REAL_TIME_RACE_LTD - Accounts

REAL TIME RACE LIMITED - Company Information

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Company Registration No. 04943882 (England and Wales)

REAL TIME RACE LTD

ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

REAL TIME RACE LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

REAL TIME RACE LTD

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,748

2,185

Current assets

Debtors

66,955

54,228

Cash at bank and in hand

67,274

67,341

134,229

121,569

Creditors: amounts falling due within one year

(21,649)

(28,100)

Net current assets

112,580

93,469

Total assets less current liabilities

114,328

95,654

Capital and reserves

Called up share capital

112,105

Share premium account

1,643

Profit and loss account

580

(18,094)

Shareholders' funds

114,328

95,654

For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 July 2016

Mr C P Leigh

Director

Company Registration No. 04943882

REAL TIME RACE LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company will continue to receive the support of the directors to meet its day to day needs.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% reducing balance basis

1.5

Deferred taxation

Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

REAL TIME RACE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 November 2014 & at 31 October 2015

39,144

8,336

47,480

Depreciation

At 1 November 2014

39,144

6,151

45,295

Charge for the year

437

At 31 October 2015

39,144

6,588

45,732

Net book value

At 31 October 2015

1,748

At 31 October 2014

2,185

Share capital

2015

2014

Allotted, called up and fully paid

1,607 Ordinary A shares of £1 each

1,607

1,250 Ordinary B shares of £1 each

1,250

109,248 Preference shares of £1 each

109,248

112,105

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr C P Leigh - director

4.00

27,506

36,213

1,491

17,262

47,948

27,506

36,213

1,491

17,262

47,948