Timewarp Racing Ltd - Accounts

Timewarp Racing Ltd - Accounts

TIMEWARP RACING LTD - Company Information

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Reports Dated : 16/03/2023 Registered Number: 11436810
England & Northern Ireland

 

 

 

TIMEWARP RACING LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2021

End date: 30 June 2022

Timewarp Racing Ltd
Contents Page
For the year ended 30 June 2022
Director Wendy Ann Baker
Registered Number 11436810
Registered Office 2a Manor Road
Rushden
Northants
NN10 9EY
Accountants Denton Tavara Ltd
61a High Street South
Rushden
NN10 0RA
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 June 2022.
Principal activities
The principal activity of the company during the financial year was that of running a drag car and sale of accessories. 
Director
The director who served the company throughout the year was as follows:
Wendy Ann Baker
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Wendy Ann Baker
Director

Date approved: 16 March 2023
2
Accountants report
You consider that the company is exempt from an audit for the year ended 30 June 2022 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................
Denton Tavara Ltd
61a High Street South
Rushden
NN10 0RA
16 March 2023
3
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 3 3,379    4,224 
3,379    4,224 
Current assets      
Stocks 4 4,350    4,350 
Cash at bank and in hand 2,956    3,676 
7,306    8,026 
Creditors: amount falling due within one year 5 (15,646)   (15,616)
Net current liabilities (8,340)   (7,590)
 
Total assets less current liabilities (4,961)   (3,366)
Net liabilities (4,961)   (3,366)
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account (4,962)   (3,367)
Shareholder's funds (4,961)   (3,366)
 


For the year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 16 March 2023 and were signed by:


--------------------------------
Wendy Ann Baker
Director
4
General Information
Timewarp Racing Ltd is a private company, limited by shares, registered in England & Northern Ireland, registration number 11436810, registration address 2a Manor Road, Rushden, Northants, NN10 9EY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 July 2021 8,250    8,250 
Additions -    - 
Disposals -    - 
At 30 June 2022 8,250    8,250 
Depreciation
At 01 July 2021 4,026    4,026 
Charge for year 845    845 
On disposals -    - 
At 30 June 2022 4,871    4,871 
Net book values
Closing balance as at 30 June 2022 3,379    3,379 
Opening balance as at 01 July 2021 4,224    4,224 


4.

Stocks

2022
£		   2021
£
Closing Stocks and WIP 4,350    4,350 
4,350    4,350 

5.

Creditors: amount falling due within one year

2022
£		   2021
£
Accruals 660    630 
Directors' Current Accounts 14,986    14,986 
15,646    15,616 

5