PREMIER_RACEWAY_LIMITED - Accounts

PREMIER RACEWAY LIMITED - Company Information

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Company Registration No. 06449797 (England and Wales)

PREMIER RACEWAY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

PREMIER RACEWAY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PREMIER RACEWAY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

13,079

23,409

Current assets

Debtors

3,914

8,028

Cash at bank and in hand

3,915

8,028

Creditors: amounts falling due within one year

(243,227)

(245,658)

Net current liabilities

(239,312)

(237,630)

Total assets less current liabilities

(226,233)

(214,221)

Capital and reserves

Called up share capital

Profit and loss account

(226,235)

(214,223)

Shareholders' funds

(226,233)

(214,221)

For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 May 2017

Mr L Barrett

Director

Company Registration No. 06449797

PREMIER RACEWAY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements have been prepared on the going concern basis. The director and shareholder of the company have confirmed their continuing support for the company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

20% Straight Line

Plant and machinery

15% Reducing Balance

Computer equipment

15% Reducing balance

Fixtures, fittings & equipment

33% Straight Line

Motor vehicles

25% Reducing Balance

1.4

Going concern

The financial statements have been prepared on the going concern basis. The director and shareholder of the company have confirmed their continuing support for the company.

Fixed assets

Tangible assets

Cost

At 1 September 2015

115,704

Disposals

(17,342)

At 31 August 2016

98,362

Depreciation

At 1 September 2015

92,295

On disposals

(11,183)

Charge for the year

4,171

At 31 August 2016

85,283

Net book value

At 31 August 2016

13,079

At 31 August 2015

23,409

PREMIER RACEWAY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary of £1 each