CG Racing Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 09334229 (England and Wales)

Abbreviated Accounts for the Year Ended 30 November 2015

for

CG Racing Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

C J Garnett

SECRETARY:

C J Garnett

REGISTERED OFFICE:

Wilstrop Hall Cottage Wilstrop

Green Hammerton

York

England

YO26 8HA

REGISTERED NUMBER:

09334229 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Oakford House

291 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NU

FIXED ASSETS

Tangible assets

2

13,434

Investments

3

39,480

52,914

CURRENT ASSETS

Debtors

1,621

Cash at bank

2,834

4,455

CREDITORS

Amounts falling due within one year

51,982

NET CURRENT LIABILITIES

(47,527

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,387

PROVISIONS FOR LIABILITIES

1,076

NET ASSETS

4,311

CAPITAL AND RESERVES

Called up share capital

4

10

Profit and loss account

4,301

SHAREHOLDERS' FUNDS

4,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 2 August 2016 and were signed by:

C J Garnett - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

Turnover represents net invoiced advertising revenue, excluding any value added tax. The company

obtains the right to consideration once the sponsorship agreement has been signed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tools & equipment

-

25% on cost

Drivers equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

17,913

At 30 November 2015

17,913

DEPRECIATION

Charge for year

4,479

At 30 November 2015

4,479

NET BOOK VALUE

At 30 November 2015

13,434

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

39,480

At 30 November 2015

39,480

NET BOOK VALUE

At 30 November 2015

39,480

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10

Ordinary

£1

10

10 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 November 2015:

£

C J Garnett

Balance outstanding at start of year

-

Amounts advanced

24,719

Amounts repaid

(26,681

)

Balance outstanding at end of year

(1,962

)