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REGISTERED NUMBER: 07156935 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

South Tees MX Limited

South Tees MX Limited (Registered number: 07156935)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


South Tees MX Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: J O Barr
S J Barr





REGISTERED OFFICE: Falklands Wyn
Holme Lane
Seamer
Middlesbrough
TS9 5LL





REGISTERED NUMBER: 07156935 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

South Tees MX Limited (Registered number: 07156935)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 232,545 190,046

CURRENT ASSETS
Debtors 5 20,896 25,811
Cash at bank - 20,221
20,896 46,032
CREDITORS
Amounts falling due within one year 6 61,180 60,398
NET CURRENT LIABILITIES (40,284 ) (14,366 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

192,261

175,680

CREDITORS
Amounts falling due after more than one
year

7

(23,091

)

(21,142

)

PROVISIONS FOR LIABILITIES (40,700 ) (30,000 )
NET ASSETS 128,470 124,538

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 128,468 124,536
SHAREHOLDERS' FUNDS 128,470 124,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

South Tees MX Limited (Registered number: 07156935)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





S J Barr - Director


South Tees MX Limited (Registered number: 07156935)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

South Tees MX Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is at Dormor Way, South Bank, Middlesbrough, TS6 6XH.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Although the company had net current liabilities of £40,284 as at 28 February 2023, these financial statements have been prepared on a going concern basis. The directors are of the opinion that future trading results will be sufficient to enable the company to continue in operation for the foreseeable future. The directors will provide additional financial support to the company if required.

These financial statements do not include any adjustments that would result should the company not continue to trade.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost

Certain assets within plant and machinery are being depreciated to their estimated residual value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


South Tees MX Limited (Registered number: 07156935)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to
leasehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 87,126 217,702 66,634 1,420 372,882
Additions 8,719 25,000 30,956 - 64,675
Disposals - - (16,900 ) - (16,900 )
At 28 February 2023 95,845 242,702 80,690 1,420 420,657
DEPRECIATION
At 1 March 2022 37,708 83,032 61,592 504 182,836
Charge for year 9,061 9,312 3,333 469 22,175
Eliminated on disposal - - (16,899 ) - (16,899 )
At 28 February 2023 46,769 92,344 48,026 973 188,112
NET BOOK VALUE
At 28 February 2023 49,076 150,358 32,664 447 232,545
At 28 February 2022 49,418 134,670 5,042 916 190,046

South Tees MX Limited (Registered number: 07156935)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 20,896 25,811

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,115 6,169
Hire purchase contracts 4,319 -
Taxation and social security - 21,138
Other creditors 29,746 33,091
61,180 60,398

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 14,813 21,142
Hire purchase contracts 8,278 -
23,091 21,142

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 12,597 -

The hire purchase liabilities are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

South Tees MX Limited (Registered number: 07156935)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
J O Barr and S J Barr
Balance outstanding at start of year 25,766 22,322
Amounts advanced 42,655 56,409
Amounts repaid (52,808 ) (52,965 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,613 25,766

The amounts advanced to the directors have no fixed terms of repayment. Interest was charged at 2% on the overdrawn balance.