REGISTERED NUMBER: 11889877 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RACING CAR SERVICES LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P M Doyle

SECRETARY:

Form Online Limited

REGISTERED OFFICE:

Enterprise House 2 Pass Street

Oldham

Manchester

United Kingdom

OL9 6HZ

REGISTERED NUMBER:

11889877 (England and Wales)

ACCOUNTANTS:

BP & Co Chartered Accountants

Enterprise House

2 Pass Street

Oldham

Lancashire

OL9 6HZ

FIXED ASSETS

Tangible assets

4

400,467

283,941

CURRENT ASSETS

Debtors

5

131,422

556,953

Cash at bank and in hand

213,411

214,286

344,833

771,239

CREDITORS

Amounts falling due within one year

6

(816,325

)

(1,126,840

)

NET CURRENT LIABILITIES

(471,492

)

(355,601

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(71,025

)

(71,660

)

CREDITORS

Amounts falling due after more than one year

7

(345

)

(319

)

NET LIABILITIES

(71,370

)

(71,979

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(71,371

)

(71,980

)

SHAREHOLDERS' FUNDS

(71,370

)

(71,979

)

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 Income Statement has not been delivered.

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

P M Doyle - Director

1.	STATUTORY INFORMATION

Racing Car Services Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

94,656

251,021

345,677

Additions

-

153,339

153,339

At 31 December 2024

94,656

404,360

499,016

DEPRECIATION

At 1 January 2024

4,741

56,995

61,736

Charge for year

3,935

32,878

36,813

At 31 December 2024

8,676

89,873

98,549

NET BOOK VALUE

At 31 December 2024

85,980

314,487

400,467

At 31 December 2023

89,915

194,026

283,941

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

258,008

541,923

Other debtors

(126,586

)

15,030

131,422

556,953

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

766,867

999,384

Taxation and social security

22,893

100,891

Other creditors

26,565

26,565

816,325

1,126,840

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

345

319