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COMPANY REGISTRATION NUMBER: 8880116

RACING ASPIRATIONS LIMITED

Filleted Unaudited Financial Statements

28 February 2025

RACING ASPIRATIONS LIMITED

Statement of Financial Position

28 February 2025

| 2025 | 2024
Note | £ | £ | £

Current assets

Debtors | 4 | 1,080 |  | –
Cash at bank and in hand | 13,910 |  | 18,348
| -------- |  | --------
| 14,990 |  | 18,348

Creditors: amounts falling due within one year | 5 | 13,575 |  | 14,620
| -------- |  | --------
Net current assets |  | 1,415 | 3,728
|  | ------- | -------
Total assets less current liabilities |  | 1,415 | 3,728
|  | ------- | -------
Net assets |  | 1,415 | 3,728
|  | ------- | -------

Capital and reserves

Called up share capital |  | 1 | 1
Profit and loss account |  | 1,414 | 3,727
|  | ------- | -------
Shareholder funds |  | 1,415 | 3,728
|  | ------- | -------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 November 2025 , and are signed on behalf of the board by:

H.C. Davies |
Director |

Company registration number: 8880116

RACING ASPIRATIONS LIMITED

Notes to the Financial Statements

Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 243 Park Road, Peterborough, PE1 2UT.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
4. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 1,080 | –
| ------- | ----

5. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Corporation tax | 7,842 | 6,513
Social security and other taxes | 4,140 | 3,674
Other creditors | 1,593 | 4,433
| -------- | --------
| 13,575 | 14,620
| -------- | --------

6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:

| 2025
|  | Balance brought forward | Advances/ (credits) to the director | Balance outstanding
|  | £ | £ | £
| H.C. Davies | ( 1,727) | 1,574 | ( 153)
|  | ------- | ------- | ----

| 2024
|  | Balance brought forward | Advances/ (credits) to the director | Balance outstanding
|  | £ | £ | £
| H.C. Davies | ( 893) | ( 834) | ( 1,727)
|  | ---- | ---- | -------

7. Related party transactions
The company was under the control of Mr H.C. Davies throughout the year. Mr Davies is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.