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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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JASON DOYLE RACING LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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JASON DOYLE RACING LIMITED |
JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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JASON DOYLE RACING LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Jason Doyle Racing Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2020 |
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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. |
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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. |
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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. |
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Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
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Going concern |
The directors have assessed the next twelve months as best they can given the current situation with COVID-19. The directors fully expect that the company will remain a going concern and they will endeavour to ensure that the company has sufficient working capital to meet its requirements for the foreseeable future. |
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Accordingly, the directors consider that the going concern basis, on which the financial statements have been prepared, continues to be appropriate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
Equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Directors' current accounts | 20,000 | - |
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6. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Listed investments | 150,000 | - |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Corporation Tax |
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VAT | 1,297 | 6,395 |
Directors' current accounts | - | 152,910 |
Accruals and deferred income |
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JASON DOYLE RACING LIMITED (REGISTERED NUMBER: 10701259) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2020 |
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8. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 4,433 | 3,784 |
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Deferred |
tax |
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Balance at 1 April 2019 |
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Charge to Income Statement during year |
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Balance at 31 March 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A | £1 | 80 | 80 |
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Ordinary B | £1 | 20 | 20 |
100 | 100 |
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10. | RELATED PARTY DISCLOSURES |
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During the year J K Doyle maintained a loan account with the company. At 31 March 2020 an amount of £10,000 was owed to the company by J K Doyle (2019 - £152,910 was due to J K Doyle). No interest is charged on this loan. The loan was repaid in full after the year end. |
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During the year Mrs E L Doyle maintained a loan account with the company. At 31 March 2020 an amount of £10,000 was owed to the company by Mrs E L Doyle (2019 - £Nil). No interest is charged on this loan. The loan was repaid in full after the year end. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is J K Doyle. |