Ignition GP Ltd 13370545 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the organisation of events for grand prix cars. The company ceased trading on 31 December 2023. Digita Accounts Production Advanced 6.30.9574.0 true 13370545 2023-01-01 2023-12-31 13370545 2023-12-31 13370545 core:RetainedEarningsAccumulatedLosses 2023-12-31 13370545 core:ShareCapital 2023-12-31 13370545 core:CurrentFinancialInstruments 2023-12-31 13370545 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13370545 bus:SmallEntities 2023-01-01 2023-12-31 13370545 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13370545 bus:FullAccounts 2023-01-01 2023-12-31 13370545 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13370545 bus:RegisteredOffice 2023-01-01 2023-12-31 13370545 bus:Director1 2023-01-01 2023-12-31 13370545 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13370545 countries:EnglandWales 2023-01-01 2023-12-31 13370545 2022-06-01 2022-12-31 13370545 2022-12-31 13370545 core:RetainedEarningsAccumulatedLosses 2022-12-31 13370545 core:ShareCapital 2022-12-31 13370545 core:CurrentFinancialInstruments 2022-12-31 13370545 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13370545 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 13370545 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13370545

Ignition GP Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ignition GP Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Ignition GP Ltd

(Registration number: 13370545)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

52

41

Cash at bank and in hand

 

276

2,029

 

328

2,070

Creditors: Amounts falling due within one year

5

(1,297)

(12,646)

Net liabilities

 

(969)

(10,576)

Capital and reserves

 

Called up share capital

100

1

Retained earnings

(1,069)

(10,577)

Shareholders' deficit

 

(969)

(10,576)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2024 and signed on its behalf by:
 

.........................................
Mr A P Thorby
Director

 

Ignition GP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1, Meadowhall Riverside
Meadowhall Road
Sheffield
S9 1BW

These financial statements were authorised for issue by the Board on 21 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ignition GP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

2023
£

2022
£

Other debtors

52

41

52

41

 

Ignition GP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

162

71

Amounts owed to related parties

-

6,000

Other creditors

 

500

6,000

Accrued expenses

 

635

575

 

1,297

12,646