Accounts Submission
Accounts Submission
R-RACING LTD
Company Registration Number:
08184306
(England and Wales)
Abbreviated (Unaudited) Accounts
Period of accounts
Start date: 01 September 2015
End date: 31 August 2016
R-RACING LTD
Abbreviated Balance sheet
As at
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2016 £ |
2015 £ |
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Fixed assets | |||
Tangible assets: | 2 |
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Total fixed assets: |
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Current assets | |||
Stocks: |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 3 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Total net assets (liabilities): |
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The notes form part of these financial statements
R-RACING LTD
Balance sheet continued
As at 31 August 2016
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2016 £ |
2015 £ |
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Capital and reserves | |||
Called up share capital: | 4 |
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Profit and loss account: |
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Shareholders funds: |
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The financial statements were approved by the Board of Directors on
SIGNED ON BEHALF OF THE BOARD BY:
Name:
Status: Director
The notes form part of these financial statements
R-RACING LTD
Notes to the Abbreviated Accounts
for the Period Ended 31 August 2016
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1. Accounting policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015). Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Tangible fixed assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Plant & machinery - 33% straight line Other accounting policies
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
R-RACING LTD
Notes to the Abbreviated Accounts
for the Period Ended 31 August 2016
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2. Tangible assets
Total Cost £ 01 September 2015: 815 Additions: 1,680 Disposals: 0 Revaluations: 0 Transfers: 0 31 August 2016: 2,495 Depreciation 01 September 2015: 807 Charge for year: 568 On disposals: 0 Other adjustments: 0 31 August 2016: 1,375 Net book value 31 August 2016: 1,120 31 August 2015: 8
R-RACING LTD
Notes to the Abbreviated Accounts
for the Period Ended 31 August 2016
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3. Creditors: amounts falling due within one year
2016
£
2015
£Amounts due under finance leases and hire purchase contracts: 1,400 Taxation and social security: 1,710 3,880 Accruals and deferred income: 150 150 Other creditors: 5,796 6,958 Total: 9,056 10,988