Rawles Motorsport Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03621737 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

RAWLES MOTORSPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A H Cluett

SECRETARY:

Mrs D W Cluett

REGISTERED OFFICE:

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

REGISTERED NUMBER:

03621737 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Tangible assets

4

22,459

25,039

CURRENT ASSETS

Stocks

236,604

145,063

Debtors

5

13,678

13,616

Cash at bank and in hand

168,323

63,985

418,605

222,664

CREDITORS

Amounts falling due within one year

6

260,604

100,724

NET CURRENT ASSETS

158,001

121,940

TOTAL ASSETS LESS CURRENT LIABILITIES

180,460

146,979

PROVISIONS FOR LIABILITIES

4,107

4,880

NET ASSETS

176,353

142,099

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

176,253

141,999

SHAREHOLDERS' FUNDS

176,353

142,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 1 March 2018 and were signed by:

A H Cluett - Director

1.	STATUTORY INFORMATION

Rawles Motorsport Limited is a private company, limited by shares , registered in England and Wales. 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on 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.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2016

68,226

14,916

83,142

Additions

1,979

-

1,979

At 30 September 2017

70,205

14,916

85,121

DEPRECIATION

At 1 October 2016

48,247

9,856

58,103

Charge for year

3,294

1,265

4,559

At 30 September 2017

51,541

11,121

62,662

NET BOOK VALUE

At 30 September 2017

18,664

3,795

22,459

At 30 September 2016

19,979

5,060

25,039

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

At 1 October 2016

and 30 September 2017

21,557

DEPRECIATION

At 1 October 2016

9,538

Charge for year

1,037

At 30 September 2017

10,575

NET BOOK VALUE

At 30 September 2017

10,982

At 30 September 2016

12,019

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

13,678

13,616

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts

95,322

-

Trade creditors

21,829

9,928

Tax

26,462

11,767

Social security and other taxes

3,742

3,626

VAT

23,060

4,654

Other creditors

75,958

64,984

Directors' current accounts

12,131

2,565

Accruals and deferred income

2,100

3,200

260,604

100,724