R Racing GT Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13556754 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 APRIL 2023

FOR

R RACING GT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Ross

N A Read

D A Robinson

M D Robinson

REGISTERED OFFICE:

3rd Floor

Lawford House

Albert Place

London

N3 1QA

REGISTERED NUMBER:

13556754 (England and Wales)

ACCOUNTANTS:

Sterlings Ltd

Chartered Accountants

Lawford House

Albert Place

London

N3 1QA

FIXED ASSETS

Tangible assets

4

135,430

162,516

CURRENT ASSETS

Stocks

3,200

6,050

Debtors

5

76,872

58,503

Cash at bank

7,905

10,850

87,977

75,403

CREDITORS

Amounts falling due within one year

6

(200,884

)

(144,698

)

NET CURRENT LIABILITIES

(112,907

)

(69,295

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,523

93,221

CREDITORS

Amounts falling due after more than one year

7

(78,896

)

(157,792

)

PROVISIONS FOR LIABILITIES

9

(33,858

)

(30,878

)

NET LIABILITIES

(90,231

)

(95,449

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

(90,235

)

(95,453

)

(90,231

)

(95,449

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:

M D Robinson - Director

J L Ross - Director

1.	STATUTORY INFORMATION

R Racing GT Ltd 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.

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 etc

-

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.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Going concern

The balance sheets shows a deficit of £90,231 as at 30 April 2023. However, the directors are satisfied that these financial statements have been properly prepared on a going concern basis, based on the continuing support of the company's principal creditor.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2022

and 30 April 2023

216,688

DEPRECIATION

At 1 September 2022

54,172

Charge for period

27,086

At 30 April 2023

81,258

NET BOOK VALUE

At 30 April 2023

135,430

At 31 August 2022

162,516

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

51,480

-

Other debtors

25,392

58,503

76,872

58,503

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

34,389

31,387

Taxation and social security

2,021

-

Other creditors

164,474

113,311

200,884

144,698

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

78,896

157,792

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Other creditors

210,009

241,654

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

33,858

30,878

Deferred

tax

£

Balance at 1 September 2022

30,878

Provided during period

2,980

Balance at 30 April 2023

33,858

10.	RELATED PARTY DISCLOSURES

As at the balance sheet date:

1) The company owed two of its directors the sum of £24,998 (2022 - £25,000)

2) The company owed a loan balance of £210,009 (2022 - £241,654) to a company which is a related party. Repayments totalling £40,002 were made during the accounting period and interest in the sum of £8,357 (2022 - £4,965) accrued on the loan at a margin of 2% over the Bank of England base rate.

3) The company owed the sum of £5,413 (2022 - nil) to a separate company which is a related party.