REGISTERED NUMBER: 11602704 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CONQUEST RACING LTD

Page

Balance sheet

1

Notes to the financial statements

2

Fixed assets

Tangible assets

4

9,381

12,509

Current assets

Stocks

90,000

100,000

Debtors

5

41,410

32,519

Cash at bank

58,138

78,258

189,548

210,777

Creditors

Amounts falling due within one year

6

84,204

107,962

Net current assets

105,344

102,815

Total assets less current liabilities

114,725

115,324

Creditors

Amounts falling due after more than one year

7

(4,167

)

(14,167

)

Provisions for liabilities

9

(1,084

)

(1,445

)

Net assets

109,474

99,712

Capital and reserves

Called up share capital

10

100

100

Retained earnings

109,374

99,612

Shareholders' funds

109,474

99,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

Mr S Thomas - Director

1.	Statutory information

Conquest Racing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11602704. The registered office address and business address is Unit 2B Clump Farm Industrial Estate, Tinpot Lane, Shaftesbury Road, Blandford, Dorset, DT11 7TD.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents income receivable from the sale of motorcycle parts, net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tenants improvements

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4.	Tangible fixed assets

Fixtures

Tenants

and

Motor

Computer

improvements

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2024

and 31 December 2024

14,326

5,278

5,399

3,106

28,109

Depreciation

At 1 January 2024

6,600

3,215

4,044

1,741

15,600

Charge for year

1,932

516

339

341

3,128

At 31 December 2024

8,532

3,731

4,383

2,082

18,728

Net book value

At 31 December 2024

5,794

1,547

1,016

1,024

9,381

At 31 December 2023

7,726

2,063

1,355

1,365

12,509

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

-

26,900

Directors' current accounts

40,264

4,552

Prepayments

1,146

1,067

41,410

32,519

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

10,000

33,866

Trade creditors

3,998

3,856

Tax

53,267

43,127

VAT

11,023

22,699

Other creditors

2,596

1,249

Accruals and deferred income

3,320

3,165

84,204

107,962

7.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans - 1-2 years

4,167

10,000

Bank loans - 2-5 years

-

4,167

4,167

14,167

8.	Secured debts

Lloyds bank holds a fixed charge, in addition to a floating charge, dated 21 December 2020 over the property or undertaking of the company.

9.	Provisions for liabilities

2024

2023

£

£

Deferred tax

1,084

1,445

Deferred

tax

£

Balance at 1 January 2024

1,445

Credit to Income statement during year

(361

)

Balance at 31 December 2024

1,084

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

75

Ordinary

£1

75

75

25

Ordinary B

£1

25

25

100

100

11.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mr S Thomas

Balance outstanding at start of year

4,552

-

Amounts advanced

40,264

4,552

Amounts repaid

(4,552

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,264

4,552

At the balance sheet date, the director, Mr S Thomas, owed the company £40,264 disclosed within debtors. This balance was repaid within 9 months of the year-end.

12.	Ultimate controlling party

The company is controlled by the director, Mr S Thomas, by virtue of his 75% holding in the voting share capital of the company.