Registration number: 16080224

Tula Racing Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Tula Racing Ltd

Company Information

Directors

Tula Holdings Group Ltd Mr Thomas Waterfield Mr Charles Knill-Jones

Registration number

16080224

Registered office

Units 2 and 3 The Old Coal Yard Westend Northleach GL54 3HE

Accountants

mca Shepherd Smail Ltd Unit 5 Priory Court Priory Estate Poulton Cirencester GL7 5JB

Tula Racing Ltd

(Registration number: 16080224)
Balance Sheet as at 31 March 2026

	Note	2026 £
Fixed assets
Tangible assets	4	84,388
Current assets
Debtors	5	11,809
Cash at bank and in hand		5,954
		17,763
Creditors: Amounts falling due within one year	6	(101,827)
Net current liabilities		(84,064)
Net assets		324
Capital and reserves
Called up share capital		1
Retained earnings		323
Shareholders' funds		324

For the financial period ending 31 March 2026 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:
 

Mr Thomas Waterfield

Director

Tula Racing Ltd

Notes to the Unaudited Financial Statements for the Period from 14 November 2024 to 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Tula Race Ltd.

The address of its registered office is:
Units 2 and 3
The Old Coal Yard
Westend
Northleach
GL54 3HE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Tula Racing Ltd

Notes to the Unaudited Financial Statements for the Period from 14 November 2024 to 31 March 2026

Judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance
Office equipment	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Tula Racing Ltd

Notes to the Unaudited Financial Statements for the Period from 14 November 2024 to 31 March 2026

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

Tula Racing Ltd

Notes to the Unaudited Financial Statements for the Period from 14 November 2024 to 31 March 2026

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
Additions	517	93,333	93,850
At 31 March 2026	517	93,333	93,850
Depreciation
Charge for the period	129	9,333	9,462
At 31 March 2026	129	9,333	9,462
Carrying amount
At 31 March 2026	388	84,000	84,388

5

Debtors

Current	2026 £
Other debtors	11,809
	11,809

Tula Racing Ltd

Notes to the Unaudited Financial Statements for the Period from 14 November 2024 to 31 March 2026

6

Creditors

Creditors: amounts falling due within one year

	Note	2026 £
Due within one year
Loans and borrowings	7	89,500
Trade creditors		1,763
Taxation and social security		889
Accruals and deferred income		1,000
Other creditors		8,675
		101,827

7	Loans and borrowings

Current loans and borrowings

	2026 £
Other borrowings	89,500

8	Share capital

Allotted, called up and fully paid shares

	2026
	No.	£
Ordinary share of £1 each	1	1