Wilbur Racing Limited - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Wilbur Racing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M/s C Nock

Ms R C Massoudi

G Nock

SECRETARY:

Ms R C Massoudi

REGISTERED OFFICE:

6 Grosvenor Street

London

W1K 4PZ

REGISTERED NUMBER:

05131008 (England and Wales)

ACCOUNTANTS:

Williams & Co

8/10 South Street

Epsom

Surrey

KT18 7PF

CURRENT ASSETS

Stocks

5

-

70,000

CREDITORS

Amounts falling due within one year

6

1,024,464

1,011,534

NET CURRENT LIABILITIES

(1,024,464

)

(941,534

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,024,464

)

(941,534

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(1,024,465

)

(941,535

)

SHAREHOLDERS' FUNDS

(1,024,464

)

(941,534

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 15 February 2019 and were signed on its behalf by:

G Nock - Director

1.	STATUTORY INFORMATION

Wilbur Racing Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

The directors consider the going concern basis to be appropriate because in the opinion of the Board,

the company will continue to obtain sufficient funding to enable it to pay its debts as they arise and has

returned to profit in this year. If the company were unable to obtain this funding and this did affect the

ability of the company to trade going forward, then the directors recognise that adjustments to the

accounts would have to be made to some assets to reduce their value to a realisable amount and

there may be further liabilities to provide against.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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.

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.

Going concern

The company is dependent upon support from its holding company to continue trading. The holding

company has indicated its willingness to continue that support for the foreseeable future. In view of this

the directors have drawn up the accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 3 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 June 2017

and 31 May 2018

43,350

DEPRECIATION

At 1 June 2017

and 31 May 2018

43,350

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

5.

STOCKS

2018

2017

£

£

Stocks

-

70,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

37,625

37,625

Due from holding company

983,589

971,159

Accrued expenses

3,250

2,750

1,024,464

1,011,534

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of G Nock.