Richard Hughes Racing Limited,Ltd - Accounts

RICHARD HUGHES RACING LIMITED - Company Information

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Richard Hughes Racing Limited

For the year ended 31 October 2016

Unaudited Abbreviated Report and Financial Statements

England and Wales

Registered Number: 05247804

Contents Page

Richard Hughes Racing Limited

For the year ended 31 October 2016

Accountants' Report

Balance Sheet

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Notes to the Abbreviated Financial Statements

Richard Hughes Racing Limited

Accountants' Report

For the year ended 31 October 2016

As described on the balance sheet you are responsible for the preparation of the financial statements for the year

ended 31 October 2016 and you consider that the company is exempt from an audit under the Companies Act

2006.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you

to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

D.Wright Management Services

Wayback

Luxted Road

Downe

Kent

BR5 7JT

28 July 2017

Dated:

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Abbreviated Balance Sheet

Richard Hughes Racing Limited

As at 31 October 2016

05247804

Registered Number :

2016

Notes

2015

Fixed assets

Tangible assets

15,902

5,496

15,902

5,496

Current assets

Stocks

554,185

563,964

Debtors

403,250

245,620

Cash at bank and in hand

220,981

252,719

1,030,565

1,210,154

Creditors: amounts falling due within one year

(770,568)

(811,235)

439,586

219,330

Net current assets

Total assets less current liabilities

235,232

445,082

2,514

Provisions for liabilities

237,746

Net assets

445,082

Capital and reserves

Called up share capital

Profit and loss account

237,745

445,081

237,746

445,082

Shareholders funds

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

Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

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

Date approved by the board: 28 July 2017

Mr Richard Hughes Director

Signed on behalf of the board of directors

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Notes to the Abbreviated Financial Statements

Richard Hughes Racing Limited

For the year ended 31 October 2016

1 Accounting Policies

Basis of accounting

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

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Website Cost

Planning and operating costs for the company's website are charged to the profit and loss account as incurred.

Dividends

Proposed dividends are only included as liabilities in the financial statements when their payment has been approved

by the shareholders prior to the balance sheet date.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery

25 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Notes to the Abbreviated Financial Statements

Richard Hughes Racing Limited

For the year ended 31 October 2016

2 Tangible fixed assets

Tangible fixed

assets

Cost or valuation

7,328

At 01 November 2015

20,206

Additions

(4,500)

Disposals

At 31 October 2016

23,034

Depreciation

1,832

At 01 November 2015

5,300

Charge for year

7,132

At 31 October 2016

Net book values

At 31 October 2016

15,902

5,496

At 31 October 2015

3 Share capital

Allotted called up and fully paid

2016

2015

1 Class A share of £1.00 each

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