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Company Registration No. 02320523 (England and Wales)
Speedkarting Limited Unaudited accounts for the year ended 31 January 2024
Speedkarting Limited Unaudited accounts Contents
Page
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Speedkarting Limited Company Information for the year ended 31 January 2024
Director
Mr Michael Paul Hollington
Secretary
Mrs Rebecca Hollington
Company Number
02320523 (England and Wales)
Registered Office
12 Bellcast Close Appleton Warrington WA4 5SA
Accountants
G E Accountancy Ltd 4 Braithwaite Shevington Wigan Lancashire WN68BP
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Speedkarting Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,468,623 
1,113,677 
Current assets
Debtors
8,595 
7,742 
Cash at bank and in hand
85,031 
394,824 
93,626 
402,566 
Creditors: amounts falling due within one year
(60,220)
(51,636)
Net current assets
33,406 
350,930 
Net assets
1,502,029 
1,464,607 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,501,929 
1,464,507 
Shareholders' funds
1,502,029 
1,464,607 
For the year ending 31 January 2024 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 director acknowledges his 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 and authorised for issue on 12 March 2024 and were signed on its behalf by
Mr Michael Paul Hollington Director Company Registration No. 02320523
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Speedkarting Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Speedkarting Limited is a private company, limited by shares, registered in England and Wales, registration number 02320523. The registered office is 12 Bellcast Close, Appleton, Warrington, WA4 5SA.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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:
Land & buildings
2% Straight Line Depreciation
Plant & machinery
15% Running Balance Depreciation
Motor vehicles
25% Running Balance Depreciation
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Speedkarting Limited Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 February 2023
1,517,232 
5,257 
68,480 
1,590,969 
Additions
395,362 
1,833 
14,644 
411,839 
At 31 January 2024
1,912,594 
7,090 
83,124 
2,002,808 
Depreciation
At 1 February 2023
470,942 
643 
5,707 
477,292 
Charge for the year
38,252 
812 
17,829 
56,893 
At 31 January 2024
509,194 
1,455 
23,536 
534,185 
Net book value
At 31 January 2024
1,403,400 
5,635 
59,588 
1,468,623 
At 31 January 2023
1,046,290 
4,614 
62,773 
1,113,677 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
8,595 
7,742 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
9,411 
9,816 
Trade creditors
- 
141 
Taxes and social security
47,311 
39,526 
Other creditors
1,500 
1,313 
Loans from directors
1,440 
840 
Accruals
558 
- 
60,220 
51,636 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr Michael Paul Hollington
Loan
(840)
(600)
- 
(1,440)
(840)
(600)
- 
(1,440)
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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