1 January 2024 false Taxfiler 2024.6 03046628business:PrivateLimitedCompanyLtd2024-01-012024-12-31 030466282023-12-31 030466282024-01-012024-12-31 03046628business:AuditExempt-NoAccountantsReport2024-01-012024-12-31 03046628business:FilletedAccounts2024-01-012024-12-31 030466282024-12-31 03046628business:Director12024-01-012024-12-31 03046628business:Director22024-01-012024-12-31 03046628business:CompanySecretary12024-01-012024-12-31 03046628business:RegisteredOffice2024-01-012024-12-31 030466282023-12-31 03046628core:WithinOneYear2024-12-31 03046628core:WithinOneYear2023-12-31 03046628core:AfterOneYear2024-12-31 03046628core:AfterOneYear2023-12-31 03046628core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 03046628core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 03046628core:SharePremiumcore:PreviouslyStatedAmount2024-12-31 03046628core:SharePremiumcore:PreviouslyStatedAmount2023-12-31 03046628core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 03046628core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 03046628core:PreviouslyStatedAmount2024-12-31 03046628core:PreviouslyStatedAmount2023-12-31 03046628business:SmallEntities2024-01-012024-12-31 03046628countries:EnglandWales2024-01-012024-12-31 03046628core:LandBuildings2024-01-012024-12-31 03046628core:MotorVehicles2024-01-012024-12-31 03046628core:FurnitureFittings2024-01-012024-12-31 03046628core:ComputerEquipment2024-01-012024-12-31 03046628core:OtherPropertyPlantEquipment2024-01-012024-12-31 03046628core:LandBuildings2023-12-31 03046628core:MotorVehicles2023-12-31 03046628core:FurnitureFittings2023-12-31 03046628core:LandBuildings2024-12-31 03046628core:MotorVehicles2024-12-31 03046628core:FurnitureFittings2024-12-31 03046628business:OrdinaryShareClass12024-01-012024-12-31 03046628business:OrdinaryShareClass12023-01-012023-12-31 030466282023-01-012023-12-31 iso4217:GBP xbrli:shares xbrli:pure
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
Page
- 2 -
Ron Haslam Racing Academy Limited Company Information for the year ended 31 December 2024
Directors
Ann Haslam Ron Haslam
Secretary
Ann Haslam
Company Number
03046628 (England and Wales)
Registered Office
West Meadow Farm 123 Main Road Smalley Derbyshire DE7 6DT United Kingdom
- 3 -
Ron Haslam Racing Academy Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
51,312 
61,136 
Current assets
Debtors
210,671 
252,186 
Cash at bank and in hand
30,957 
40,216 
241,628 
292,402 
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 
Capital and reserves
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
- 4 -
Ron Haslam Racing Academy Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
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.
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.
Revenue recognition
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
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.
Taxation
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.
- 5 -
Ron Haslam Racing Academy Limited Notes to the Accounts for the year ended 31 December 2024
Tangible fixed assets
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
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
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.
Borrowings
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.
Share Capital
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.
- 6 -
Ron Haslam Racing Academy Limited Notes to the Accounts for the year ended 31 December 2024
Dividends
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.
4
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 
Depreciation
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 
Net book value
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.
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
1,125 
- 
Trade debtors
10,131 
24,000 
Accrued income and prepayments
15,842 
21,071 
Other debtors
183,573 
207,115 
210,671 
252,186 
- 7 -
Ron Haslam Racing Academy Limited Notes to the Accounts for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,436 
10,168 
VAT
- 
3,221 
Trade creditors
6,677 
7,848 
Taxes and social security
- 
152 
Other creditors
163 
447 
Loans from directors
12,722 
7,226 
Accruals
2,201 
4,814 
32,199 
33,876 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
13,677 
23,864 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
502 Ordinary shares of £1 each
502 
502 
9
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.
10
Average number of employees
During the year the average number of employees was 4 (2023: 4).
- 8 -