Accounts filed on 31-12-2014

Accounts filed on 31-12-2014

HITECH RACING LIMITED - Company Information

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2014-01-012014-12-3106035076falsetruehttp://www.companieshouse.gov.uk/pt:PlantMachinery2013-12-31http://www.companieshouse.gov.uk/cd:Director12014-01-012014-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2014-12-31http://www.companieshouse.gov.uk/pt:CommercialMotorVehicles2013-12-31http://www.companieshouse.gov.uk/pt:CommercialMotorVehicles2014-12-31http://www.companieshouse.gov.uk/pt:FixturesFittings2013-12-31http://www.companieshouse.gov.uk/pt:FixturesFittings2014-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2013-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12014-01-012014-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2014-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2014-01-012014-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12014-12-31http://www.companieshouse.gov.uk/pt:CommercialMotorVehicles2014-01-012014-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12013-12-31http://www.companieshouse.gov.uk/pt:FixturesFittings2014-01-012014-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2014-01-012014-12-31http://www.companieshouse.gov.uk/2013-01-012013-12-31http://www.companieshouse.gov.uk/2014-01-012014-12-31http://www.companieshouse.gov.uk/2013-12-31http://www.companieshouse.gov.uk/2014-12-31http://www.companieshouse.gov.uk/cd:EntityAccountantsOrAuditors2014-01-012014-12-31http://www.companieshouse.gov.uk/2013-12-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 06035076
Hitech Racing Limited
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31/12/2014
Prepared By:
Estrella Accountancy Services Limited
Accountants
19 Poplar Drive
Yeovil
Somerset
BA21 3UL

Hitech Racing Limited
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31/12/2014
INDEX TO THE ACCOUNTS
Abbreviated Balance Sheet2
Notes to the Abbreviated Accounts3
The company's registered number is 06035076

Hitech Racing Limited
Registered Number: 06035076
BALANCE SHEET AT 31/12/2014
20142013
Notes££
FIXED ASSETS
Tangible assets230214,609
CURRENT ASSETS
Debtors (amounts falling due within one year)2,72457
Cash at bank and in hand189,1513,012
191,8753,069
CREDITORS: Amounts falling due within one year7,847,6258,024,008
NET CURRENT LIABILITIES(7,655,750)(8,020,939)
TOTAL ASSETS LESS CURRENT LIABILITIES(7,655,448)(8,006,330)
CAPITAL AND RESERVES
Called up share capital311
Profit and loss account(7,655,449)(8,006,331)
SHAREHOLDERS' FUNDS(7,655,448)(8,006,330)
For the year ending 31/12/2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board on 26/11/2015 and signed on their behalf by
Mr Ryan Sharp
Director

Hitech Racing Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2014
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1b. Cash Flow Statement
The Company is exempt from including a statement of cash flows in its accounts in accordance with Financial Reporting Standard for Smaller Entities (effective April 2008).
1c. Going Concern
These financial statements have been prepared on the going concern basis, which assumes the company will continue in operational existence for the foreseeable future. This assumption relies on the continued support of the company's creditors.
If the company were unable to continue in operational existence adjustments would have to be made to reclassify fixed assets and long term liabilities as current assets and liabilities respectively, and to make provision for additional costs which may occur.
1d. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machinerystraight line 25%
Commercial Vehiclesstraight line 25%
Fixtures and Fittingsstraight line 20%
Equipmentstraight line 25%
1e. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Hitech Racing Limited
2. TANGIBLE FIXED ASSETS
Plant andCommercialFixtures
MachineryVehiclesand FittingsEquipmentTotal
£££££
Cost
At 01/01/2014139,245625,12325,74530,781820,894
Disposals(47,500)(132,000)(25,745)(13,200)(218,445)
At 31/12/201491,745493,123-17,581602,449
Depreciation
At 01/01/2014132,344618,37325,43230,136806,285
Disposals(47,500)(132,000)(25,432)(13,200)(218,132)
For the year6,9016,750-34313,994
At 31/12/201491,745493,123-17,279602,147
Net Book Amounts
At 31/12/2014---302302
At 31/12/20136,9016,75031364514,609
3. SHARE CAPITAL 20142013
££
Allotted, issued and fully paid:
1 Ordinary shares of £1 each11
11