Company Registration No. 04951721 (England and Wales)
Racing-systems.co.uk Limited
Unaudited accounts
for the year ended 31 March 2021
Racing-systems.co.uk Limited
Statement of financial position
as at 31 March 2021
Cash at bank and in hand
237,103
241,387
Creditors: amounts falling due within one year
(53,212)
(32,760)
Net current assets
183,891
208,627
Net assets
183,894
208,814
Called up share capital
2
2
Profit and loss account
183,892
208,812
Shareholders' funds
183,894
208,814
For the year ending 31 March 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 30 November 2021 and were signed on its behalf by
Michael McGuiggan
Director
Company Registration No. 04951721
Racing-systems.co.uk Limited
Notes to the Accounts
for the year ended 31 March 2021
Racing-systems.co.uk Limited is a private company, limited by shares, registered in England and Wales, registration number 04951721. The registered office is 1st Floor Equity House, 128-136 High Street, Edgware, Middlesex, HA8 7TT.
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.
The accounts are presented in £ sterling.
Having reviewed the resources available the director of Racing-systems.co.uk Limited believes that the company has adequate resources to continue in operational existence for the next 12 months from the date of signing. Accordingly, Racing-systems.co.uk Limited continues to adopt the going concern basis in preparing the financial statements.
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:
Intangible fixed assets consists of website development and are included at cost less accumulated amortisation.
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 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.
Investments are valued at cost less accumulated impairment.
Racing-systems.co.uk Limited
Notes to the Accounts
for the year ended 31 March 2021
4
Intangible fixed assets
Other
5
Tangible fixed assets
Computer equipment
6
Investments
Other investments
Valuation at 1 April 2020
3
Valuation at 31 March 2021
3
7
Creditors: amounts falling due within one year
2021
2020
Loans from directors
52,159
32,159
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Racing-systems.co.uk Limited
Notes to the Accounts
for the year ended 31 March 2021
9
Average number of employees
During the year the average number of employees was 2 (2020: 2).
