Registered Number:04347720 |
For the year ended 30 June 2023
England and Wales
Unaudited Financial Statements
For the year ended 30 June 2023
Motorsport World Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Motorsport World Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
119,289
19,453
2
119,289
19,453
22,700
18,900
3
Trade and other receivables |
856,671
987,966
4
79,809
Cash and cash equivalents |
6,995
1,013,861
959,180
Trade and other payables: amounts falling due within one |
year |
(551,417)
(675,973)
5
407,763
337,888
Net current assets
Total assets less current liabilities |
457,177
427,216
Trade and other payables: amounts falling due after more |
than one year |
(372,947)
(340,484)
6
116,693
Net assets
54,269
150,000
150,000
50,000
50,000
(83,307)
(145,731)
116,693
54,269
Shareholders' funds
For the year ended 30 June 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 of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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For the year ended 30 June 2023
Motorsport World Limited
Statement of Financial Position Continued
These financial statements were approved and authorised for issue by the Board on 28 March 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 30 June 2023
Motorsport World Limited
Notes to the Financial Statements
Statutory Information
Motorsport World Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 04347720. |
23 Porters Wood
St Albans
Hertfordshire
AL3 6PQ
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a straight line basis. |
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For the year ended 30 June 2023
Motorsport World Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Motor vehicles
456,329
3,534
24,539
253,656
174,600
238,574
-
-
238,574
-
-
(24,539)
(173,575)
-
(198,114)
318,655
-
3,534
496,789
174,600
Provision for depreciation and impairment |
436,876
1,767
21,792
238,718
174,599
Charge for year
135,991
1,767
-
134,224
-
(195,367)
-
(21,792)
(173,575)
-
377,500
3,534
-
199,367
174,599
1
119,288
-
-
119,289
1
14,938
2,747
1,767
19,453
2022
2023
18,900
22,700
4. Trade and other receivables |
2022
2023
179,949
6,772
Amounts owed by group undertakings and participating interests |
640,392
633,714
167,625
216,185
856,671
987,966
The debtors above include the following amounts falling due after more than one year: |
Amounts owed by group undertakings and participating interests |
640,392
633,714
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For the year ended 30 June 2023
Motorsport World Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year |
2022
2023
Bank loans and overdraft (secured) |
65,620
91,636
64,506
74,517
Taxation and social security |
72,786
15,313
473,061
369,951
675,973
551,417
6. Trade and other payables: amounts falling due after more than one year |
2022
2023
Bank loans and overdraft (secured) |
340,484
372,947
7. Average number of persons employed |
During the year the average number of employees was 48 (2022 : 52)
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