Abbreviated Company Accounts - TEAM REDLINE RACING LIMITED
Abbreviated Company Accounts - TEAM REDLINE RACING LIMITED
Registered Number 03726706
TEAM REDLINE RACING LIMITED
Abbreviated Accounts
31 October 2015
TEAM REDLINE RACING LIMITED Registered Number 03726706
Abbreviated Balance Sheet as at 31 October 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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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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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
For the year ending 31 October 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
TEAM REDLINE RACING LIMITED Registered Number 03726706
Notes to the Abbreviated Accounts for the period ended 31 October 2015
1Accounting Policies
Basis of measurement and preparation of accounts
The future operation of the business is dependent upon the continued support of the directors,
shareholders, overdraft facility provided by HSBC plc, hire purchase financiers and other creditors.
They have indicated their willingness to do so and in addition during the year the directors and
shareholders have demonstrated their commitment by the introduction of long term funds to provide working capital. For this reason, the financial statements are prepared on the going concern basis.
Turnover policy
Tangible assets depreciation policy
Plant and machinery - 10% reducing balance
Fixtures, fittings & equipment - 25% reducing balance
Motor vehicles / racing cars - 20% reducing balance / 5% straight line
Intangible assets amortisation policy
£ | |
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Cost | |
At 1 November 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 October 2015 |
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Amortisation | |
At 1 November 2014 |
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Charge for the year |
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On disposals |
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At 31 October 2015 |
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Net book values | |
At 31 October 2015 | 0 |
At 31 October 2014 | 0 |
£ | |
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Cost | |
At 1 November 2014 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 31 October 2015 |
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Depreciation | |
At 1 November 2014 |
|
Charge for the year |
|
On disposals |
|
At 31 October 2015 |
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Net book values | |
At 31 October 2015 | 138,294 |
At 31 October 2014 | 249,746 |