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Registration number: 13074073

MT Development Motorsport Ltd

Annual Report and Unaudited Financial Statements

for the Period from 9 December 2020 to 31 December 2021

 

MT Development Motorsport Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

MT Development Motorsport Ltd

Company Information

Director

Mr R M Taylor

Registered office

Unit 11-12
Ddole Road Industrial Estate
Llandrindod Wells
Powys
LD1 6DF

Accountants

Mitchell Meredith Limited
The Exchange
Fiveways
Temple Street
Llandrindod Wells
Powys
LD1 5HG

 

MT Development Motorsport Ltd

(Registration number: 13074073)
Balance Sheet as at 31 December 2021

Note

2021
£

Fixed assets

 

Tangible assets

4

55,319

Current assets

 

Debtors

5

6,000

Cash at bank and in hand

 

3,239

 

9,239

Creditors: Amounts falling due within one year

6

(74,375)

Net current liabilities

 

(65,136)

Net liabilities

 

(9,817)

Capital and reserves

 

Called up share capital

1

Profit and loss account

(9,818)

Shareholders' deficit

 

(9,817)

 

MT Development Motorsport Ltd

(Registration number: 13074073)
Balance Sheet as at 31 December 2021

For the financial period ending 31 December 2021 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 September 2022
 


Mr R M Taylor
Director

 

MT Development Motorsport Ltd

Notes to the Unaudited Financial Statements for the Period from 9 December 2020 to 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11-12
Ddole Road Industrial Estate
Llandrindod Wells
Powys
LD1 6DF
Wales

These financial statements were authorised for issue by the director on 3 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities of £65,136 and total net liabilities of £9,817. However creditors includes loans from the directors of £46,075. On the basis of his continued support, the director considers it appropriate to prepare these accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MT Development Motorsport Ltd

Notes to the Unaudited Financial Statements for the Period from 9 December 2020 to 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

15% on reducing balance

Plant and equipment

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

MT Development Motorsport Ltd

Notes to the Unaudited Financial Statements for the Period from 9 December 2020 to 31 December 2021

4

Tangible assets

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

Additions

39,000

16,956

55,956

At 31 December 2021

39,000

16,956

55,956

Depreciation

Charge for the period

300

337

637

At 31 December 2021

300

337

637

Carrying amount

At 31 December 2021

38,700

16,619

55,319

5

Debtors

2021
£

Prepayments

536

VAT

5,464

6,000

6

Creditors

Creditors: amounts falling due within one year

2021
£

Due within one year

Accruals and deferred income

28,300

Directors loan

46,075

74,375