PLYMOUTH KARTING LIMITED 11618304 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is Leisure activities Digita Accounts Production Advanced 6.30.9574.0 true true 11618304 2022-05-01 2023-04-30 11618304 2023-04-30 11618304 bus:Director1 1 2023-04-30 11618304 core:RetainedEarningsAccumulatedLosses 2023-04-30 11618304 core:ShareCapital 2023-04-30 11618304 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 11618304 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 11618304 core:CurrentFinancialInstruments 2023-04-30 11618304 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11618304 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11618304 core:BetweenOneFiveYears 2023-04-30 11618304 core:BetweenTwoFiveYears 2023-04-30 11618304 core:MoreThanFiveYears 2023-04-30 11618304 core:WithinOneYear 2023-04-30 11618304 core:FurnitureFittingsToolsEquipment 2023-04-30 11618304 core:OtherPropertyPlantEquipment 2023-04-30 11618304 bus:SmallEntities 2022-05-01 2023-04-30 11618304 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11618304 bus:FullAccounts 2022-05-01 2023-04-30 11618304 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 11618304 bus:RegisteredOffice 2022-05-01 2023-04-30 11618304 bus:Director1 2022-05-01 2023-04-30 11618304 bus:Director1 1 2022-05-01 2023-04-30 11618304 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11618304 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 11618304 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 11618304 countries:AllCountries 2022-05-01 2023-04-30 11618304 2022-04-30 11618304 bus:Director1 1 2022-04-30 11618304 core:FurnitureFittingsToolsEquipment 2022-04-30 11618304 core:OtherPropertyPlantEquipment 2022-04-30 11618304 2021-05-01 2022-04-30 11618304 2022-04-30 11618304 bus:Director1 1 2022-04-30 11618304 core:RetainedEarningsAccumulatedLosses 2022-04-30 11618304 core:ShareCapital 2022-04-30 11618304 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-04-30 11618304 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-04-30 11618304 core:CurrentFinancialInstruments 2022-04-30 11618304 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 11618304 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 11618304 core:BetweenOneFiveYears 2022-04-30 11618304 core:BetweenTwoFiveYears 2022-04-30 11618304 core:MoreThanFiveYears 2022-04-30 11618304 core:WithinOneYear 2022-04-30 11618304 core:FurnitureFittingsToolsEquipment 2022-04-30 11618304 core:OtherPropertyPlantEquipment 2022-04-30 11618304 bus:Director1 1 2021-05-01 2022-04-30 11618304 bus:Director1 1 2021-04-30 iso4217:GBP xbrli:pure

Registration number: 11618304

PLYMOUTH KARTING LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

PLYMOUTH KARTING LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

PLYMOUTH KARTING LIMITED

Company Information

Director

Miss KATE CALDWELL

Registered office

51 MOLESWORTH STREET
WADEBRIDGE
Cornwall
PL27 7DR

Accountants

DAVID V ELSTON & Co. LIMITED
CHARTERED ACCOUNTANTS
51 MOLESWORTH ST
WADEBRIDGE
CORNWALL
PL27 7DR

 

PLYMOUTH KARTING LIMITED

(Registration number: 11618304)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

137,161

72,401

Current assets

 

Debtors

5

21,136

1,144

Cash at bank and in hand

 

30,454

65,676

 

51,590

66,820

Creditors: Amounts falling due within one year

6

(224,190)

(147,988)

Net current liabilities

 

(172,600)

(81,168)

Total assets less current liabilities

 

(35,439)

(8,767)

Creditors: Amounts falling due after more than one year

6

(62,513)

-

Net liabilities

 

(97,952)

(8,767)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(97,953)

(8,768)

Shareholders' deficit

 

(97,952)

(8,767)

For the financial year ending 30 April 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 her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 November 2023
 

.........................................
Miss KATE CALDWELL
Director

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
51 MOLESWORTH STREET
WADEBRIDGE
Cornwall
PL27 7DR
United Kingdom

These financial statements were authorised for issue by the director on 21 November 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.

Going concern

The financial statements have been prepared on a going concern basis. The company experienced high repair costs during the year on property maintenance and believe that the going corcen basis is acceptable and appropriate.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Furniture,fittings,tools and equipment

10% net book value p.a.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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

Borrowings 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.

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 17).

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

25,700

69,420

95,120

Additions

-

80,000

80,000

At 30 April 2023

25,700

149,420

175,120

Depreciation

At 1 May 2022

8,006

14,713

22,719

Charge for the year

1,769

13,471

15,240

At 30 April 2023

9,775

28,184

37,959

Carrying amount

At 30 April 2023

15,925

121,236

137,161

At 30 April 2022

17,694

54,707

72,401

Included in the net book value of tangible fixed assets is £ 72,000 (2022 £25,295) in respect of assets purchased under hire purchase schemes. Depreciation on these assets was £8,000 (2022 £2811) charged in the period.

5

Debtors

Current

2023
£

2022
£

Other debtors

21,136

1,144

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

97,987

69,659

Trade creditors

 

41,600

41,600

Taxation and social security

 

81,353

33,529

Accruals and deferred income

 

3,250

3,200

 

224,190

147,988

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

62,513

-

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

62,513

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

74,840

65,781

Hire purchase contracts

23,147

3,878

97,987

69,659

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2023
£

2022
£

Not later than one year

58,000

58,000

Later than one year and not later than five years

232,000

232,000

Later than five years

90,440

148,440

380,440

438,440

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,500 (2022 - £69,266).

9

Related party transactions

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Miss KATE CALDWELL

loan

1,115

1,155

(1,115)

1,155

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Miss KATE CALDWELL

loan

1,886

1,115

(1,886)

1,115

         
       

 

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Interest on the overdrawn directors loan account has been charged at the official interest rate.

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

23,147

3,878

Later than one year and not later than five years

62,513

-

85,660

3,878

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

58,000

58,000

Later than one year and not later than five years

232,000

232,000

Later than five years

90,440

148,440

380,440

438,440