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Company No: 03550936 (England and Wales)

NITRON RACING SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

NITRON RACING SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

NITRON RACING SYSTEMS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
NITRON RACING SYSTEMS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTOR Mr G S Evans
SECRETARY Mrs B Noppagaow
REGISTERED OFFICE Unit 8
Tungsten Park
Collett Way
Witney
OX29 0AX
United Kingdom
COMPANY NUMBER 03550936 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
NITRON RACING SYSTEMS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
NITRON RACING SYSTEMS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,640,096 2,828,335
2,640,096 2,828,335
Current assets
Stocks 1,272,448 1,209,765
Debtors 4, 9 944,650 1,080,656
Cash at bank and in hand 186,426 235,009
2,403,524 2,525,430
Creditors: amounts falling due within one year 5 ( 795,245) ( 672,856)
Net current assets 1,608,279 1,852,574
Total assets less current liabilities 4,248,375 4,680,909
Creditors: amounts falling due after more than one year 6 ( 1,140,437) ( 1,316,046)
Provision for liabilities ( 77,013) ( 99,851)
Net assets 3,030,925 3,265,012
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 3,029,925 3,264,012
Total shareholders' funds 3,030,925 3,265,012

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nitron Racing Systems Limited (registered number: 03550936) were approved and authorised for issue by the Director on 16 June 2025. They were signed on its behalf by:

Mr G S Evans
Director
NITRON RACING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
NITRON RACING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nitron Racing Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8, Tungsten Park, Collett Way, Witney, OX29 0AX, United Kingdom.

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council 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 presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover 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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods are considered to have been transferred to the customer (usually on the dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment losses. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 15 - 25 % reducing balance
3 years 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets (other than those measured at fair value) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

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 assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. 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.

Financial assets and liabilities are only offset, with the net amounts presented in the financial statements, in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions for warranty costs are recognised when the company has a present obligation (legal or constructive) as a result of a past event; it is probable that the outflow will be required to settle that obligation; and a reliable estimate can be made of the amount of the obligation. Warranty provisions are not discounted.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 36 34

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 2,224,600 1,147,283 3,371,883
Additions 43,888 18,287 62,175
Disposals 0 ( 120,903) ( 120,903)
At 30 September 2024 2,268,488 1,044,667 3,313,155
Accumulated depreciation
At 01 October 2023 77,559 465,989 543,548
Charge for the financial year 41,254 124,792 166,046
Disposals 0 ( 36,535) ( 36,535)
At 30 September 2024 118,813 554,246 673,059
Net book value
At 30 September 2024 2,149,675 490,421 2,640,096
At 30 September 2023 2,147,041 681,294 2,828,335

4. Debtors

2024 2023
£ £
Trade debtors 283,062 519,686
Other debtors 661,588 560,970
944,650 1,080,656

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 142,476 110,604
Trade creditors 516,753 332,274
Corporation tax 31,072 137,567
Other taxation and social security 51,908 31,158
Obligations under finance leases and hire purchase contracts 7,794 31,888
Other creditors 45,242 29,365
795,245 672,856

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,139,138 1,266,327
Obligations under finance leases and hire purchase contracts 1,299 49,719
1,140,437 1,316,046

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
950 Ordinary A shares of £ 1.00 each 950 950
50 Ordinary B shares of £ 1.00 each 50 50
1,000 1,000

8. Retirement Benefit Schemes

Defined Contribution Schemes

2024 2023
£ £
Charge to profit or loss in respect of defined contribution schemes 22,143 18,804

9. Directors' transactions

At the period end, the director owed the company £348,293 (2023: £433,096). Interest has been charged on the loan totaling £7,511 (2023: £11,561). There is no fixed date for repayment other than the loan is repayable on demand.