Registered Number 09356881
BMR RACING LIMITED
Abbreviated Accounts
31 December 2015
Notes | 2015 | ||
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£ | |||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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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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Net current assets (liabilities) |
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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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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The company has net liabilities of £1,925,501 and is reliant on long term funding from a related party. The related party has confirmed that the funding will be available for the foreseeable future and accordingly the financial statements are prepared on a going concern basis.
Turnover policy
Tangible assets depreciation policy
Plant and machinery: 15% reducing balance
Fixtures, fittings and equipment: 15% reducing balance
Other accounting policies
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Stock
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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Cost | |
Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2015 |
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Depreciation | |
Charge for the year |
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On disposals |
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At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 10,791 |