Newrace Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01867983 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

NEWRACE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr RAS Wood

SECRETARY:

Mr RAS Wood

REGISTERED OFFICE:

21/27 Ock Street

Abingdon

Oxfordshire

OX14 5AJ

REGISTERED NUMBER:

01867983 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

6 Langdale Court

Witney

Oxfordshire

OX28 6FG

FIXED ASSETS

Tangible assets

4

2,279

1,220

CURRENT ASSETS

Debtors

5

249,866

265,471

Cash at bank

2,452

2,084

252,318

267,555

CREDITORS

Amounts falling due within one year

6

11,978

31,302

NET CURRENT ASSETS

240,340

236,253

TOTAL ASSETS LESS CURRENT LIABILITIES

242,619

237,473

PROVISIONS FOR LIABILITIES

7

433

232

NET ASSETS

242,186

237,241

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

242,184

237,239

SHAREHOLDERS' FUNDS

242,186

237,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 October 2020 and were signed by:

Mr RAS Wood - Director

1.	STATUTORY INFORMATION

Newrace 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced commissions, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss

account, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 May 2019

3,099

Additions

1,819

At 30 April 2020

4,918

DEPRECIATION

At 1 May 2019

1,879

Charge for year

760

At 30 April 2020

2,639

NET BOOK VALUE

At 30 April 2020

2,279

At 30 April 2019

1,220

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

249,866

265,471

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

996

1,826

Tax

1,428

1,741

Social security and other taxes

1,015

856

VAT

3,470

3,822

Directors' current accounts

2,070

57

Accruals and deferred income

2,999

23,000

11,978

31,302

7.	PROVISIONS FOR LIABILITIES

30.4.20

30.4.19

£

£

Deferred tax

Accelerated capital allowances

433

232

Deferred

tax

£

Balance at 1 May 2019

232

Charge to Profit and loss account during year

201

Balance at 30 April 2020

433

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.20

30.4.19

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

The company acts as a management agent for Coxeters Limited and charged fees of £80,000 in the

year (2019 £80,000) to that company. Mr RAS Wood was a shareholder of Coxeters Ltd throughout

the year.

At the balance sheet date Trade Debtors included £249,866 (2019 £265,471) in respect of these

transactions.