Anglo Canadian Motorsport Limited 12982220 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is management consultancy for sports activities. Digita Accounts Production Advanced 6.30.9574.0 true 12982220 2022-03-01 2023-02-28 12982220 2023-02-28 12982220 bus:OrdinaryShareClass1 2023-02-28 12982220 core:RetainedEarningsAccumulatedLosses 2023-02-28 12982220 core:ShareCapital 2023-02-28 12982220 core:CurrentFinancialInstruments 2023-02-28 12982220 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12982220 bus:SmallEntities 2022-03-01 2023-02-28 12982220 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12982220 bus:FullAccounts 2022-03-01 2023-02-28 12982220 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 12982220 bus:RegisteredOffice 2022-03-01 2023-02-28 12982220 bus:Director1 2022-03-01 2023-02-28 12982220 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 12982220 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12982220 countries:EnglandWales 2022-03-01 2023-02-28 12982220 2021-03-01 2022-02-28 12982220 2022-02-28 12982220 bus:OrdinaryShareClass1 2022-02-28 12982220 core:RetainedEarningsAccumulatedLosses 2022-02-28 12982220 core:ShareCapital 2022-02-28 12982220 core:CurrentFinancialInstruments 2022-02-28 12982220 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12982220

Anglo Canadian Motorsport Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Anglo Canadian Motorsport Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 5

 

Anglo Canadian Motorsport Limited

Company Information

Director

M Ryhorski

Registered office

32 Sidmouth Road
London
NW2 5HJ

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Anglo Canadian Motorsport Limited

(Registration number: 12982220)
Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

3,733

-

Cash at bank and in hand

5

10,067

37,744

 

13,800

37,744

Payables: Amounts falling due within one year

6

(11,409)

(19,049)

Net assets

 

2,391

18,695

Equity

 

Called up share capital

7

100

100

Retained earnings

7

2,291

18,595

Total equity

 

2,391

18,695

For the financial year ending 28 February 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Income statement.

The financial statements of Anglo Canadian Motorsport Limited were approved and authorised for issue by the director on 6 November 2023
 

.........................................

M Ryhorski
Director

 

Anglo Canadian Motorsport Limited

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

1

General information

Anglo Canadian Motorsport Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of Value Added Tax

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.

 

Anglo Canadian Motorsport Limited

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

2

Accounting policies (continued)

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.

Receivables

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

Receivables 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 receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Receivables

2023
£

2022
£

Other receivables

3,733

-

3,733

-

 

Anglo Canadian Motorsport Limited

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

5

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

10,067

37,744

6

Payables

2023
£

2022
£

Due within one year

Directors' current account

1,777

4,772

Corporation tax

-

4,924

Accruals

9,632

9,353

11,409

19,049

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.