Race Industrial (Products) Limited - Limited company - abbreviated - 11.0.0
Race Industrial (Products) Limited - Limited company - abbreviated - 11.0.0
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| FOR |
| RACE INDUSTRIAL (PRODUCTS) LIMITED |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| RACE INDUSTRIAL (PRODUCTS) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| ABBREVIATED BALANCE SHEET |
| 30 APRIL 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| ABBREVIATED BALANCE SHEET - continued |
| 30 APRIL 2014 |
| The financial statements were approved by the Board of Directors on |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| 1. | ACCOUNTING POLICIES |
| ACCOUNTING CONVENTION |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective April 2008). |
| TURNOVER |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| GOODWILL |
| Goodwill, being an amount paid on connection with the acquisition of a business in 2002, is being amortised |
| evenly over its estimated useful life of five years. Goodwill relating to the aquisition of a defence fuels contract |
| (Ministry of Defence) in 2006 is also being amortised evenly over its estimated useful life of five years. The |
| goodwill on the transfer of trade from GTA Lubricants Limited, a wholly owned subsidiary, is being amortised |
| evenly over its estimated useful life of five years. |
| TANGIBLE FIXED ASSETS |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings etc | - |
| Motor vehicles | - |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| FOREIGN CURRENCIES |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The company operates a defined contribution pension scheme. Contributions payable to the company's |
| pension scheme are charged to the profit and loss account in the period to which they relate. |
| OPERATING LEASES |
| Rentals paid under operating leases are charged to income as incurred. |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 May 2013 |
| and 30 April 2014 |
| AMORTISATION |
| At 1 May 2013 |
| and 30 April 2014 |
| NET BOOK VALUE |
| At 30 April 2014 |
| At 30 April 2013 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 May 2013 |
| Additions |
| Disposals | ( |
) |
| At 30 April 2014 |
| DEPRECIATION |
| At 1 May 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 April 2014 |
| NET BOOK VALUE |
| At 30 April 2014 |
| At 30 April 2013 |
| RACE INDUSTRIAL (PRODUCTS) LIMITED (REGISTERED NUMBER: 01882376) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| 4. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| At 1 May 2013 |
| and 30 April 2014 | 20,000 |
| NET BOOK VALUE |
| At 30 April 2014 |
| At 30 April 2013 |
| The company's investments at the balance sheet date in the share capital of companies include the following: |
| Country of incorporation: England |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| £ | £ |
| Aggregate capital and reserves | 20,000 | 20,000 |
| 5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| The aggregate total of debtors falling due after more than one year is £ |
| 6. | CREDITORS |
| Creditors include an amount of £ |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| 8. | ULTIMATE CONTROLLING PARTY |
| Mr. C J Fell and Mr. A R Harris, directors, control the company by virtue of their combined interest of 100% of |
| the issued ordinary share capital. |