Chris Parsonage Racing Limited

Registered number

08221285

Filleted Accounts

31 December 2024

Chris Parsonage Racing Limited
Registered number:		08221285
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		628			35,351

Current assets
Stocks		54,509			50,850
Debtors	4	358			931
Cash at bank and in hand		2			7
		54,869			51,788

Creditors: amounts falling due within one year	5	(193,919)			(227,308)

Net current liabilities			(139,050)			(175,520)

Net liabilities			(138,422)			(140,169)

Capital and reserves
Called up share capital			100			100
Revaluation reserve	6		-			18,557
Profit and loss account			(138,522)			(158,826)

Shareholders' funds			(138,422)			(140,169)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




C Parsonage
Director
Approved by the board on 17 September 2025

Chris Parsonage Racing Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	at 15% on a reducing balance
	Fixtures, fittings, tools and equipment	at 15% on a reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		0		0


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 January 2024				59,159
	Disposals				(54,742)
	At 31 December 2024				4,417

	Depreciation
	At 1 January 2024				23,808
	Charge for the year				111
	On disposals				(20,130)
	At 31 December 2024				3,789

	Net book value
	At 31 December 2024				628
	At 31 December 2023				35,351


4	Debtors		2024		2023
£				£

	Trade debtors		-		590
	Other debtors		358		341
			358		931


5	Creditors: amounts falling due within one year		2024		2023
£				£

	Trade creditors		19		-
	Other creditors		193,900		227,308
			193,919		227,308


6	Revaluation reserve		2024		2023
£				£

	At 1 January 2024		18,557		100,000
	Realisation on revaluation of plant and equipment		(18,557)		(81,443)

	At 31 December 2024		-		18,557


7	Other information

	Chris Parsonage Racing Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Hole Farm
	Avery Way
	SALTASH
	Cornwall
	PL12 6LD