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Registered number: 05977821
J S Motorsport Limited
Unaudited Financial Statements
For The Year Ended 31 March 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05977821
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,553 1,935
1,553 1,935
CURRENT ASSETS
Stocks 65,000 65,000
Debtors 5 71,628 3,096
Cash at bank and in hand 2,020 5,371
138,648 73,467
Creditors: Amounts Falling Due Within One Year 6 (140,141 ) (86,989 )
NET CURRENT ASSETS (LIABILITIES) (1,493 ) (13,522 )
TOTAL ASSETS LESS CURRENT LIABILITIES 60 (11,587 )
NET ASSETS/(LIABILITIES) 60 (11,587 )
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account 59 (11,588 )
SHAREHOLDERS' FUNDS 60 (11,587)
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J O Smirthwaite
Director
11th April 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
J S Motorsport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05977821 . The registered office is Primrose Cottage, No Mans Heath Austrey, Atherstone, West Midlands, CV9 3EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Motor Vehicles 20% on reducing balance
Fixtures & Fittings 15% on reducing balance
2.4. Taxation
Income tax expense represents the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except for when related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2022 10,185 13,078 1,491 24,754
As at 31 March 2023 10,185 13,078 1,491 24,754
Depreciation
As at 1 April 2022 10,180 11,322 1,317 22,819
Provided during the period 5 351 26 382
As at 31 March 2023 10,185 11,673 1,343 23,201
...CONTINUED
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Net Book Value
As at 31 March 2023 - 1,405 148 1,553
As at 1 April 2022 5 1,756 174 1,935
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 96 96
Other debtors 71,532 3,000
71,628 3,096
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,314 2,185
Bank loans and overdrafts 8,522 8,480
Other loans 37,338 40,000
Corporation tax 50,702 16,553
Other taxes and social security 5,301 3,222
VAT 18,464 16,049
Accruals and deferred income 500 500
140,141 86,989
7. Related Party Transactions
As at the year end the director owed the company £51,239 (2022: £nil).
8. Ultimate Controlling Party
The company's ultimate controlling party is J Smirthwaite.
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