Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 December 2022 false 1 January 2024 31 December 2024 31 December 2024 13767789 Mr P Barnard Mrs A Richardson-Barnard Mr R E Moesman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13767789 2023-12-31 13767789 2024-12-31 13767789 2024-01-01 2024-12-31 13767789 frs-core:CurrentFinancialInstruments 2024-12-31 13767789 frs-core:ShareCapital 2024-12-31 13767789 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 13767789 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13767789 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 13767789 frs-bus:SmallEntities 2024-01-01 2024-12-31 13767789 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13767789 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13767789 frs-bus:Director1 2024-01-01 2024-12-31 13767789 frs-bus:Director2 2024-01-01 2024-12-31 13767789 frs-bus:Director3 2024-01-01 2024-12-31 13767789 frs-countries:EnglandWales 2024-01-01 2024-12-31 13767789 2022-11-30 13767789 2023-12-31 13767789 2022-12-01 2023-12-31 13767789 frs-core:CurrentFinancialInstruments 2023-12-31 13767789 frs-core:ShareCapital 2023-12-31 13767789 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 13767789
Gullwing Racing Support (UK) Ltd
Financial Statements
For The Year Ended 31 December 2024
TaxAssist Accountants (Loughborough) Ltd
FMAAT
95 Ashby Road
Loughborough
Leicestershire
LE11 3AB
Gullwing Racing Support (UK) Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1
Notes to the Financial Statements | 2—3

Page 1
Gullwing Racing Support (UK) Ltd
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 13767789

| 31 December 2024 | 31 December 2023
--- | --- | ---
| Notes | £ | £ | £ | £
CURRENT ASSETS
Debtors | 4 | 59,839 |  | 229,167 |
Cash at bank and in hand |  | 986,855 |  | 213,273 |
|  | 1,046,694 |  | 442,440 |
Creditors: Amounts Falling Due Within One Year | 5 | (746,795 ) |  | (351,918 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 299,899 |  | 90,522
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 299,899 |  | 90,522
NET ASSETS |  |  | 299,899 |  | 90,522
CAPITAL AND RESERVES
Called up share capital | 6 |  | 2 |  | 2
Profit and Loss Account |  |  | 299,897 |  | 90,520
SHAREHOLDERS' FUNDS |  |  | 299,899 |  | 90,522

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr P Barnard Director | Mrs A Richardson-Barnard Director
10 June 2025

The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Gullwing Racing Support (UK) Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Gullwing Racing Support (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13767789 . The registered office is Richbarn House 3 Daisy Lane, Shepshed, Loughborough, Leicestershire, LE12 9FX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from fees and commissions. Turnover is reduced for estimated rebates and other similar allowances.
2.4. Financial Instruments
Trade debtors
Trade debtors are amounts due from customers for insurance policies sold or services performed in the ordinary course of business.
Trade debtors are recognised initially measured at transaction price. At each reporting end, trade debtors are assessed for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect the amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay premiums and insurance premium tax for policies sold and settle claims that have been acquired in the ordinary course of business from insurers. 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 at transaction price.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
Gullwing Racing Support (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and call deposits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Debtors

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 57,382 |  | 166,667
Other debtors | 2,457 |  | 62,500
| 59,839 |  | 229,167

5. Creditors: Amounts Falling Due Within One Year

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 633,081 |  | 169,450
Other creditors | 15,600 |  | 155,390
Taxation and social security | 98,114 |  | 27,078
| 746,795 |  | 351,918

6. Share Capital

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 2 |  | 2

7. Dividends

| 31 December 2024 |  | 31 December 2023
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 65,000 |  | -

Dividends
2RM Holding BV £48,750
Flying Lap Holdings Ltd £16,250
8. Post Balance Sheet Events
Subsequent to the balance sheet date, the directors have entered into negotiations regarding the potential sale of the business. At the date of approval of these financial statements, the sale has not been completed, and no binding agreement has been signed.
This represents a non-adjusting post balance sheet event. The outcome of the negotiations and any resulting transaction will be reflected in the financial statements of the subsequent period.
Page 3