REGISTERED NUMBER: NI048695 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Street Racer Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Armstrong

Miss O Vance

SECRETARY:

Miss O Vance

REGISTERED OFFICE:

21H Enterprise Road

Bangor

BT19 7TA

REGISTERED NUMBER:

NI048695 (Northern Ireland)

ACCOUNTANT:

R Savage & Company

Accountants & Taxation Consultants

Old Bank House

2 Crossgar Road

Saintfield

Ballynahinch

Co. Down

BT24 7BD

FIXED ASSETS

Tangible assets

4

218,518

221,537

CURRENT ASSETS

Stocks

48,500

53,400

Debtors

5

8,503

12,700

57,003

66,100

CREDITORS

Amounts falling due within one year

6

98,018

112,349

NET CURRENT LIABILITIES

(41,015

)

(46,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

177,503

175,288

CREDITORS

Amounts falling due after more than one year

7

8,614

12,646

NET ASSETS

168,889

162,642

RESERVES

Retained earnings

168,889

162,642

SHAREHOLDERS' FUNDS

168,889

162,642

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 directors acknowledge their 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 Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Miss O Vance - Director

1.	STATUTORY INFORMATION

Street Racer Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss 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

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

207,106

75,253

282,359

DEPRECIATION

At 1 January 2024

-

60,822

60,822

Charge for year

-

3,019

3,019

At 31 December 2024

-

63,841

63,841

NET BOOK VALUE

At 31 December 2024

207,106

11,412

218,518

At 31 December 2023

207,106

14,431

221,537

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,503

12,700

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

3,201

6,176

Trade creditors

6,946

5,470

Taxation and social security

6,453

25,798

Other creditors

81,418

74,905

98,018

112,349

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

50

Other creditors

8,614

12,596

8,614

12,646