Company Registration No. 09120380 (England and Wales)
Chiselspeed Tuning Limited
Unaudited accounts
for the year ended 31 August 2023
Chiselspeed Tuning Limited
Unaudited accounts
Contents
Chiselspeed Tuning Limited
Statement of financial position
as at 31 August 2023
Tangible assets
5,286
7,048
Cash at bank and in hand
18,928
31,475
Creditors: amounts falling due within one year
(78,515)
(80,741)
Net current (liabilities)/assets
(5,104)
2,726
Called up share capital
100
100
Profit and loss account
82
9,674
Shareholders' funds
182
9,774
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by
Martin Cook
Director
Company Registration No. 09120380
Chiselspeed Tuning Limited
Notes to the Accounts
for the year ended 31 August 2023
Chiselspeed Tuning Limited is a private company, limited by shares, registered in England and Wales, registration number 09120380. The registered office is Enterprise Industrial Estate Aberford Rd, Barwick In Elmet, Leeds, West Yorkshire, LS15 4EF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on Reducing Balance
Motor vehicles
25% on Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Chiselspeed Tuning Limited
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2022
28,841
8,835
37,676
At 31 August 2023
28,841
8,835
37,676
At 1 September 2022
22,644
7,984
30,628
Charge for the year
1,549
213
1,762
At 31 August 2023
24,193
8,197
32,390
At 31 August 2023
4,648
638
5,286
At 31 August 2022
6,197
851
7,048
Amounts falling due within one year
Accrued income and prepayments
423
423
Other debtors
13,551
16,194
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
21,943
15,463
Taxes and social security
18,666
18,596
Other creditors
37,906
46,682
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Average number of employees
During the year the average number of employees was 3 (2022: 3).