R1 RACING LTD

R1 RACING LTD

R1 RACING LTD - Company Information

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1 January 2021 false No description of principal activity Taxfiler 2022.8.3 08821274business:PrivateLimitedCompanyLtd2021-01-012021-12-31 088212742020-12-31 088212742021-01-012021-12-31 08821274business:AuditExemptWithAccountantsReport2021-01-012021-12-31 08821274business:FullAccounts2021-01-012021-12-31 088212742021-12-31 08821274business:Director12021-01-012021-12-31 08821274business:RegisteredOffice2021-01-012021-12-31 088212742020-12-31 08821274core:WithinOneYear2021-12-31 08821274core:WithinOneYear2020-12-31 08821274core:ShareCapital2021-12-31 08821274core:ShareCapital2020-12-31 08821274core:RetainedEarningsAccumulatedLosses2021-12-31 08821274core:RetainedEarningsAccumulatedLosses2020-12-31 08821274business:SmallEntities2021-01-012021-12-31 08821274countries:EnglandWales2021-01-012021-12-31 08821274core:PlantMachinery2021-01-012021-12-31 08821274core:MotorVehicles2021-01-012021-12-31 08821274core:ComputerEquipment2021-01-012021-12-31 08821274core:PlantMachinery2020-12-31 08821274core:MotorVehicles2020-12-31 08821274core:ComputerEquipment2020-12-31 08821274core:PlantMachinery2021-12-31 08821274core:MotorVehicles2021-12-31 08821274core:ComputerEquipment2021-12-31 08821274business:Director112021-01-012021-12-31 08821274business:Director112020-12-31 08821274business:Director112021-12-31 088212742020-01-012020-12-31 iso4217:GBP xbrli:pure
Company Registration No. 08821274 (England and Wales)
R1 RACING LTD Unaudited accounts for the year ended 31 December 2021
R1 RACING LTD Unaudited accounts Contents
Page
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R1 RACING LTD Company Information for the year ended 31 December 2021
Director
W Beavis
Company Number
08821274 (England and Wales)
Registered Office
74 Queen Katharine Rd Lymington Hampshire SO41 3RZ
Accountants
Eleve11 Consulting Ltd T/A On The Spot Palamos House 66-67 High St Lymington Hampshire SO41 9AL
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R1 RACING LTD Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
11,236 
900 
Current assets
Debtors
5
- 
7,500 
Cash at bank and in hand
79,384 
63,480 
79,384 
70,980 
Creditors: amounts falling due within one year
6
(41,817)
(10,042)
Net current assets
37,567 
60,938 
Net assets
48,803 
61,838 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
48,802 
61,837 
Shareholders' funds
48,803 
61,838 
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 September 2022 and were signed on its behalf by
W Beavis Director Company Registration No. 08821274
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R1 RACING LTD Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
R1 RACING LTD is a private company, limited by shares, registered in England and Wales, registration number 08821274. The registered office is 74 Queen Katharine Rd, Lymington, Hampshire, SO41 3RZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Computer equipment
50% straight line
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2021
4,500 
- 
- 
4,500 
Additions
- 
12,600 
733 
13,333 
At 31 December 2021
4,500 
12,600 
733 
17,833 
Depreciation
At 1 January 2021
3,600 
- 
- 
3,600 
Charge for the year
900 
1,838 
259 
2,997 
At 31 December 2021
4,500 
1,838 
259 
6,597 
Net book value
At 31 December 2021
- 
10,762 
474 
11,236 
At 31 December 2020
900 
- 
- 
900 
5
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Other debtors
- 
7,500 
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R1 RACING LTD Notes to the Accounts for the year ended 31 December 2021
6
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade creditors
- 
1 
Taxes and social security
4,876 
(455)
Other creditors
35,789 
20,713 
Loans from directors
- 
(11,873)
Accruals
1,152 
1,656 
41,817 
10,042 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
W Beavis
W Beavis Loan
11,873 
- 
11,873 
- 
11,873 
- 
11,873 
- 
8
Average number of employees
During the year the average number of employees was 1 (2020: 1).
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