Bike Torque Racing Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03482052 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Bike Torque Racing Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Appleton

REGISTERED OFFICE:

30 Gay Street

Bath

Avon

BA1 2PA

REGISTERED NUMBER:

03482052 (England and Wales)

ACCOUNTANTS:

Moore

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

51,284

63,207

51,284

63,207

CURRENT ASSETS

Stocks

537,906

499,001

Debtors

6

226,768

11,999

Cash at bank and in hand

282,382

423,804

1,047,056

934,804

CREDITORS

Amounts falling due within one year

7

205,674

230,177

NET CURRENT ASSETS

841,382

704,627

TOTAL ASSETS LESS CURRENT LIABILITIES

892,666

767,834

CREDITORS

Amounts falling due after more than one year

8

(5,717

)

(8,985

)

PROVISIONS FOR LIABILITIES

9

(8,342

)

(9,283

)

NET ASSETS

878,607

749,566

CAPITAL AND RESERVES

Called up share capital

10

17,552

17,552

Retained earnings

861,055

732,014

SHAREHOLDERS' FUNDS

878,607

749,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 31 August 2020 and were signed by:

N Appleton - Director

1.	STATUTORY INFORMATION

Bike Torque Racing Ltd. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the

lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity

instrument is any contract that evidences a residual interest in the assets of the company after

deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

15,000

AMORTISATION

At 1 January 2019

and 31 December 2019

15,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2019

29,066

98,946

49,658

177,670

Additions

9,500

4,555

-

14,055

Disposals

-

-

(11,845

)

(11,845

)

At 31 December 2019

38,566

103,501

37,813

179,880

DEPRECIATION

At 1 January 2019

14,055

76,262

24,146

114,463

Charge for year

6,128

6,809

4,157

17,094

Eliminated on disposal

-

-

(2,961

)

(2,961

)

At 31 December 2019

20,183

83,071

25,342

128,596

NET BOOK VALUE

At 31 December 2019

18,383

20,430

12,471

51,284

At 31 December 2018

15,011

22,684

25,512

63,207

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

4,935

11,999

Other debtors

221,833

-

226,768

11,999

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

3,267

3,267

Trade creditors

102,614

117,124

Tax

38,716

36,398

Social security and other taxes

5,173

3,479

VAT

44,889

50,458

Other creditors

-

1,161

Accruals and deferred income

11,015

18,290

205,674

230,177

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

5,717

8,985

9.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

8,342

9,283

Deferred

tax

£

Balance at 1 January 2019

9,283

Utilised during year

(941

)

Balance at 31 December 2019

8,342

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

17,552

Ordinary

£1

17,552

17,552

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2018 - £40,841) were paid to the director .

12.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr N Appleton throughout the current and previous year. Mr

N Appleton is the managing director and majority shareholder.