| Moto Rapido Racing Ltd |
| Registered number: |
06522372 |
| Balance sheet |
| as at 30 April 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
99,299 |
|
|
155,846 |
|
| Current assets |
| Stocks |
|
|
21,900 |
|
|
- |
| Debtors |
4 |
|
232,076 |
|
|
263,911 |
| Cash at bank and in hand |
|
|
13,002 |
|
|
5,289 |
|
|
|
266,978 |
|
|
269,200 |
|
| Creditors: amounts falling due within one year |
5 |
|
(619,653) |
|
|
(543,901) |
|
| Net current liabilities |
|
|
|
(352,675) |
|
|
(274,701) |
|
| Total assets less current liabilities |
|
|
|
(253,376) |
|
|
(118,855) |
|
|
| Provisions for liabilities |
|
|
|
- |
|
|
(2,700) |
|
| Net liabilities |
|
|
|
(253,376) |
|
|
(121,555) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
20 |
|
|
20 |
| Profit and loss account |
|
|
|
(253,396) |
|
|
(121,575) |
|
| Shareholder's funds |
|
|
|
(253,376) |
|
|
(121,555) |
|
|
|
|
|
|
|
|
|
| These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken, under s444. |
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
|
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
|
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of unaudited financial statements. |
|
|
|
| ……………………………… |
| Mr S A Moore |
| Director |
| Approved by the board on 30 January 2019 |
|
| Moto Rapido Racing Ltd |
| Notes to the unaudited financial statements |
| for the year ended 30 April 2018 |
|
|
| 1 |
General Information |
|
|
Moto Rapido Racing Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is : Desmo House, Winnall Valley Road, Winchester, Hampshire, SO23 0LD. |
|
| 2 |
Accounting policies |
|
|
Basis of preparation |
|
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "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. |
|
|
Going Concern |
|
The directors believe the company to be a going concern and will continue to give their support to the company over the next 12 months. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
33-50% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
At 1 May 2017 |
222,551 |
|
Additions |
765 |
|
Disposals |
(40,000) |
|
At 30 April 2018 |
183,316 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2017 |
66,705 |
|
Charge for the year |
49,409 |
|
On disposals |
(32,097) |
|
At 30 April 2018 |
84,017 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2018 |
99,299 |
|
At 30 April 2017 |
155,846 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
9,480 |
|
10,560 |
|
Prepayments |
750 |
|
- |
|
Other debtors |
221,846 |
|
253,351 |
|
|
|
|
|
|
232,076 |
|
263,911 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
8,214 |
|
1,034 |
|
Amounts owed to related parties |
|
375,825 |
|
241,582 |
|
Other taxes and social security costs |
10,195 |
|
2,333 |
|
Other creditors |
225,419 |
|
298,952 |
|
|
|
|
|
|
619,653 |
|
543,901 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
2018 |
|
2017 |
| £ |
£ |
|
Moto Rapido Limited |
|
|
Intercompany |
|
|
Amount due to related party at the end of the year. |
375,825 |
|
241,582 |
|
|
|
|
|
|
|
|
|
