Filleted
Registration number:
Race Space Limited
for the Year Ended 30 June 2023
Race Space Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Race Space Limited
Company Information
Directors |
Mr B Noble Mr N J Rysenbry |
Registered office |
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Race Space Limited
(Registration number: 09168111)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
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Total equity |
( |
( |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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.
Race Space Limited
(Registration number: 09168111)
Balance Sheet as at 30 June 2023
Approved and authorised by the
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Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
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.
Tax
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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
3 Years Straight Line |
Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Amortisation expense |
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Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions internally developed |
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At 30 June 2023 |
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Amortisation |
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At 1 July 2022 |
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Amortisation charge |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
10,371 |
54,033 |
Other debtors |
- |
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Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Directors loan account |
35,028 |
394 |
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Outstanding defined contribution pension costs |
333 |
43 |
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Other creditors |
82,402 |
229,700 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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144,658 |
139,894 |
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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144,658 |
139,894 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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4,488.71 |
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4,488.71 |
Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Transactions with directors |
2023 |
At 1 July 2022 |
Other payments made to company by director |
At 30 June 2023 |
Mr B Noble |
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Directors current account |
( |
945 |
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Mr N J Rysenbry |
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Directors current account |
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(35,302) |
( |
2022 |
At 1 July 2021 |
Other payments made to company by director |
At 30 June 2022 |
Mr B Noble |
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Directors current account |
( |
- |
( |
Mr N J Rysenbry |
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Directors current account |
( |
1,106 |
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Summary of transactions with other related parties
Race Space Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Race Space Limited received loans in the year totalling £nil (2022: £nil) and made repayments in the year of £nil (2022: £nil). Interest was charged at 2.0% on an original loan of £60,000 and interest charged at current libor rate + 2% on following loans. Total interest charged in the year £5,175.69 (2022: £1,562.33).
At the balance sheet date £101,332.56 was owed to Studio N3rd Limited. (2022: £96,156.87 owed to Studio N3rd Limited)