Company Registration No. 03046628 (England and Wales)
Ron Haslam Racing Academy Limited
Unaudited accounts
for the year ended 31 December 2024
Ron Haslam Racing Academy Limited
Unaudited accounts
Contents
Ron Haslam Racing Academy Limited
Company Information
for the year ended 31 December 2024
Directors
Ann Haslam
Ron Haslam
Company Number
03046628 (England and Wales)
Registered Office
West Meadow Farm
123 Main Road
Smalley
Derbyshire
DE7 6DT
United Kingdom
Ron Haslam Racing Academy Limited
Statement of financial position
as at 31 December 2024
Tangible assets
51,312
61,136
Cash at bank and in hand
30,957
40,216
Creditors: amounts falling due within one year
(32,199)
(33,876)
Net current assets
209,429
258,526
Total assets less current liabilities
260,741
319,662
Creditors: amounts falling due after more than one year
(13,677)
(23,864)
Net assets
247,064
295,798
Called up share capital
502
502
Share premium
55,253
55,253
Profit and loss account
191,309
240,043
Shareholders' funds
247,064
295,798
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 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 16 August 2025 and were signed on its behalf by
Ann Haslam
Director
Company Registration No. 03046628
Ron Haslam Racing Academy Limited
Notes to the Accounts
for the year ended 31 December 2024
Ron Haslam Racing Academy Limited is a private company, limited by shares, registered in England and Wales, registration number 03046628. The registered office is West Meadow Farm, 123 Main Road, Smalley, Derbyshire, DE7 6DT, United Kingdom.
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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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales / value added tax, returns, rebates and discounts and is recognised at the point in time when the goods or services are provided.
Government grants are recognised using the accrual model and being that the grants are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity they are recognised as income in the period in which the company becomes eligible for the grant.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Ron Haslam Racing Academy Limited
Notes to the Accounts
for the year ended 31 December 2024
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets other than land and properties under construction over their estimated useful lives, as follows:
Land & buildings
4% Straight Line
Motor vehicles
25% Straight Line
Fixtures & fittings
25% Straight Line
Computer equipment
33% Straight Line
Other tangible fixed assets
50% Straight Line
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, as the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised costs, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Ordinary shares are classified as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Ron Haslam Racing Academy Limited
Notes to the Accounts
for the year ended 31 December 2024
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
97,422
247,014
148,515
492,951
At 31 December 2024
97,422
247,014
148,515
492,951
At 1 January 2024
45,058
242,577
144,180
431,815
Charge for the year
3,897
3,083
2,844
9,824
At 31 December 2024
48,955
245,660
147,024
441,639
At 31 December 2024
48,467
1,354
1,491
51,312
At 31 December 2023
52,364
4,437
4,335
61,136
Included within the net book value of land and buildings above is £48,467 (2023 - £52,364) in respect of freehold land and buildings.
Amounts falling due within one year
Trade debtors
10,131
24,000
Accrued income and prepayments
15,842
21,071
Other debtors
183,573
207,115
Ron Haslam Racing Academy Limited
Notes to the Accounts
for the year ended 31 December 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,436
10,168
Trade creditors
6,677
7,848
Taxes and social security
-
152
Loans from directors
12,722
7,226
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Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
502 Ordinary shares of £1 each
502
502
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Transactions with related parties
Included within other debtors are the following balances, in respect of companies which are related by virtue of common ownership and directorship :
At the year end an amount of £25,131 (2023 - £31,977) was owed by Leon Haslam Limited.
At the year end an amount of £50,370 (2023 - £60,467) was owed by Affinity Sports Academy Limited.
At the year end an amount of £69,996 (2023 - £91,996) was owed by Fun Fitness Limited.
At the year end an amount of £6,000 (2023 - £5,000) was owed by Leon Haslam.
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Average number of employees
During the year the average number of employees was 4 (2023: 4).