Super Six Racing Ltd - Period Ending 2023-03-31

Super Six Racing Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 5

Super Six Racing Ltd

Company Information

Directors

Mr Charles David Hiley Palmer Mr Paul Richard Fisher Mr Angus Campbell Mr Graham Peter Triefus Mr Steven James Ajax

Registered office

3rd Floor 166 College Road Harrow Middlesex HA1 1BH

Accountants

MG Group (Professional Services) Limited Chartered Accountants 166 College Road Harrow Middlesex HA1 1BH

Super Six Racing Ltd

(Registration number: 12445141)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Current assets
Debtors	4	910	9,346
Cash at bank and in hand		26,808	610
		27,718	9,956
Creditors: Amounts falling due within one year	5	(1,751,691)	(422,410)
Net liabilities		(1,723,973)	(412,454)
Capital and reserves
Called up share capital		10	10
Retained earnings		(1,723,983)	(412,464)
Shareholders' deficit		(1,723,973)	(412,454)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 March 2024 and signed on its behalf by:
 

......................................... Mr Charles David Hiley Palmer Director

......................................... Mr Steven James Ajax Director

Super Six Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the Board on 22 March 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the net current liabilities of £1,723,973 for the following reasons. The director and the company under common control have agreed to provide financial support by not seeking repayment of the outstanding loans for at least 12 months from the date of signing the financial statements. The financial statements do not include any adjustments that would result from withdrawal of assurances given by the director and the company under common control.

At the balance sheet date, the company owed £58,521 to the director and £1,664,031 to the company under common control. Consequently, if this loans are ignored, then the negative shareholder funds are greatly reduced.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Super Six Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Debtors

Current	2023 £	2022 £
Other debtors	910	9,346
	910	9,346

Super Six Racing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	-	25,595
Accruals and deferred income	3,500	1,850
Other creditors	1,748,191	394,965
	1,751,691	422,410

6	Related party transactions

During the year, the company made the following related party transactions:

Director
At the balance sheet date, the amount due to the director was £58,521 (2022: £49,686). No interest was charged on the loans.

Company under common control
At the balance sheeet date, the loans due to company under common control were £1,664,031 (2022: £345,279). No interest was charged on the loans.