Bike Torque Racing Ltd. - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03482052 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Bike Torque Racing Ltd.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

N Appleton

SECRETARY:

Mrs S Appleton

REGISTERED OFFICE:

30 Gay Street

Bath

Avon

BA1 2PA

REGISTERED NUMBER:

03482052 (England and Wales)

ACCOUNTANTS:

Moore Stephens

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Intangible assets

2

3,000

3,750

Tangible assets

3

18,619

20,576

21,619

24,326

CURRENT ASSETS

Stocks

312,804

312,434

Debtors

22,896

21,688

Cash at bank and in hand

79,843

1,857

415,543

335,979

CREDITORS

Amounts falling due within one year

248,373

232,916

NET CURRENT ASSETS

167,170

103,063

TOTAL ASSETS LESS CURRENT LIABILITIES

188,789

127,389

CAPITAL AND RESERVES

Called up share capital

4

17,552

17,552

Profit and loss account

171,237

109,837

SHAREHOLDERS' FUNDS

188,789

127,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 21 September 2015 and were signed by:

N Appleton - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the

lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity

instrument is any contract that evidences a residual interest in the assets of the company after

deducting all of its liabilities.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

15,000

AMORTISATION

At 1 January 2014

11,250

Amortisation for year

750

At 31 December 2014

12,000

NET BOOK VALUE

At 31 December 2014

3,000

At 31 December 2013

3,750

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

68,981

Additions

8,000

Disposals

(5,000

)

At 31 December 2014

71,981

DEPRECIATION

At 1 January 2014

48,405

Charge for year

7,145

Eliminated on disposal

(2,188

)

At 31 December 2014

53,362

NET BOOK VALUE

At 31 December 2014

18,619

At 31 December 2013

20,576

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

17,552

Ordinary

£1

17,552

17,552

5.	TRANSACTIONS WITH DIRECTORS

Included within creditors is an amount of £87,957 (2013: £153,067) owed to the director, Mr N

Appleton. The maximum balance owed by the company during the year was £153,067 (2013:

£176,987). The loan is unsecured, interest free and has no set date for repayment.

Rent for the business premises was paid to the director in the sum of £16,000 during the year (2013:

£16,000). There was no outstanding rent due payable as at the year end.