INGSport Racing Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09023299 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

INGSPORT RACING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

I R Lawson

REGISTERED OFFICE:

Courtyard 1

Dissington Hall Enterprise Hub

Dalton

Newcastle Upon Tyne

NE18 0AD

REGISTERED NUMBER:

09023299 (England and Wales)

ACCOUNTANTS:

Mitchells Grievson Limited

Kensington House

3 Kensington

Bishop Auckland

Co. Durham

DL14 6HX

FIXED ASSETS

Tangible assets

4

37,215

52,839

CURRENT ASSETS

Debtors

5

11,781

819

Cash at bank

-

1,530

11,781

2,349

CREDITORS

Amounts falling due within one year

6

512,583

437,860

NET CURRENT LIABILITIES

(500,802

)

(435,511

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(463,587

)

(382,672

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(463,588

)

(382,673

)

SHAREHOLDERS' FUNDS

(463,587

)

(382,672

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 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 March 2023 and were signed by:

I R Lawson - Director

1.	STATUTORY INFORMATION

INGSport Racing 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.

The financial statements have been prepared on the going concern basis of accounting. At the balance sheet date the company's liabilities exceeded its assets by £463,562 (2021 : £382,672). Included within liabilities is an amount of £496,952 (2021 : £420,472) owed to the director of the company. The director has confirmed that repayment of the loan will not be sought if it proved to be prejudicial to the company.

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.

Plant and machinery

-

20% on cost

Motor vehicles

-

10% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 June 2021

and 31 May 2022

20,918

137,041

157,959

DEPRECIATION

At 1 June 2021

11,481

93,639

105,120

Charge for year

1,920

13,704

15,624

At 31 May 2022

13,401

107,343

120,744

NET BOOK VALUE

At 31 May 2022

7,517

29,698

37,215

At 31 May 2021

9,437

43,402

52,839

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

10,000

-

Other debtors

1,781

819

11,781

819

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

1,765

-

Trade creditors

13,090

16,638

Other creditors

497,728

421,222

512,583

437,860

7.	ULTIMATE CONTROLLING PARTY

The controlling party is I R Lawson.