WinSpeed Motorsport Limited 07104306 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is the maintenance and sale of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 07104306 2022-02-01 2023-01-31 07104306 2023-01-31 07104306 bus:OrdinaryShareClass1 2023-01-31 07104306 core:RetainedEarningsAccumulatedLosses 2023-01-31 07104306 core:ShareCapital 2023-01-31 07104306 core:CurrentFinancialInstruments 2023-01-31 07104306 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07104306 core:Non-currentFinancialInstruments 2023-01-31 07104306 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07104306 core:FurnitureFittings 2023-01-31 07104306 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 07104306 core:MotorVehicles 2023-01-31 07104306 core:OfficeEquipment 2023-01-31 07104306 core:PlantMachinery 2023-01-31 07104306 bus:SmallEntities 2022-02-01 2023-01-31 07104306 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 07104306 bus:FullAccounts 2022-02-01 2023-01-31 07104306 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 07104306 bus:RegisteredOffice 2022-02-01 2023-01-31 07104306 bus:Director2 2022-02-01 2023-01-31 07104306 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 07104306 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 07104306 core:FurnitureFittings 2022-02-01 2023-01-31 07104306 core:LandBuildings core:ShortLeaseholdAssets 2022-02-01 2023-01-31 07104306 core:LeaseholdImprovements 2022-02-01 2023-01-31 07104306 core:MotorVehicles 2022-02-01 2023-01-31 07104306 core:OfficeEquipment 2022-02-01 2023-01-31 07104306 core:PlantMachinery 2022-02-01 2023-01-31 07104306 countries:England 2022-02-01 2023-01-31 07104306 2022-01-31 07104306 core:FurnitureFittings 2022-01-31 07104306 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 07104306 core:MotorVehicles 2022-01-31 07104306 core:OfficeEquipment 2022-01-31 07104306 core:PlantMachinery 2022-01-31 07104306 2021-02-01 2022-01-31 07104306 2022-01-31 07104306 bus:OrdinaryShareClass1 2022-01-31 07104306 core:RetainedEarningsAccumulatedLosses 2022-01-31 07104306 core:ShareCapital 2022-01-31 07104306 core:CurrentFinancialInstruments 2022-01-31 07104306 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 07104306 core:Non-currentFinancialInstruments 2022-01-31 07104306 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 07104306 core:FurnitureFittings 2022-01-31 07104306 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 07104306 core:MotorVehicles 2022-01-31 07104306 core:OfficeEquipment 2022-01-31 07104306 core:PlantMachinery 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07104306

WinSpeed Motorsport Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

WinSpeed Motorsport Limited

(Registration number: 07104306)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

16,166

 

13,625

Current assets

   

 

Stocks

5

134,563

 

129,806

 

Debtors

6

140,911

 

80,530

 

Cash at bank and in hand

 

3,146

 

538

 

 

278,620

 

210,874

 

Creditors: Amounts falling due within one year

7

(255,108)

 

(215,161)

 

Net current assets/(liabilities)

   

23,512

 

(4,287)

Total assets less current liabilities

   

39,678

 

9,338

Creditors: Amounts falling due after more than one year

7

 

(24,709)

 

(33,557)

Provisions for liabilities

 

(2,701)

 

-

Net assets/(liabilities)

   

12,268

 

(24,219)

Capital and reserves

   

 

Called up share capital

8

2

 

2

 

Profit and loss account

12,266

 

(24,221)

 

Total equity

   

12,268

 

(24,219)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr C J Window
Director

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
148 Broad Street
Wood Street Village
Guildford
Surrey
GU3 3BJ
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a 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 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 appropriate stages of completion have been reached on individual contracts.

Tax

The tax expense for the period comprises current and deferred tax where applicable. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Cost includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Short leasehold

10% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. They are recognised initially at the transaction price and are subsequently adjusted for any necessary provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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. They are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs and are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, in which case that element of the borrowings are shown as non-current liabilities.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

3,397

16,641

44,856

4,929

9,633

79,456

Additions

735

868

1,470

4,299

-

7,372

Disposals

-

-

-

(630)

-

(630)

At 31 January 2023

4,132

17,509

46,326

8,598

9,633

86,198

Depreciation

At 1 February 2022

3,397

10,611

38,935

4,581

8,307

65,831

Charge for the year

73

1,033

1,853

1,526

331

4,816

Eliminated on disposal

-

-

-

(615)

-

(615)

At 31 January 2023

3,470

11,644

40,788

5,492

8,638

70,032

Carrying amount

At 31 January 2023

662

5,865

5,538

3,106

995

16,166

At 31 January 2022

-

6,030

5,921

348

1,326

13,625

5

Stocks

2023
£

2022
£

Work in progress

33,517

82,051

Other inventories

101,046

47,755

134,563

129,806

6

Debtors

Current

2023
£

2022
£

Trade debtors

93,437

46,007

Prepayments

44,474

31,523

Other debtors

3,000

3,000

 

140,911

80,530

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

67,353

63,794

Trade creditors

 

75,584

72,745

Taxation and social security

 

39,445

24,228

Accruals and deferred income

 

6,718

4,652

Other creditors

 

66,008

49,742

 

255,108

215,161

Creditors include bank loans and overdrafts which are secured of £25,819 (2022 - £22,479).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,709

33,557

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,709

33,557

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,848

15,232

Bank overdrafts

25,819

15,877

Other borrowings

32,686

32,685

67,353

63,794

 

WinSpeed Motorsport Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £46,800 (2022 - £46,800). These commitments relate to the operating lease over the company's trading premises.