Speedkarting Limited 02320523 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is investment property management Digita Accounts Production Advanced 6.30.9574.0 true true 02320523 2022-02-01 2023-01-31 02320523 2023-01-31 02320523 core:RetainedEarningsAccumulatedLosses 2023-01-31 02320523 core:ShareCapital 2023-01-31 02320523 core:CurrentFinancialInstruments 2023-01-31 02320523 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 02320523 core:FurnitureFittingsToolsEquipment 2023-01-31 02320523 core:LandBuildings 2023-01-31 02320523 core:MotorVehicles 2023-01-31 02320523 bus:SmallEntities 2022-02-01 2023-01-31 02320523 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 02320523 bus:FullAccounts 2022-02-01 2023-01-31 02320523 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 02320523 bus:RegisteredOffice 2022-02-01 2023-01-31 02320523 bus:CompanySecretary1 2022-02-01 2023-01-31 02320523 bus:Director1 2022-02-01 2023-01-31 02320523 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02320523 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 02320523 core:LandBuildings 2022-02-01 2023-01-31 02320523 core:MotorVehicles 2022-02-01 2023-01-31 02320523 countries:EnglandWales 2022-02-01 2023-01-31 02320523 2022-01-31 02320523 core:FurnitureFittingsToolsEquipment 2022-01-31 02320523 core:LandBuildings 2022-01-31 02320523 core:MotorVehicles 2022-01-31 02320523 2021-02-01 2022-01-31 02320523 2022-01-31 02320523 core:RetainedEarningsAccumulatedLosses 2022-01-31 02320523 core:ShareCapital 2022-01-31 02320523 core:CurrentFinancialInstruments 2022-01-31 02320523 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 02320523 core:FurnitureFittingsToolsEquipment 2022-01-31 02320523 core:LandBuildings 2022-01-31 02320523 core:MotorVehicles 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 02320523

Speedkarting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Speedkarting Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Speedkarting Limited

Company Information

Director

Mr Michael Paul Hollington

Company secretary

Mrs Rebecca Hollington

Registered office

12 Bellcast Close
Appleton
Warrington
WA4 5SA

Accountants

Bright Partnership LLP
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Speedkarting Limited

(Registration number: 02320523)
Statement of Financial Position as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,113,677

1,081,566

Current assets

 

Debtors

5

7,741

5,817

Cash at bank and in hand

 

394,824

343,038

 

402,565

348,855

Creditors: Amounts falling due within one year

6

(51,635)

(38,514)

Net current assets

 

350,930

310,341

Net assets

 

1,464,607

1,391,907

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,464,507

1,391,807

Shareholders' funds

 

1,464,607

1,391,907

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.

Director's 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 October 2023
 

.........................................
Mr Michael Paul Hollington
Director

 

Speedkarting Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
12 Bellcast Close
Appleton
Warrington
WA4 5SA

These financial statements were authorised for issue by the director on 17 October 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

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 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.

Tax

The tax expense for the period comprises current tax. 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 in the countries where the company operates and generates taxable income.

 

Speedkarting Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Long Leasehold Property & Freehold Property

2% Straight Line Depreciation

Plant & Machinery

15% Running Balance Depreciation

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Speedkarting Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

1,517,232

8,865

-

1,526,097

Additions

-

3,010

68,480

71,490

Disposals

-

(6,618)

-

(6,618)

At 31 January 2023

1,517,232

5,257

68,480

1,590,969

Depreciation

At 1 February 2022

440,598

3,933

-

444,531

Charge for the year

30,344

549

5,707

36,600

Eliminated on disposal

-

(3,839)

-

(3,839)

At 31 January 2023

470,942

643

5,707

477,292

Carrying amount

At 31 January 2023

1,046,290

4,614

62,773

1,113,677

At 31 January 2022

1,076,634

4,932

-

1,081,566

5

Debtors

2023
£

2022
£

Prepayments

7,741

4,724

Other debtors

-

1,093

7,741

5,817

 

Speedkarting Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

141

23

Taxation and social security

49,342

36,530

Other creditors

2,152

1,961

51,635

38,514