Accounts Submission
Accounts Submission
R-RACING LTD
Company Registration Number:
08184306
(England and Wales)
Unaudited statutory accounts for the year ended 31 August 2017
Period of accounts
Start date: 01 September 2016
End date: 31 August 2017
R-RACING LTD
Contents of the Financial Statements
for the Period Ended 31 August 2017
Company Information - 3 | |
Balance sheet - 4 | |
Additional notes - 6 | |
Balance sheet notes - 7 |
R-RACING LTD
Company Information
for the Period Ended 31 August 2017
Director: |
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Registered office: |
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Company Registration Number: |
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R-RACING LTD
Balance sheet
As at
Notes |
2017 £ |
2016 £ |
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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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Debtors: | 3 |
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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: | 4 |
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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 2017
Notes |
2017 £ |
2016 £ |
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Capital and reserves | |||
Called up share capital: |
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Profit and loss account: |
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Shareholders funds: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
R-RACING LTD
Notes to the Financial Statements
for the Period Ended 31 August 2017
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1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Turnover policy
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.Tangible fixed assets depreciation policy
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Plant & machinery - 33% straight lineOther accounting policies
Tax The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Share capital Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
R-RACING LTD
Notes to the Financial Statements
for the Period Ended 31 August 2017
2. Tangible assets
Plant & machinery | Total | |
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Cost | £ | £ |
At 01 September 2016 |
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Additions | - | - |
Disposals | - | - |
Revaluations | - | - |
Transfers | - | - |
At 31 August 2017 |
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Depreciation | ||
At 01 September 2016 |
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Charge for year |
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On disposals | - | - |
Other adjustments | - | - |
At 31 August 2017 |
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Net book value | ||
At 31 August 2017 |
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At 31 August 2016 |
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R-RACING LTD
Notes to the Financial Statements
for the Period Ended 31 August 2017
3. Debtors
2017 £ |
2016 £ |
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Other debtors |
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Total |
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R-RACING LTD
Notes to the Financial Statements
for the Period Ended 31 August 2017
4.Creditors: amounts falling due within one year note
2017 £ |
2016 £ |
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Amounts due under finance leases and hire purchase contracts |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Total |
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R-RACING LTD
Notes to the Financial Statements
for the Period Ended 31 August 2017
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5. Changes in presentation and prior period adjustments
This is the first year that the company has presented its results under FRS 102, the date of transition being 1st September 2015. No restatement of shareholders funds and profit after tax in respect of the comparative period has been required as a consequence of adopting FRS 102.