Company Registration No. 9647957 (England and Wales)
Mode Racing Limited
Unaudited accounts
for the year ended 31 December 2021
Mode Racing Limited
Unaudited accounts
Contents
Mode Racing Limited
Company Information
for the year ended 31 December 2021
Directors
Ian Edwards
Stephen Tuckey
Company Number
9647957 (England and Wales)
Registered Office
OFFICE 6, TOWN HALL
86 WATLING STREET EAST
TOWCESTER
NORTHANTS
NN12 6BS
UNITED KINGDOM
Accountants
Tove Accountancy Limited
Office 6, Town Hall
86 Watling Street East
Towcester
Northants
NN12 6BS
Mode Racing Limited
Statement of financial position
as at 31 December 2021
Cash at bank and in hand
2,224
25
Creditors: amounts falling due within one year
(121,051)
(79,751)
Net current liabilities
(96,055)
(55,895)
Total assets less current liabilities
(96,055)
(55,895)
Creditors: amounts falling due after more than one year
-
(14,000)
Net liabilities
(96,055)
(69,895)
Called up share capital
100
100
Profit and loss account
(96,155)
(69,995)
Shareholders' funds
(96,055)
(69,895)
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 directors acknowledge their 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 of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by
Ian Edwards
Director
Company Registration No. 9647957
Mode Racing Limited
Notes to the Accounts
for the year ended 31 December 2021
Mode Racing Limited is a private company, limited by shares, registered in England and Wales, registration number 9647957. The registered office is OFFICE 6, TOWN HALL, 86 WATLING STREET EAST, TOWCESTER, NORTHANTS, NN12 6BS, UNITED KINGDOM.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The directors have confirmed that they will continue to provide financial support to the company until such time as its position improves. The directors consider it is appropriate to prepare the financial statements on a going concern basis.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Raw materials
9,302
10,355
Mode Racing Limited
Notes to the Accounts
for the year ended 31 December 2021
5
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
12,522
12,523
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
45,138
41,930
Amounts owed to group undertakings and other participating interests
71,445
34,633
Taxes and social security
2,295
755
Other creditors
2,435
2,433
7
Creditors: amounts falling due after more than one year
2021
2020
All shares in Mode Racing Limited are held by Mode Holdings Ltd
9
Average number of employees
During the year the average number of employees was 1 (2020: 1).
