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1415 MOTORSPORTS (UK) LIMITED

Registered Number
09054977
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

1415 MOTORSPORTS (UK) LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

FRANCHITTI, George
FRANCHITTI, George Dario Marino

Company Secretary

FRANCHITTI, Marina

Registered Address

The Sheiling
Nightingales Lane
Chalfont St. Giles
HP8 4SL

Registered Number

09054977 (England and Wales)
1415 MOTORSPORTS (UK) LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets333,41411,355
Investments416,47514,875
49,88926,230
Current assets
Debtors88,0191,460
Cash at bank and on hand297,946422,235
385,965423,695
Creditors amounts falling due within one year6(44,859)(164,176)
Net current assets (liabilities)341,106259,519
Total assets less current liabilities390,995285,749
Net assets390,995285,749
Capital and reserves
Called up share capital100100
Profit and loss account390,895285,649
Shareholders' funds390,995285,749
The financial statements were approved and authorised for issue by the Board of Directors on 16 February 2024, and are signed on its behalf by:
FRANCHITTI, George Dario Marino
Director
Registered Company No. 09054977
1415 MOTORSPORTS (UK) LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings5
Plant and machinery5
Office Equipment4
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 June 2214,2526,86021,112
Additions14,13020,08234,212
At 31 May 2328,38226,94255,324
Depreciation and impairment
At 01 June 229,757-9,757
Charge for year7,0965,05712,153
At 31 May 2316,8535,05721,910
Net book value
At 31 May 2311,52921,88533,414
At 31 May 224,4956,86011,355
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 June 2214,87514,875
Additions1,6001,600
At 31 May 2316,47516,475
Net book value
At 31 May 2316,47516,475
At 31 May 2214,87514,875

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables86,5667
Other debtors5353
Prepayments and accrued income1,4001,400
Total88,0191,460
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2,63915,773
Taxation and social security31,826141,572
Other creditors4,9362,787
Accrued liabilities and deferred income5,4584,044
Total44,859164,176