Universal Racing Services Limited 31/03/2025 iXBRL

Company registration number: 13917259

Universal Racing Services Limited

Unaudited filleted financial statements

31 March 2025

Universal Racing Services Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Universal Racing Services Limited

Directors and other information


	Directors	Mrs Claire Eagling
		Mr Daniel Eagling
		Mr Clive Wood


	Company number	13917259


	Registered office	Mill Road
		Foxley
		Dereham
		Norfolk
		NR20 4QT


	Accountants	i-Accounting Solutions Ltd
		The Enterprise Centre
		University of East Anglia
		Norwich
		Norfolk
		NR4 7TJ

Universal Racing Services Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Universal Racing Services Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Racing Services Limited for the year ended 31 March 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Universal Racing Services Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Racing Services Limited and state those matters that we have agreed to state to the board of directors of Universal Racing Services Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Racing Services Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Universal Racing Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Universal Racing Services Limited. You consider that Universal Racing Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Universal Racing Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

i-Accounting Solutions Ltd

Chartered Certified Accountants

The Enterprise Centre

University of East Anglia

Norwich

Norfolk

NR4 7TJ

12 December 2025

Universal Racing Services Limited

Statement of financial position

31 March 2025

			2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	72,833		82,333
Tangible assets	6	4,769		5,041
		_______		_______
			77,602		87,374

Current assets
Stocks		90,000		80,000
Debtors	7	27,842		24,057
Cash at bank and in hand		12,547		25,071
		_______		_______
		130,389		129,128
Creditors: amounts falling due
within one year	8	( 171,750)		( 188,384)
		_______		_______
Net current liabilities			( 41,361)		( 59,256)
			_______		_______
Total assets less current liabilities			36,241		28,118


Provisions for liabilities			( 439)		( 374)

			_______		_______
Net assets			35,802		27,744
			_______		_______

Capital and reserves
Called up share capital			9		9
Profit and loss account			35,793		27,735
			_______		_______
Shareholders funds			35,802		27,744
			_______		_______

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 11 December 2025 , and are signed on behalf of the board by:

Mr Daniel Eagling Mrs Claire Eagling

Director Director

Company registration number: 13917259

Universal Racing Services Limited

Notes to the financial statements

Year ended 31 March 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 Hollytrees, Mill Road, Foxley, Dereham, Norfolk, NR20 4QT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. 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.

Turnover

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).

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 capital allowance and depreciation 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10% %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, trade creditors, trade debtors, accruals, payments in advance and bank accounts.

4. Staff costs

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	55,500	50,000
Social security costs	147	-
	_______	_______
	55,647	50,000
	_______	_______

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	95,000	95,000
	_______	_______
Amortisation
At 1 April 2024	12,667	12,667
Charge for the year	9,500	9,500
	_______	_______
At 31 March 2025	22,167	22,167
	_______	_______
Carrying amount
At 31 March 2025	72,833	72,833
	_______	_______
At 31 March 2024	82,333	82,333
	_______	_______

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2024	6,923	6,923
Additions	1,054	1,054
	_______	_______
At 31 March 2025	7,977	7,977
	_______	_______
Depreciation
At 1 April 2024	1,882	1,882
Charge for the year	1,326	1,326
	_______	_______
At 31 March 2025	3,208	3,208
	_______	_______
Carrying amount
At 31 March 2025	4,769	4,769
	_______	_______
At 31 March 2024	5,041	5,041
	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	23,935	18,638
Other debtors	3,907	5,419
	_______	_______
	27,842	24,057
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	4	280
Trade creditors	12,738	16,062
Corporation tax	5,045	8,532
Social security and other taxes	3,617	2,612
Other creditors	150,346	160,898
	_______	_______
	171,750	188,384
	_______	_______