Company Registration number:
Greenway Racing Solutions Ltd
for the Period from 9 December 2024 to 31 December 2025
Greenway Racing Solutions Ltd
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Greenway Racing Solutions Ltd
(Registration number: 16124471)
Balance Sheet as at 31 December 2025
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Note |
2025 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
200 |
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Retained earnings |
(21,791) |
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Shareholders' deficit |
(21,591) |
For the financial period ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Greenway Racing Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 9 December 2024 to 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on a going concern basis. As at the balance sheet date, the company had net liabilities of £21,541. This indicates a requirement for the directors to carefully consider the appropriateness of preparing the financial statements on a going concern basis. The company is in the early stages of trading and has been able to finance its operations primarily through the support of the directors and a related party loan.
The directors acknowledge that, without this support, there may be significant doubt regarding the company’s ability to continue as a going concern. However, the directors are confident that the company will become profitable within the next 12 months with the launch of its software to market.
Based on this expectation, and the ongoing financial support from related parties, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
Intangible assets
Intangible assets acquired separately are initially recognised at cost. Following initial recognition, intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Greenway Racing Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 9 December 2024 to 31 December 2025
Development costs
Development expenditure is capitalised as an intangible asset when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use;
• There is the intention to complete the intangible asset so that it will be available for use or sale;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources to complete the development and to use or sell the asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Development expenditure that does not satisfy the recognition criteria are recognised as an expense as incurred.
The carrying value of capitalised development costs is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Any impairment loss is recognised immediately in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Software development |
20% straight line |
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.
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.
Greenway Racing Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 9 December 2024 to 31 December 2025
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Greenway Racing Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 9 December 2024 to 31 December 2025
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Intangible assets |
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Software development costs |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2025 |
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Amortisation |
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Carrying amount |
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At 31 December 2025 |
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Debtors |
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Current |
2025 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2025 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
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No. |
£ |
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200 |
Greenway Racing Solutions Ltd
Notes to the Unaudited Financial Statements for the Period from 9 December 2024 to 31 December 2025
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Related party transactions |
Loans from related parties
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2025 |
Key management |
Other related parties |
Total |
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Advanced |
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Repaid |
( |
- |
( |
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At end of period |
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Terms of loans from related parties