Company Registration No. 05441962 (England and Wales)
BLAKENEY MOTORSPORT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BLAKENEY MOTORSPORT LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BLAKENEY MOTORSPORT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2023.

Principal activities

The principal activity of the company continued to be that of motor engineering

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

O Blakeney-Edwards
P Blakeney-Edwards

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P Blakeney-Edwards
Director
22 February 2024
BLAKENEY MOTORSPORT LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
21,000
24,000
Tangible assets
4
2,507,420
2,082,687
2,528,420
2,106,687
Current assets
Stocks
2,029,892
2,135,936
Debtors
5
275,291
410,278
Cash at bank and in hand
857,491
671,645
3,162,674
3,217,859
Creditors: amounts falling due within one year
6
(417,085)
(271,959)
Net current assets
2,745,589
2,945,900
Total assets less current liabilities
5,274,009
5,052,587
Creditors: amounts falling due after more than one year
7
(162,390)
(259,085)
Net assets
5,111,619
4,793,502
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
5,111,617
4,793,500
Total equity
5,111,619
4,793,502

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BLAKENEY MOTORSPORT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
P Blakeney-Edwards
Director
Company Registration No. 05441962
BLAKENEY MOTORSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Blakeney Motorsport Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Invicta Park, Sandpit Road, Dartford, DA1 5BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

 

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life, and shall be amortised on a systematic basis over its life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BLAKENEY MOTORSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

BLAKENEY MOTORSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 24 (2022 - 22).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
30,000
Amortisation and impairment
At 1 June 2022
6,000
Amortisation charged for the year
3,000
At 31 May 2023
9,000
Carrying amount
At 31 May 2023
21,000
At 31 May 2022
24,000
BLAKENEY MOTORSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2022
1,710,307
97,886
258,636
98,273
375,910
2,541,012
Additions
-
0
1,305
5,967
450
627,365
635,087
Disposals
-
0
-
0
(83,178)
(69,206)
(60,002)
(212,386)
At 31 May 2023
1,710,307
99,191
181,425
29,517
943,273
2,963,713
Depreciation and impairment
At 1 June 2022
-
0
79,561
113,416
69,569
195,779
458,325
Depreciation charged in the year
-
0
3,752
65,129
6,062
100,021
174,964
Eliminated in respect of disposals
-
0
-
0
(89,280)
(61,349)
(26,367)
(176,996)
At 31 May 2023
-
0
83,313
89,265
14,282
269,433
456,293
Carrying amount
At 31 May 2023
1,710,307
15,878
92,160
15,235
673,840
2,507,420
At 31 May 2022
1,710,307
18,325
145,220
28,704
180,131
2,082,687
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
242,074
283,342
Corporation tax recoverable
1,303
109,072
Other debtors
31,914
17,864
275,291
410,278
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
41,459
36,196
Trade creditors
334,090
80,374
Taxation and social security
25,820
116,499
Other creditors
15,716
38,890
417,085
271,959
BLAKENEY MOTORSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,390
259,085
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1 Ordinary A shares of £1 each
1
1
2
2

The Ordinary and Ordinary A shares rank parri passu.

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