Holden Racing Uk Limited Small abridged accounts

Holden Racing Uk Limited Small abridged accounts

HOLDEN RACING UK LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Holden Racing Uk Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06849353
Holden Racing Uk Limited
Unaudited Abridged Financial Statements
31 March 2017
Holden Racing Uk Limited
Abridged Financial Statements
Year ended 31 March 2017
Contents
Page
Director's report
1
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
5
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
8
Notes to the detailed abridged income statement
9
Holden Racing Uk Limited
Director's Report
Year ended 31 March 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .
Director
The director who served the company during the year was as follows:
A Sidwell
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 December 2017 and signed on behalf of the board by:
A Sidwell
Director
Registered office:
263C Boxley Road
Pennenden Heath
Maidstone
ME14 2AL
Holden Racing Uk Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Holden Racing Uk Limited
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Holden Racing Uk Limited for the year ended 31 March 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Holden Racing Uk Limited in accordance with the terms of our engagement letter dated 1 December 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Holden Racing Uk Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holden Racing Uk Limited and its director for our work or for this report.
It is your duty to ensure that Holden Racing Uk Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Holden Racing Uk Limited. You consider that Holden Racing Uk Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Holden Racing Uk Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CAS Chartered accountant
151 Askew Road London W12 9AU
25 December 2017
Holden Racing Uk Limited
Abridged Statement of Income and Retained Earnings
Year ended 31 March 2017
2017
2016
Note
£
£
Gross loss
( 814)
( 111)
Administrative expenses
2,502
1,199
-------
-------
Operating loss
( 3,316)
( 1,310)
-------
-------
Loss before taxation
( 3,316)
( 1,310)
Tax on loss
–
–
-------
-------
Loss for the financial year and total comprehensive income
( 3,316)
( 1,310)
-------
-------
Retained losses at the start of the year
( 25,105)
( 23,795)
--------
--------
Retained losses at the end of the year
( 28,421)
( 25,105)
--------
--------
All the activities of the company are from continuing operations.
Holden Racing Uk Limited
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Current assets
Cash at bank and in hand
362
2,105
Creditors: amounts falling due within one year
28,683
27,110
--------
--------
Net current liabilities
28,321
25,005
--------
--------
Total assets less current liabilities
( 28,321)
( 25,005)
--------
--------
Net liabilities
( 28,321)
( 25,005)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 28,421)
( 25,105)
--------
--------
Members deficit
( 28,321)
( 25,005)
--------
--------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2017 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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 25 December 2017 , and are signed on behalf of the board by:
A Sidwell
Director
Company registration number: 06849353
Holden Racing Uk Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 263C Boxley Road, Pennenden Heath, Maidstone, ME14 2AL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Financial instruments at fair value
Enter your own text here for additional disclosures relating to financial instruments. For example, terms and conditions of long-term debt, the extent and nature of derivative instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows, and also the amount of any impairment loss for each class of financial asset.
5. Director's advances, credits and guarantees
At the year end Mr A Sidwell owed the company £28,066 (2016: £26,700).
6. Related party transactions
No dividends were paid to the director during the year.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Holden Racing Uk Limited
Management Information
Year ended 31 March 2017
The following pages do not form part of the abridged financial statements.
Holden Racing Uk Limited
Detailed Abridged Income Statement
Year ended 31 March 2017
2017
2016
£
£
Turnover
–
905
Cost of sales
Purchases
814
1,016
----
-------
Gross loss
( 814)
( 111)
Overheads
Administrative expenses
2,502
1,199
-------
-------
Operating loss
( 3,316)
( 1,310)
-------
-------
Loss before taxation
(3,316)
(1,310)
-------
-------
Holden Racing Uk Limited
Notes to the Detailed Abridged Income Statement
Year ended 31 March 2017
2017
2016
£
£
Administrative expenses
Motor expenses
97
512
Telephone
231
–
Printing postage and stationery
–
42
Subscriptions
1,250
615
Accountancy fees
900
–
Bank charges
24
30
-------
-------
2,502
1,199
-------
-------