Registration number:
Prepared for the registrar
for the
Period from 24 November 2023 to 31 December 2024
Crown Jewels Racing Limited
(Registration number: 15307146)
Balance Sheet as at 31 December 2024
Note |
2024 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Deferred tax liabilities |
(12,086) |
|
Net assets |
|
|
Capital and reserves |
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Called up share capital |
20,000 |
|
Retained earnings |
52,630 |
|
Shareholders' funds |
72,630 |
For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
Director
Crown Jewels Racing Limited
Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
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 and after eliminating sales within the company.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.
Crown Jewels Racing Limited
Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
Development costs are initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
20% straight line |
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.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Crown Jewels Racing Limited
Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024
Intangible assets |
Development costs |
|
Cost |
|
Additions acquired separately |
|
At 31 December 2024 |
|
Amortisation |
|
Amortisation charge |
|
At 31 December 2024 |
|
Carrying amount |
|
At 31 December 2024 |
|
Debtors |
2024 |
|
Receivables from related parties |
15,121 |
Other debtors |
|
|
Creditors |
2024 |
|
Due within one year |
|
Taxation and social security |
|
Accruals and deferred income |
|
|
Crown Jewels Racing Limited
Notes to the Unaudited Financial Statements for the Period from 24 November 2023 to 31 December 2024
Deferred tax |
Deferred tax assets and liabilities
2024 |
Liability |
Fixed asset timing differences |
|
Related party transactions |
Transactions with directors
At 31 December 2024, the company was owed £1,117 from the directors in the form of a directors' loan account. The loan is unsecured, interest-free and repayable on demand.
Transactions with parent company
At 31 December 2024, the amount due from Crown Jewels Racing Limited was £14,004 in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.