CG Racing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09334229 (England and Wales)

Financial Statements for the Year Ended 30 November 2018

for

CG Racing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C J Garnett

SECRETARY:

Mrs H L Garnett

REGISTERED OFFICE:

The Old Vicarage

Pickhill

Thirsk

York

North Yorkshire

YO7 4JG

REGISTERED NUMBER:

09334229 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Tangible assets

4

93,394

34,606

Investments

5

121,830

98,545

215,224

133,151

CURRENT ASSETS

Debtors

6

1,225

4,221

Cash at bank

600

630

1,825

4,851

CREDITORS

Amounts falling due within one year

7

201,151

143,507

NET CURRENT LIABILITIES

(199,326

)

(138,656

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,898

(5,505

)

CREDITORS

Amounts falling due after more than one year

8

(47,325

)

-

PROVISIONS FOR LIABILITIES

(680

)

(330

)

NET LIABILITIES

(32,107

)

(5,835

)

CAPITAL AND RESERVES

Called up share capital

10

10

Non-distributable reserve

9

3,320

-

Retained earnings

(35,437

)

(5,845

)

SHAREHOLDERS' FUNDS

(32,107

)

(5,835

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 3 May 2019 and were signed by:

C J Garnett - Director

1.	STATUTORY INFORMATION

CG Racing 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 as modified by the revaluation of certain assets.

The accounts are prepared on a going concern basis due to the continued support of the shareholders

and directors.

Turnover

Turnover represents net invoiced advertising revenue, excluding any value added tax. The company

obtains the right to consideration once the sponsorship agreement has been signed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tools & equipment

-

25% on cost

Drivers equipment

-

25% on cost and 25% on reducing balance

Motor vehicles

-

25% on reducing balance and 10% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are

initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Tools &

Drivers

Motor

equipment

equipment

vehicles

Totals

£

£

£

£

COST

At 1 December 2017

4,142

1,415

43,659

49,216

Additions

971

663

113,500

115,134

Disposals

(607

)

(1,415

)

(40,831

)

(42,853

)

At 30 November 2018

4,506

663

116,328

121,497

DEPRECIATION

At 1 December 2017

2,656

818

11,136

14,610

Charge for year

1,127

166

22,673

23,966

Eliminated on disposal

(154

)

(818

)

(9,501

)

(10,473

)

At 30 November 2018

3,629

166

24,308

28,103

NET BOOK VALUE

At 30 November 2018

877

497

92,020

93,394

At 30 November 2017

1,486

597

32,523

34,606

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 December 2017

98,545

Additions

107,325

Disposals

(88,040

)

Revaluations

4,000

At 30 November 2018

121,830

NET BOOK VALUE

At 30 November 2018

121,830

At 30 November 2017

98,545

Cost or valuation at 30 November 2018 is represented by:

Other

investments

£

Valuation in 2018

4,000

Cost

117,830

121,830

The fixed asset investments are semi classic cars, which are shown at market value. These are not

depreciated as they are deemed to appreciate in value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Other debtors

1,225

4,221

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Hire purchase contracts

3,514

-

Taxation and social security

3,632

3,199

Other creditors

194,005

140,308

201,151

143,507

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.18

30.11.17

£

£

Hire purchase contracts

47,325

-

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

29,300

-

9.

RESERVES

Non-distributable

reserve

£

Revaluation

3,320

At 30 November 2018

3,320

10.	RELATED PARTY DISCLOSURES

During the year £18,007 (2017: £27,416) was loaned to the company from Absolute Direct

Marketing Ltd. At the year end £151,873 (2017: £133,866) was still owed to Absolute Direct

Marketing Ltd. This is repayable on demand.