Registration number: 14302773

Will Aspin Racing Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Will Aspin Racing Limited

(Registration number: 14302773)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	-	170,000
Current assets
Debtors	6	25,921	24,113
Cash at bank and in hand		41	6,068
		25,962	30,181
Creditors: Amounts falling due within one year	7	(111,587)	(144,832)
Net current liabilities		(85,625)	(114,651)
Total assets less current liabilities		(85,625)	55,349
Creditors: Amounts falling due after more than one year	7	(573,391)	(458,091)
Net liabilities		(659,016)	(402,742)
Capital and reserves
Called up share capital	8	20	20
Retained earnings		(659,036)	(402,762)
Shareholders' deficit		(659,016)	(402,742)

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:
 

Will Aspin Racing Limited

(Registration number: 14302773)
Balance Sheet as at 31 December 2024

Mr M R Mildren Director

Mr W G Aspin Director

Will Aspin Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Parkhill Studio
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
United Kingdom

These financial statements were authorised for issue by the Board on 22 September 2025.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

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.

Will Aspin Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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
Motor vehicle	20% straight line

Borrowings

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4	Loss before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	-	11,050

Will Aspin Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	181,050	181,050
Disposals	(181,050)	(181,050)
At 31 December 2024	-	-
Depreciation
At 1 January 2024	11,050	11,050
Eliminated on disposal	(11,050)	(11,050)
At 31 December 2024	-	-
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	170,000	170,000

6

Debtors

Current	2024 £	2023 £
Trade debtors	25,000	3,600
Prepayments	921	25
Other debtors	-	20,488
	25,921	24,113

Will Aspin Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	31,188	18,703
Trade creditors		11,454	125,129
Taxation and social security		21,621	-
Accruals and deferred income		1,324	1,000
Other creditors		46,000	-
		111,587	144,832

Will Aspin Racing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Other non-current financial liabilities	573,391	458,091

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £0.01 each	1,000	10	1,000	10
A Ordinary shares of £0.01 each	700	7	700	7
B Ordinary shares of £0.01 each	100	1	100	1
C Ordinary shares of £0.01 each	200	2	200	2
	2,000	20	2,000	20

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Other borrowings	31,188	18,703