERED NUMBER: 10999262)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant & Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 20,114 89,348 16,137 125,599
Additions 10,749 - 2,939 13,688
Disposals - (89,348 ) - (89,348 )
At 31 July 2024 30,863 - 19,076 49,939
DEPRECIATION
At 1 August 2023 7,643 16,753 13,670 38,066
Charge for year 3,483 - 2,684 6,167
Eliminated on disposal - (16,753 ) - (16,753 )
At 31 July 2024 11,126 - 16,354 27,480
NET BOOK VALUE
At 31 July 2024 19,737 - 2,722 22,459
At 31 July 2023 12,471 72,595 2,467 87,533

5. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 29,167 -
Other debtors 83,440 16,809
112,607 16,809

Amounts falling due after more than one year:
Other debtors - 1,480

Aggregate amounts 112,607 18,289

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 46,032 415
Taxation and social security 12,478 80
Other creditors 24,034 28,007
82,544 28,502

7. ULTIMATE CONTROLLING PARTY

The controlling party is N J Yelloly.