REGISTERED NUMBER: 09459949 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2024

FOR

INRACING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I Nuthall

Mr W J Nuthall

Mr O C Nuthall

REGISTERED OFFICE:

Palm Street

Basford

Nottingham

North Yorkshire

NG7 7HG

REGISTERED NUMBER:

09459949 (England and Wales)

ACCOUNTANTS:

SMH Howard Matthews Ltd

Queensgate House

23 North Park Road

Harrogate

HG1 5PD

FIXED ASSETS

Tangible assets

4

75,870

52,133

CURRENT ASSETS

Stocks

295,681

281,601

Debtors

5

388,480

234,704

Cash at bank and in hand

18,456

149,793

702,617

666,098

CREDITORS

Amounts falling due within one year

6

266,111

329,444

NET CURRENT ASSETS

436,506

336,654

TOTAL ASSETS LESS CURRENT LIABILITIES

512,376

388,787

CREDITORS

Amounts falling due after more than one year

7

31,379

16,259

NET ASSETS

480,997

372,528

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

480,996

372,527

480,997

372,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 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 12 December 2025 and were signed on its behalf by:

Mr I Nuthall - Director

1.	STATUTORY INFORMATION

Inracing Limited 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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 15 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 29 December 2023

25,648

2,977

87,202

115,827

Additions

41,000

1,882

-

42,882

At 28 December 2024

66,648

4,859

87,202

158,709

DEPRECIATION

At 29 December 2023

15,791

2,938

44,965

63,694

Charge for year

8,443

143

10,559

19,145

At 28 December 2024

24,234

3,081

55,524

82,839

NET BOOK VALUE

At 28 December 2024

42,414

1,778

31,678

75,870

At 28 December 2023

9,857

39

42,237

52,133

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

363,866

195,463

Amounts owed by participating interests

6,119

4,646

Other debtors

18,494

34,594

388,479

234,703

Amounts falling due after more than one year:

Other debtors

1

1

Aggregate amounts

388,480

234,704

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

9,849

9,849

Hire purchase contracts

7,380

-

Payments on account

4,632

29,699

Trade creditors

110,537

180,448

Taxation and social security

23,398

27,338

Other creditors

110,315

82,110

266,111

329,444

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

6,164

16,259

Hire purchase contracts

25,215

-

31,379

16,259

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

25,215

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 December 2024 and the period ended 28 December 2023:

2024

2023

£

£

Mr I Nuthall

Balance outstanding at start of year

368

-

Amounts advanced

48,849

368

Amounts repaid

(24,683

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,534

368