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Company Registration No. 7049591 (England and Wales)
Redline Racing Motorsport Ltd Trading As Redline Ltd Unaudited accounts for the year ended 31 October 2024
Redline Racing Motorsport Ltd Trading As Redline Ltd Unaudited accounts Contents
Page
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Redline Racing Motorsport Ltd Trading As Redline Ltd Company Information for the year ended 31 October 2024
Directors
Jason Greatrex Kristofer Greatrex Charles Greatrex
Company Number
7049591 (England and Wales)
Registered Office
UNIT 14 ARGYLE WAY ELY BUSINESS PARK CARDIFF SOUTH GLAMORGAN CF5 5NJ UNITED KINGDOM
Accountants
Sky Life Accountancy Limited Unit 32 Western Industrial Estate Caerphilly Caerphilly CF83 1BE
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Redline Racing Motorsport Ltd Trading As Redline Ltd Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
206,512 
218,844 
Current assets
Inventories
1,700 
1,800 
Debtors
9,174 
124 
Cash at bank and in hand
11,945 
7,355 
22,819 
9,279 
Creditors: amounts falling due within one year
(232,968)
(216,803)
Net current liabilities
(210,149)
(207,524)
Total assets less current liabilities
(3,637)
11,320 
Creditors: amounts falling due after more than one year
(114,380)
(125,633)
Provisions for liabilities
Deferred tax
- 
(4,880)
Net liabilities
(118,017)
(119,193)
Capital and reserves
Called up share capital
3 
3 
Profit and loss account
(118,020)
(119,196)
Shareholders' funds
(118,017)
(119,193)
For the year ending 31 October 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by
Jason Greatrex Director Company Registration No. 7049591
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Redline Racing Motorsport Ltd Trading As Redline Ltd Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
Redline Racing Motorsport Ltd Trading As Redline Ltd is a private company, limited by shares, registered in England and Wales, registration number 7049591. The registered office is UNIT 14 ARGYLE WAY, ELY BUSINESS PARK, CARDIFF, SOUTH GLAMORGAN, CF5 5NJ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Reducing Balance
Plant & machinery
3 to 20 Years
Motor vehicles
25% Reducing Balance
Computer equipment
3 Years
Other tangible fixed assets
2 to 3 Years
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Redline Racing Motorsport Ltd Trading As Redline Ltd Notes to the Accounts for the year ended 31 October 2024
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 November 2023
366,534 
Additions
2,260 
At 31 October 2024
368,794 
Depreciation
At 1 November 2023
147,690 
Charge for the year
14,592 
At 31 October 2024
162,282 
Net book value
At 31 October 2024
206,512 
At 31 October 2023
218,844 
5
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
(5,882)
(8,502)
Tax losses carried forward
(8,864)
13,979 
Other deferred taxation
11,621 
(597)
(3,125)
4,880 
2024 
2023 
£ 
£ 
Provision at start of year
4,880 
18,263 
Credited to the profit and loss account
(8,005)
(13,383)
Provision at end of year
(3,125)
4,880 
6
Loans to directors
During the year, the company made interest-free advances to the directors amounting to £37,615. These were repayable on demand. The company received credits of £6,072.
7
Average number of employees
During the year the average number of employees was 3 (2023: 4).
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