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Registered number: 08529655










NOEL WILLIAMS RACING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
NOEL WILLIAMS RACING LIMITED
REGISTERED NUMBER: 08529655

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
901
22,051

  
901
22,051

Current assets
  

Stocks
  
34,012
72,013

Debtors: amounts falling due within one year
 5 
42,789
19,856

Cash at bank and in hand
 6 
42,921
24,818

  
119,722
116,687

Creditors: amounts falling due within one year
 7 
(190,870)
(184,420)

Net current liabilities
  
 
 
(71,148)
 
 
(67,733)

Total assets less current liabilities
  
(70,247)
(45,682)

Creditors: amounts falling due after more than one year
 8 
(14,999)
(20,832)

  

Net liabilities
  
(85,246)
(66,514)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(85,346)
(66,614)

  
(85,246)
(66,514)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.



Page 1

 
NOEL WILLIAMS RACING LIMITED
REGISTERED NUMBER: 08529655

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


N J Williams
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
NOEL WILLIAMS RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Noel Williams Racing Ltd is a private company limited by share capital, incorporated in England & Wales.
The registered office is Churn Stables, Churn Estate, Blewbury, Didcot, Oxon.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NOEL WILLIAMS RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
NOEL WILLIAMS RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2024
2023
£
£

Wages and salaries
119,858
76,590

119,858
76,590


The average monthly number of employees, including directors, during the year was 6 (2023 - 5).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
57,750
3,400
12,207
3,307
76,664


Additions
-
850
-
-
850


Disposals
(36,750)
-
-
-
(36,750)



At 30 June 2024

21,000
4,250
12,207
3,307
40,764



Depreciation


At 1 July 2023
36,311
2,788
12,207
3,307
54,613


Charge for the year on owned assets
-
563
-
-
563


Disposals
-
(15,313)
-
-
(15,313)



At 30 June 2024

36,311
(11,962)
12,207
3,307
39,863



Net book value



At 30 June 2024
(15,311)
16,212
-
-
901



At 30 June 2023
21,439
612
-
-
22,051


5.


Debtors

Page 5

 
NOEL WILLIAMS RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
£
£


Trade debtors
41,392
14,169

Prepayments and accrued income
1,397
5,687

42,789
19,856



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
42,921
24,818

42,921
24,818



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
27,033
68,601

Other taxation and social security
15,513
1,833

Other creditors
132,154
99,401

Accruals and deferred income
6,170
4,585

190,870
184,420



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
14,999
20,832

14,999
20,832


Page 6

 
NOEL WILLIAMS RACING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due 2-5 years

Bank loans
14,999
20,832


14,999
20,832


24,999
30,832



Page 7