Company Registration No. 12468878 (England and Wales)
RACE AEROSPACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
RACE AEROSPACE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
RACE AEROSPACE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
Notes
£
£
Fixed assets
Tangible assets
3
1,568
Current assets
Cash at bank and in hand
14,789
Creditors: amounts falling due within one year
4
(16,109)
Net current liabilities
(1,320)
Total assets less current liabilities
248
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
148
Total equity
248
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 March 2021
Mr S Race
Director
Company Registration No. 12468878
RACE AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
On 11 March 2020, Covid-19 was designated a pandemic by the World Health Organisation (WHO). The directors continue to review the impact on the business, ensuring provisions are put in place to mitigate any risk to the company’s ability to trade as a going concern. At the date of signing the financial statements, in the opinion of the directors, Covid-19 will not impact on the company’s ability to trade as a going concern. Consequently, the company continues to adopt the going concern basis in preparing the financial statements.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RACE AEROSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Company information
Race Aerospace Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Seaddler, Penrhyn Geiriol, Trearddur Bay, Isle of Anglesey, LL65 2YW.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1
.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 18 February 2020
-
Additions
2,091
At 31 March 2021
2,091
Depreciation and impairment
At 18 February 2020
-
Depreciation charged in the period
523
At 31 March 2021
523
Carrying amount
At 31 March 2021
1,568
4
Creditors: amounts falling due within one year
2021
£
Taxation and social security
15,149
Other creditors
960
16,109
5
Called up share capital
2021
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100