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MOTOR RACING MEDICS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024






MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MOTOR RACING MEDICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2024







DIRECTORS: Dr M A Green MBBS MRGCP FRCA
Dr Y Lam MBBS FRCA





SECRETARY: Dr Y Lam MBBS FRCA





REGISTERED OFFICE: 2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ





REGISTERED NUMBER: 05987885 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)

BALANCE SHEET
30TH NOVEMBER 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,946 35,067

CURRENT ASSETS
Stocks 45,000 45,000
Debtors 5 543,809 552,173
Cash at bank 10,751 5,412
599,560 602,585
CREDITORS
Amounts falling due within one year 6 190,159 170,018
NET CURRENT ASSETS 409,401 432,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

438,347

467,634

CREDITORS
Amounts falling due after more than one
year

7

(516,423

)

(526,423

)

PROVISIONS FOR LIABILITIES - (1,197 )
NET LIABILITIES (78,076 ) (59,986 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (78,078 ) (59,988 )
(78,076 ) (59,986 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)

BALANCE SHEET - continued
30TH NOVEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th February 2025 and were signed on its behalf by:





Dr M A Green MBBS MRGCP FRCA - Director


MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2024

1. STATUTORY INFORMATION

Motor Racing Medics 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st December 2023
and 30th November 2024 231,052 18,613 92,765 7,722 350,152
DEPRECIATION
At 1st December 2023 207,647 15,560 84,156 7,722 315,085
Charge for year 3,511 458 2,152 - 6,121
At 30th November 2024 211,158 16,018 86,308 7,722 321,206
NET BOOK VALUE
At 30th November 2024 19,894 2,595 6,457 - 28,946
At 30th November 2023 23,405 3,053 8,609 - 35,067

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 5,518 5,117
Other debtors 538,291 547,056
543,809 552,173

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade creditors 472 393
Taxation and social security 1,471 (625 )
Other creditors 188,216 170,250
190,159 170,018

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans 21,667 31,667
Other creditors 494,756 494,756
516,423 526,423

MOTOR RACING MEDICS LIMITED (REGISTERED NUMBER: 05987885)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2024

8. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £678,867 (2023 - £665,005) to M Green, the director and shareholder of the company .The amount is interest free and repayable on demand.