Rawles Motorsport Limited - Accounts to registrar (filleted) - small 18.2

Rawles Motorsport Limited - Accounts to registrar (filleted) - small 18.2

RAWLES MOTORSPORT LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.1.0.652 03621737 director 1.10.19 30.9.20 30.9.20 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure036217372019-09-30036217372020-09-30036217372019-10-012020-09-30036217372018-09-30036217372018-10-012019-09-30036217372019-09-3003621737ns16:EnglandWales2019-10-012020-09-3003621737ns15:PoundSterling2019-10-012020-09-3003621737ns11:Director12019-10-012020-09-3003621737ns11:PrivateLimitedCompanyLtd2019-10-012020-09-3003621737ns11:SmallEntities2019-10-012020-09-3003621737ns11:AuditExempt-NoAccountantsReport2019-10-012020-09-3003621737ns11:SmallCompaniesRegimeForDirectorsReport2019-10-012020-09-3003621737ns11:SmallCompaniesRegimeForAccounts2019-10-012020-09-3003621737ns11:FullAccounts2019-10-012020-09-3003621737ns11:CompanySecretary12019-10-012020-09-3003621737ns11:RegisteredOffice2019-10-012020-09-3003621737ns6:CurrentFinancialInstruments2020-09-3003621737ns6:CurrentFinancialInstruments2019-09-3003621737ns6:ShareCapital2020-09-3003621737ns6:ShareCapital2019-09-3003621737ns6:RetainedEarningsAccumulatedLosses2020-09-3003621737ns6:RetainedEarningsAccumulatedLosses2019-09-3003621737ns6:PlantMachinery2019-10-012020-09-3003621737ns6:MotorVehicles2019-10-012020-09-3003621737ns6:PlantMachinery2019-09-3003621737ns6:MotorVehicles2019-09-3003621737ns6:PlantMachinery2020-09-3003621737ns6:MotorVehicles2020-09-3003621737ns6:PlantMachinery2019-09-3003621737ns6:MotorVehicles2019-09-3003621737ns6:LeasedAssetsHeldAsLesseens6:PlantMachinery2019-09-3003621737ns6:LeasedAssetsHeldAsLesseens6:PlantMachinery2020-09-3003621737ns6:LeasedAssetsHeldAsLesseens6:PlantMachinery2019-09-3003621737ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-09-3003621737ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-09-30
REGISTERED NUMBER: 03621737 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

RAWLES MOTORSPORT LIMITED
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAWLES MOTORSPORT LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTOR: A H Cluett





SECRETARY: Mrs D W Cluett





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 03621737 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ
Page 1
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)


BALANCE SHEET
30 SEPTEMBER 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 57,904 42,952

CURRENT ASSETS
Stocks 412,676 361,562
Debtors 5 39,091 18,190
Cash at bank and in hand 355,445 255,161
807,212 634,913
CREDITORS
Amounts falling due within one year 6 536,647 465,147
NET CURRENT ASSETS 270,565 169,766
TOTAL ASSETS LESS CURRENT
LIABILITIES
328,469
212,718

PROVISIONS FOR LIABILITIES 10,906 8,044
NET ASSETS 317,563 204,674

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 317,463 204,574
SHAREHOLDERS' FUNDS 317,563 204,674

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 notes form part of these financial statements

Page 2 continued...
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)


BALANCE SHEET - continued
30 SEPTEMBER 2020


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 10 April 2021 and were signed by:





A H Cluett - Director


The notes form part of these financial statements

Page 3
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020


1. STATUTORY INFORMATION

Rawles Motorsport 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Page 4 continued...
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2019 104,471 8,150 112,621
Additions 25,398 - 25,398
At 30 September 2020 129,869 8,150 138,019
DEPRECIATION
At 1 October 2019 63,454 6,215 69,669
Charge for year 9,962 484 10,446
At 30 September 2020 73,416 6,699 80,115
NET BOOK VALUE
At 30 September 2020 56,453 1,451 57,904
At 30 September 2019 41,017 1,935 42,952

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£   
COST
At 1 October 2019 21,557
Transfer to ownership (21,557 )
At 30 September 2020 -
DEPRECIATION
At 1 October 2019 11,456
Transfer to ownership (11,456 )
At 30 September 2020 -
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 10,101

Page 5 continued...
RAWLES MOTORSPORT LIMITED (REGISTERED NUMBER: 03621737)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Trade debtors 38,782 18,190
Other debtors 309 -
39,091 18,190

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Bank loans and overdrafts 174,621 191,832
Trade creditors 33,035 28,463
Tax 41,139 24,781
Social security and other taxes 8,305 5,351
VAT 38,977 12,554
Other creditors 139,588 135,329
Directors' current accounts 66,670 35,237
Accruals and deferred income 4,912 2,200
Accrued expenses 29,400 29,400
536,647 465,147

Page 6