Wilbur Racing Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05131008 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2014

for

Wilbur Racing Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M/s C Nock

Ms R Nock

G Nock

SECRETARY:

Ms R Nock

REGISTERED OFFICE:

22 Hanover Square

London

W1S 1JP

REGISTERED NUMBER:

05131008 (England and Wales)

ACCOUNTANTS:

Williams & Co

8/10 South Street

Epsom

Surrey

KT18 7PF

CURRENT ASSETS

Stocks

315,000

277,400

Debtors

3,586

6,998

Cash at bank

-

2,088

318,586

286,486

CREDITORS

Amounts falling due within one year

983,995

983,882

NET CURRENT LIABILITIES

(665,409

)

(697,396

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(665,409

)

(697,396

)

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

(665,410

)

(697,397

)

SHAREHOLDERS' FUNDS

(665,409

)

(697,396

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 November 2014 and were signed on its behalf by:

G Nock - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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.

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 etc

-

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.

Deferred tax

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

the balance sheet date.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

43,350

DEPRECIATION

At 1 June 2013

and 31 May 2014

43,350

NET BOOK VALUE

At 31 May 2014

-

At 31 May 2013

-

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1

4.	ULTIMATE PARENT COMPANY

The ultimate holding company is Wilbur Developments Ltd incorporated in England.