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REGISTERED NUMBER: 05764963 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

AN MOTORSPORT LIMITED

AN MOTORSPORT LIMITED (REGISTERED NUMBER: 05764963)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AN MOTORSPORT LIMITED

COMPANY INFORMATION
for the year ended 30 September 2023







DIRECTORS: A W Dean
J Gibbon
M K Somers
M O Tatham





SECRETARY: M K Somers





REGISTERED OFFICE: 1 Stanford Close
Hove
East Sussex
BN3 1PU





REGISTERED NUMBER: 05764963 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

AN MOTORSPORT LIMITED (REGISTERED NUMBER: 05764963)

BALANCE SHEET
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 1

CURRENT ASSETS
Stocks 499,562 406,099
Debtors 5 695,559 942,769
Cash at bank and in hand 74,038 220,488
1,269,159 1,569,356
CREDITORS
Amounts falling due within one year 6 (1,158,157 ) (1,459,486 )
NET CURRENT ASSETS 111,002 109,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

111,002

109,871

CAPITAL AND RESERVES
Called up share capital 9 8,100 8,100
Capital redemption reserve 400 400
Retained earnings 102,502 101,371
SHAREHOLDERS' FUNDS 111,002 109,871

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 21 February 2024 and were signed on its behalf by:




M K Somers - Director


AN MOTORSPORT LIMITED (REGISTERED NUMBER: 05764963)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023

1. STATUTORY INFORMATION

AN Motorsport Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue from the manufacture and supply of motor parts is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised on despatch.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment -Straight line over 4 years

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

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

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.

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

AN MOTORSPORT LIMITED (REGISTERED NUMBER: 05764963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 October 2022
and 30 September 2023 119,350
DEPRECIATION
At 1 October 2022 119,349
Charge for year 1
At 30 September 2023 119,350
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 667,609 914,819
Other debtors 27,950 27,950
695,559 942,769

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade creditors 148,072 136,682
Taxation and social security 354,192 115,865
Other creditors 655,893 1,206,939
1,158,157 1,459,486

AN MOTORSPORT LIMITED (REGISTERED NUMBER: 05764963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.23 30.9.22
£    £   
Within one year 43,000 43,000
Between one and five years 86,000 129,000
129,000 172,000

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Factoring Agents 165,661 317,422

The company's factoring agent has a fixed charge on purchased debts due to the company and a floating charge on all assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
5,400 Ordinary "B" £1 5,400 5,400
2,025 Ordinary "C" £1 2,025 2,025
675 Ordinary "D" £1 675 675
8,100 8,100

10. SHARE-BASED PAYMENT TRANSACTIONS

The AN Motorsport Limited EMI Share Option Scheme was introduced on 12 March 2020. The scheme provides additional remuneration for one director. At this date, the director had been granted options over 540 Ordinary B Shares of £1 each and 810 Ordinary C shares of £1 each.

The options were granted with an exercise price of £165 per share. They are exercisable if the agreed exit conditions are met. Employees are not entitled to dividends on these shares until the options are exercised. Vesting of the options is subject to continued employment with the company.

There is no charge to the profit and loss account in the year as the conditions that must be met for the options to be exercised are not expected to be fulfilled in the foreseeable future. A full fair value valuation using the Black-Scholes pricing method is not considered justifiable and therefore no adjustment has be made to the financial statements to reflect these share options.