Jonathan Adam Racing Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

Registered number: SC266337

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		82,741		138,262

			82,741		138,262
CURRENT ASSETS
Debtors	5	2,100		7,449
Cash at bank and in hand		93,399		62,912

		95,499		70,361
Creditors: Amounts Falling Due Within One Year	6	(48,788 )		(44,894 )

NET CURRENT ASSETS (LIABILITIES)			46,711		25,467

TOTAL ASSETS LESS CURRENT LIABILITIES			129,452		163,729

PROVISIONS FOR LIABILITIES
Deferred Taxation			(514 )		(11,063 )

NET ASSETS			128,938		152,666

CAPITAL AND RESERVES
Called up share capital	7		100		100
Income Statement			128,838		152,566

SHAREHOLDERS' FUNDS			128,938		152,666

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Jonathan Adam Racing Limited

Statement of Financial Position (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mr Jonathan Adam

Director

31/08/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Jonathan Adam Racing Limited is a private company, limited by shares, incorporated in Scotland, registered number SC266337 . The registered office is 54 East Vows Walk, Kirkcaldy, Fife, KY1 1SQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% p.a. reducing balance
Motor Vehicles	25% p.a. reducing balance
Computer Equipment	25% p.a. straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charge to profit and loss.

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Jonathan Adam Racing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.4. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was 2 (2025: 2)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2025	9,817	154,313	10,776	174,906

As at 31 March 2026	9,817	154,313	10,776	174,906

Depreciation
As at 1 April 2025	7,728	18,860	10,056	36,644
Provided during the period	818	54,145	558	55,521

As at 31 March 2026	8,546	73,005	10,614	92,165

Net Book Value
As at 31 March 2026	1,271	81,308	162	82,741

As at 1 April 2025	2,089	135,453	720	138,262

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	2,100	7,449

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Jonathan Adam Racing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	2,042	510
Corporation tax	19,752	16,489
Other taxes and social security	157	145
VAT	14,144	13,514
Other creditors	4,966	1,582
Accruals and deferred income	6,614	12,074
Directors' loan accounts	1,113	580

	48,788	44,894

7. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100