Registered number
06382577
NINEX MOTORSPORT LIMITED
Filleted Accounts
25 September 2023
NINEX MOTORSPORT LIMITED
Registered number: 06382577
Balance Sheet
as at 25 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 504
Current assets
Stocks - 2,750
Debtors 4 47 6,206
Cash at bank and in hand 7,614 19,693
7,661 28,649
Creditors: amounts falling due within one year 5 (10,933) (17,699)
Net current (liabilities)/assets (3,272) 10,950
Net (liabilities)/assets (3,272) 11,454
Capital and reserves
Called up share capital 2 2
Profit and loss account (3,274) 11,452
Shareholders' funds (3,272) 11,454
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.
A Duncan
Director
Approved by the board on 1 November 2023
NINEX MOTORSPORT LIMITED
Notes to the Accounts
for the period from 26 March 2022 to 25 September 2023
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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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 at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% on 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.
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. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 26 March 2022 11,207
Disposals (11,207)
At 25 September 2023 -
Depreciation
At 26 March 2022 10,703
Charge for the period 504
On disposals (11,207)
At 25 September 2023 -
Net book value
At 25 September 2023 -
At 25 March 2022 504
4 Debtors 2023 2022
£ £
Trade debtors - 3,005
Other debtors 47 3,201
47 6,206
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 3,177
Corporation tax 4,108 6,219
Other taxes and social security costs - 2,552
Directors' loan accounts 4,828 5,751
Accruals and deferred income 897 -
Other creditors 1,100 -
10,933 17,699
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - 22,973
7 Other information
NINEX MOTORSPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit C Gladstone Industrial Estate
Denmark Street
Maidenhead
Berkshire
SL6 7XJ
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