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Registered Number: 10810019
England and Wales

 

 

 

MAURICE BARNES RACING LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors Mr M Barnes
Mrs A Barnes
Registered Number 10810019
Registered Office Tarnside
Farlam
Brampton
Cumbria
CA8 1LA
Accountants Shaun Brown Accountants Ltd
14A Hartness Road
Gilwilly Industrial Estate
Penrith
Cumbria
CA11 9BD
1
  2024   2023
    £ £   £ £
Fixed assets   102,191      123,477 
Current assets 69,810      48,212   
Creditors: amount falling due within one year (553,860)     (506,022)  
Net current assets   (484,050)     (457,810)
Total assets less current liabilities   (381,859)     (334,333)
Net assets   (381,859)     (334,333)
 

         
Capital and reserves   (381,859)     (334,333)
 
NOTES TO THE ACCOUNTS

General Information
Maurice Barnes Racing Ltd is a private company, limited by shares, registered in England and Wales, registration number 10810019, registration address Tarnside, Farlam, Brampton, Cumbria, CA8 1LA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company can achieve sales growth and future profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources, through personal monies provided by the Directors, to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 July 2023 216,410    400    216,810 
Additions 8,414      8,414 
Disposals    
At 30 June 2024 224,824    400    225,224 
Depreciation
At 01 July 2023 93,102    231    93,333 
Charge for year 29,658    42    29,700 
On disposals    
At 30 June 2024 122,760    273    123,033 
Net book values
Closing balance as at 30 June 2024 102,064    127    102,191 
Opening balance as at 01 July 2023 123,308    169    123,477 


3.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).

4.

Directors Loan Account

The Directors are supporting the Company through their Directors Loan Account. Currently the balance owed to the Directors at the 30th June 2023 was £479,884 ( 2022 - £389,958 )

For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' Responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 17 June 2025 and were signed on its behalf by:


--------------------------------
Mrs A Barnes
Director
2