Bike Torque Racing Ltd. - Accounts to registrar - small 17.2
Bike Torque Racing Ltd. - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2016 |
| for |
| Bike Torque Racing Ltd. |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Bike Torque Racing Ltd. |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 30 Gay Street |
| Bath |
| BA1 2PA |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Balance Sheet |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Balance Sheet - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Bike Torque Racing Ltd. is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
| Statement, 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. |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 year 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. |
| Operating lease agreements |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership |
| remain with the lessor are charged against profits on a straight line basis over the period of the |
| lease. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual |
| arrangement, as either financial assets, financial liabilities or equity instruments. An equity |
| instrument is any contract that evidences a residual interest in the assets of the company after |
| deducting all of its liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Amortisation for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| VAT | 45,786 | 35,093 |
| Other creditors |
| Directors' current accounts | - | 32,757 |
| Accruals and deferred income |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Deferred tax | 9,388 | - |
| Bike Torque Racing Ltd. (Registered number: 03482052) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Provided during year |
| Balance at 31 December 2016 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
| value: | £ | £ |
| Ordinary | £1 | 17,552 | 17,552 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £40,443 were paid to the director . |
| The company was under the control of Mr N Appleton throughout the current and previous year. Mr |
| N Appleton is the managing director and majority shareholder. |
| 12. | TRANSACTIONS WITH DIRECTORS |
| Included within creditors is an amount of £Nil (2015: £32,757) owed to the director, Mr N Appleton. |
| The maximum balance owed by the company during the year was £Nil (2015: £32,757). |
| Rent for the business premises was paid to the director in the sum of £18,000 during the year (2015: |
| £18,000). There was no outstanding rent due payable as at the year end. |