Lear Racing Cable UK Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

1. General Information

Lear Racing Cable UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08527348 . The registered office is 19 Leyden Street, London, E1 7LE.

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. Going Concern Disclosure

At 31 May 2026 the company had net assets of £158,258 (2025: £147,421) and made a profit for the year of £10,837 (2025: £61,251). Included within debtors is £145,704 (2025: £144,916) owed by the parent undertaking, of which £93,730 was past due by more than three months at the balance sheet date, and £67,115 (2025: £67,115) due from a third party against whom recovery proceedings were in progress at the date of approval of these financial statements (note 5). Included within creditors is £60,000 (2025: £60,000) owed to a shareholder in respect of a dividend declared in the year ended 31 May 2024 which remains unpaid.

The directors have obtained confirmation that the amounts owed by the parent undertaking will be settled as required, that no repayment will be sought of amounts owed by the company to group undertakings, and that the shareholder will not seek repayment of the amount owed to him within twelve months of the date of approval of these financial statements. Having also considered the recoverability of the amount referred to in note 5, the directors are satisfied that the company will be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on the going concern basis.

2.3. 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.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.4. Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to and from related parties. These are initially recognised at transaction price and subsequently measured at amortised cost, less any impairment.

2.5. Foreign Currencies

The company's functional and presentational currency is Sterling. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the profit and loss account.

2.6. 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 years 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.

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

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Lear Racing Cable UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

2.7. Impairment of Financial Assets

At the end of each reporting period the company assesses whether there is objective evidence that a financial asset measured at amortised cost is impaired. Objective evidence of impairment includes significant financial difficulty of the debtor and the probability that the debtor will enter bankruptcy. Where such evidence exists, an impairment loss is recognised in profit or loss, measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset at the reporting date.

3. Average Number of Employees

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

4. Debtors

	2026	2025
	£	£
Due within one year
Amounts owed by group undertakings	145,704	144,916
Other debtors	67,595	74,782

	213,299	219,698

Other debtors include an amount of £67,115 (2025: £67,115) due from a third party. Recovery proceedings, including a petition for the debtor's bankruptcy, were in progress at the date of approval of these financial statements. The directors, having considered the advice received in respect of those proceedings, consider the amount to be recoverable and no impairment loss has been recognised. The outcome of the proceedings is uncertain.

5. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	(495 )	8,947
Other loans	1,032	-
Other creditors	61,152	60,179
Taxation and social security	2,586	19,532

	64,275	88,658

6. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	2,000	2,000

7. Related Party Transactions

During the year the company made sales of £90,769 (2025: £287,403) to Lear Racing Cable Srl, its parent undertaking. At the balance sheet date £145,704 (2025: £144,916) was owed by that company and is included within amounts owed by group undertakings. The balance is unsecured, interest free and repayable on demand.

At the balance sheet date £1,032 (2025: £nil) was owed to Lear Racing Cable Srl in respect of an interest free loan repayable on demand. At 31 May 2025 £6,065 was owed to that company in respect of goods purchased, which was settled during the year.

At the balance sheet date £60,000 (2025: £60,000) was owed to Mr F Lenzi, a shareholder, in respect of a dividend declared in the year ended 31 May 2024 which remains unpaid. The amount is unsecured, interest free and repayable on demand.

8. Ultimate Controlling Party

The company's immediate and ultimate parent undertaking is Lear Racing Cable Srl, a company incorporated in Italy. The ultimate controlling party is Mr F Lenzi, who holds the entire issued share capital of that company.

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		2026		2025
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	213,299		219,698
Cash at bank and in hand		9,234		16,381

		222,533		236,079
Creditors: Amounts Falling Due Within One Year	5	(64,275 )		(88,658 )

NET CURRENT ASSETS (LIABILITIES)			158,258		147,421

TOTAL ASSETS LESS CURRENT LIABILITIES			158,258		147,421

NET ASSETS			158,258		147,421

CAPITAL AND RESERVES
Called up share capital	6		2,000		2,000
Profit and Loss Account			156,258		145,421

SHAREHOLDERS' FUNDS			158,258		147,421