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REGISTERED NUMBER: 08676668 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

WIGHT KARTING LTD

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


WIGHT KARTING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mrs C M Foulkes
A J Foulkes
D J Foulkes





SECRETARY: Mrs C M Foulkes





REGISTERED OFFICE: Westridge
Brading Road
Ryde
Isle of Wight
PO33 1QS





REGISTERED NUMBER: 08676668 (England and Wales)





ACCOUNTANTS: Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,837 84,931

CURRENT ASSETS
Stocks 16,668 16,845
Debtors 5 181,312 19,596
Cash at bank and in hand 62,500 200,413
260,480 236,854
CREDITORS
Amounts falling due within one year 6 45,619 37,622
NET CURRENT ASSETS 214,861 199,232
TOTAL ASSETS LESS CURRENT LIABILITIES 292,698 284,163

CREDITORS
Amounts falling due after more than one
year

7

(22,499

)

(32,500

)

PROVISIONS FOR LIABILITIES (8,542 ) (10,773 )
NET ASSETS 261,657 240,890

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 260,657 239,890
261,657 240,890

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.

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

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 29 November 2023 and were signed on its behalf by:





Mrs C M Foulkes - Director


WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Wight Karting Ltd 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.

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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 411,390
Additions 18,265
At 28 February 2023 429,655
DEPRECIATION
At 1 March 2022 326,459
Charge for year 25,359
At 28 February 2023 351,818
NET BOOK VALUE
At 28 February 2023 77,837
At 28 February 2022 84,931

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 657 553
Other debtors 180,655 19,043
181,312 19,596

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,017 10,000
Trade creditors 16,742 11,772
Taxation and social security 11,561 5,792
Other creditors 7,299 10,058
45,619 37,622

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,499 32,500

8. 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
£    £   
Mrs C M Foulkes
Balance outstanding at start of year 1,384 (695 )
Amounts advanced 144,799 43,534
Amounts repaid (62,493 ) (41,455 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,690 1,384

A J Foulkes
Balance outstanding at start of year 1,384 (695 )
Amounts advanced 144,799 43,534
Amounts repaid (62,493 ) (41,455 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,690 1,384

D J Foulkes
Balance outstanding at start of year - -
Amounts advanced 148 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 148 -