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REGISTERED NUMBER: OC421085 (England and Wales)












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: L J Penson
Mrs L I Penson





REGISTERED OFFICE: Bennett House
The Dean
Alresford
Hampshire
SO24 9BH





REGISTERED NUMBER: OC421085 (England and Wales)





ACCOUNTANTS: Butler & Co Alresford Limited
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:

L J Penson
Mrs L I Penson

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:





L J Penson - Designated member


16 November 2023

Penson Motorsports LLP (Registered number: OC421085)

Income Statement
for the Year Ended 28 February 2023

2023 2022
Notes £    £   

TURNOVER 30,000 40,000

Cost of sales 15,139 83,410
GROSS PROFIT/(LOSS) 14,861 (43,410 )

Administrative expenses 3,259 2,971
OPERATING PROFIT/(LOSS) 11,602 (46,381 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS





11,602





(46,381





)

Penson Motorsports LLP (Registered number: OC421085)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 194,234 205,836
Cash at bank 5,216 1,276
199,450 207,112
CREDITORS
Amounts falling due within one year 6 199,450 207,112
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 28 February 2023.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 16 November 2023 and were signed by:





L J Penson - Designated member

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
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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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 187 187
194,234 205,836

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loans 198,502 205,207
Trade creditors - 987
Accrued expenses 948 918
199,450 207,112

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