REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Penson Motorsports LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Penson Motorsports LLP |
Penson Motorsports LLP (Registered number: OC421085) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 5 |
Notes to the Financial Statements | 7 |
Penson Motorsports LLP |
General Information |
for the Year Ended 28 February 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Bennett House |
The Dean |
Alresford |
Hampshire |
SO24 9BH |
Penson Motorsports LLP (Registered number: OC421085) |
Report of the Members |
for the Year Ended 28 February 2023 |
The members present their report with the financial statements of the LLP for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of motorsport racing. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £11,602 (2022 - £46,381 loss). |
MEMBERS' INTERESTS |
All amounts due to members classified as liabilities are presented within loans and other debts due to members in the balance sheet. This will include any unpaid element of remuneration charged as an expense and any unpaid allocated profits arising from the discretionary division of profits. Any amounts due from members classified as assets are presented within amounts due from members within the balance sheet. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Penson Motorsports LLP (Registered number: OC421085) |
Income Statement |
for the Year Ended 28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT/(LOSS) | ( |
) |
Administrative expenses |
OPERATING PROFIT/(LOSS) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
Penson Motorsports LLP (Registered number: OC421085) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
- |
- |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
TOTAL MEMBERS' INTERESTS |
Amounts due from members | 5 | (194,047 | ) | (205,649 | ) |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Penson Motorsports LLP (Registered number: OC421085) |
Reconciliation of Members' Interests |
for the Year Ended 28 February 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | - |
Amount due from members | (205,649 | ) |
Balance at 1 March 2022 | - | (205,649 | ) | (205,649 | ) |
Profit for the financial year available for discretionary division among members |
11,602 |
- |
11,602 |
Members' interests after profit for the year |
11,602 |
(205,649 |
) |
(194,047 |
) |
Other divisions of profit | (11,602 | ) | 11,602 | - |
Amount due to members | - |
Amount due from members | (194,047 | ) |
Balance at 28 February 2023 | - | (194,047 | ) | (194,047 | ) |
Penson Motorsports LLP (Registered number: OC421085) |
Reconciliation of Members' Interests |
for the Year Ended 28 February 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | - |
Amount due from members | (159,268 | ) |
Balance at 1 March 2021 | - | (159,268 | ) | (159,268 | ) |
Loss for the financial year available for discretionary division among members |
(46,381 |
) |
- |
(46,381 |
) |
Members' interests after loss for the year |
(46,381 |
) |
(159,268 |
) |
(205,649 |
) |
Other divisions of loss | 46,381 | (46,381 | ) | - |
Amount due to members | - |
Amount due from members | (205,649 | ) |
Balance at 28 February 2022 | - | (205,649 | ) | (205,649 | ) |
Penson Motorsports LLP (Registered number: OC421085) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Penson Motorsports LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements for the period ended 28 February 2023 have been prepared on a going concern basis. The members have considered a period of twelve months from the period of approval of these financial statements, whereby increasing cash inflows are anticipated. This, coupled with reductions in expenses following engine repairs and rebuilds, will ensure the continuation of the business. On this basis, the members believe that it is prudent to prepare the accounts on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
The average number of members during the year was | 2 | 2 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts due from members | 194,047 | 205,649 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans |
Trade creditors |
Accrued expenses |
7. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mr L Penson and Mrs L Penson by virtue of their joint 100% holding in the LLP. |
Penson Motorsports LLP (Registered number: OC421085) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
8. | AMOUNTS DUE FROM MEMBERS |
2023 | 2022 |
£ | £ |
Amounts due from members in respect of losses | 194,047 | 205,649 |