Registered number
04936126
Speedworks Motorsport Ltd
Unaudited Filleted Accounts
30 November 2021
Speedworks Motorsport Ltd
Registered number: 04936126
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 85,000 -
Tangible assets 4 398,446 356,877
483,446 356,877
Current assets
Stocks 233,905 15,000
Debtors 5 180,743 174,334
Cash at bank and in hand 12,080 49
426,728 189,383
Creditors: amounts falling due within one year 6 (604,237) (268,197)
Net current liabilities (177,509) (78,814)
Total assets less current liabilities 305,937 278,063
Creditors: amounts falling due after more than one year 7 (928,732) (795,665)
Net liabilities (622,795) (517,602)
Capital and reserves
Called up share capital 100 100
Profit and loss account (622,895) (517,702)
Shareholders' funds (622,795) (517,602)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A S M Dick
Director
Approved by the board on 23 March 2022
Speedworks Motorsport Ltd
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets relate to the cost of the BTCC licence fee acquired in 2021. This licence has no expiry date and can be sold on. There is no amortisation charge.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
Additions 85,000
At 30 November 2021 85,000
Amortisation
At 30 November 2021 -
Net book value
At 30 November 2021 85,000
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2020 1,005,484 - 1,005,484
Additions 16,778 172,734 189,512
Disposals (50,996) - (50,996)
At 30 November 2021 971,266 172,734 1,144,000
Depreciation
At 1 December 2020 648,607 - 648,607
Charge for the year 40,789 93,149 133,938
On disposals (36,991) - (36,991)
At 30 November 2021 652,405 93,149 745,554
Net book value
At 30 November 2021 318,861 79,585 398,446
At 30 November 2020 356,877 - 356,877
5 Debtors 2021 2020
£ £
Trade debtors 41,749 29,455
Corporation tax recoverable
Other debtors 138,994 144,879
180,743 174,334
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 77,984 30,467
Obligations under finance lease and hire purchase contracts 102,411 69,078
Trade creditors 272,778 84,015
Taxation and social security costs 19,728 24,229
Other creditors 131,336 60,408
604,237 268,197
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 573,902 516,146
Obligations under finance lease and hire purchase contracts 194,830 200,019
Other creditors 160,000 79,500
928,732 795,665
8 Related party transactions
At 30 November 2021, included within creditors due within one year is a loan of £99,676 from the Directors Mr & Mrs Dick. No interest has been charged to the company in respect of this loan and there are no payment terms.

Included within creditors due after more than one is a loan to the Directors if £160,000. No interest has been charged to the company in respect of this loan and there are no agreed repayment terms however the Directors have given assurances that they will continue to support the company and this amount will not be repayable within 12 months.
9 Other information
Speedworks Motorsport Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Belmont Hall
Warrington Road
Great Budworth
Northwich
CW9 6HN
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