CG Racing Limited - Accounts to registrar (filleted) - small 17.3
CG Racing Limited - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2017 |
for |
CG Racing Limited |
CG Racing Limited (Registered number: 09334229) |
Contents of the Financial Statements |
for the Year Ended 30 November 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CG Racing Limited |
Company Information |
for the Year Ended 30 November 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Registered Auditors |
2nd Floor, Woodside House |
261 Low Lane |
Horsforth |
Leeds |
West Yorkshire |
LS18 5NY |
CG Racing Limited (Registered number: 09334229) |
Balance Sheet |
30 November 2017 |
30.11.17 | 30.11.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
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. |
CG Racing Limited (Registered number: 09334229) |
Balance Sheet - continued |
30 November 2017 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
CG Racing Limited (Registered number: 09334229) |
Notes to the Financial Statements |
for the Year Ended 30 November 2017 |
1. | STATUTORY INFORMATION |
CG Racing Limited is a |
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 |
The accounts are prepared on a going concern basis due to the continued support of the shareholders |
and directors. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 November 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance |
with UK GAAP, the date of transition to FRS 102 Section 1A is 1 December 2015. |
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 |
Tools & equipment | - |
Drivers equipment | - |
Motor vehicles | - |
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. |
CG Racing Limited (Registered number: 09334229) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL. |
4. | TANGIBLE FIXED ASSETS |
Tools & | Drivers | Motor |
equipment | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2016 |
Additions |
At 30 November 2017 |
DEPRECIATION |
At 1 December 2016 |
Charge for year |
At 30 November 2017 |
NET BOOK VALUE |
At 30 November 2017 |
At 30 November 2016 |
CG Racing Limited (Registered number: 09334229) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 December 2016 |
Additions |
Disposals | ( |
) |
At 30 November 2017 |
NET BOOK VALUE |
At 30 November 2017 |
At 30 November 2016 |
The fixed asset investments are semi classic cars, which are shown at cost. These are not depreciated |
as they are deemed to appreciate in value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2017 |
and 30 November 2016: |
30.11.17 | 30.11.16 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
CG Racing Limited (Registered number: 09334229) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
9. | RELATED PARTY DISCLOSURES |
The director is the ultimate controlling party due to his 100% shareholding in the company. |
During the year £27,416 (2016: £57,450) was loaned to the company from Absolute Direct Marketing |
Ltd. At the year end £133,866 (2016: £106,450) was still owed to Absolute Direct Marketing Ltd. |
This is repayable on demand. |