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Registration number: 13723691

Dylan Cunha Racing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Dylan Cunha Racing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Dylan Cunha Racing Ltd

Company Information

Director

Mr Cunha

Registered office

7 Laureate Industrial Estate
Newmarket
Suffolk
CB8 0AP

Accountants

N W Accountancy Limited
7 Laureate Industrial Estate
Newmarket
Suffolk
CB8 0AP

 

Dylan Cunha Racing Ltd

(Registration number: 13723691)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,336

45,948

Current assets

 

Stocks

5

425,018

174,358

Debtors

6

133,320

51,439

Cash at bank and in hand

 

7,068

12,235

 

565,406

238,032

Creditors: Amounts falling due within one year

7

(697,555)

(362,951)

Net current liabilities

 

(132,149)

(124,919)

Total assets less current liabilities

 

(97,813)

(78,971)

Creditors: Amounts falling due after more than one year

7

(34,426)

(40,563)

Net liabilities

 

(132,239)

(119,534)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(132,240)

(119,535)

Shareholders' deficit

 

(132,239)

(119,534)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 August 2025
 

.........................................
Mr Cunha
Director

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Laureate Industrial Estate
Newmarket
Suffolk
CB8 0AP
England

These financial statements were authorised for issue by the director on 13 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tangible 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:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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, at 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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2023 - 17).

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

61,264

61,264

At 30 November 2024

61,264

61,264

Depreciation

At 1 December 2023

15,316

15,316

Charge for the year

11,612

11,612

At 30 November 2024

26,928

26,928

Carrying amount

At 30 November 2024

34,336

34,336

At 30 November 2023

45,948

45,948

5

Stocks

2024
£

2023
£

Other inventories

425,018

174,358

6

Debtors

Current

2024
£

2023
£

Trade debtors

130,143

51,439

Other debtors

3,177

-

 

133,320

51,439

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,643

14,074

Trade creditors

 

429,372

281,849

Taxation and social security

 

177,435

41,241

Other creditors

 

70,105

25,787

 

697,555

362,951

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

34,426

40,563

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

34,426

40,563

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

10,643

-

Hire purchase contracts

10,000

14,074

20,643

14,074

 

Dylan Cunha Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Related party transactions

Transactions with the director

2024

At 1 December 2023
£

Other payments made to company by director
£

At 30 November 2024
£

Mr Cunha

Loan from Director - unsecured, interest free and repayable on demand

18,863

6,581

25,444

2023

At 1 December 2022
£

Other payments made to company by director
£

At 30 November 2023
£

Mr Cunha

Loan from Director - unsecured, interest free and repayable on demand

26,463

(7,600)

18,863