2022-06-02 2023-06-01 09104843 MOTORSPORT ELECTRONICS LIMITED false 09104843 2022-06-02 2023-06-01 09104843 uk-bus:Director1 2022-06-02 2023-06-01 09104843 uk-bus:AuditExempt-NoAccountantsReport 2022-06-02 2023-06-01 09104843 uk-bus:SmallEntities 2022-06-02 2023-06-01 09104843 uk-bus:FullAccounts 2022-06-02 2023-06-01 09104843 uk-bus:PrivateLimitedCompanyLtd 2022-06-02 2023-06-01 09104843 2022-06-02 09104843 2023-06-01 09104843 2022-06-01 xbrli:pure iso4217:GBP 09104843 2021-06-02 2022-06-01
Company Registration Number : 09104843 (England and Wales)
09104843
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2023-06-01
false
MOTORSPORT ELECTRONICS LIMITED
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2022-06-02
MOTORSPORT ELECTRONICS LIMITED
Unaudited filleted financial statements
For the year ended 1 June 2023
MOTORSPORT ELECTRONICS LIMITED
Contents
For the year ended 1 June 2023

CONTENTS PAGE
Company Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 6


MOTORSPORT ELECTRONICS LIMITED
Company Information
For the year ended 1 June 2023

Company registration number 09104843 (England and Wales)
Directors Alexandru Stefan
Matthew Lewis Thorne
Registered office address 183-185 Headquarters Road
West Wilts Trading Estate
Westbury
BA13 4JR
Accountant Barnett and Co Accountants Limited
Chartered Management Accountants
24A High Street, Melksham
Wiltshire
SN12 6LA
MOTORSPORT ELECTRONICS LIMITED
Statement of Financial Position
For the year ended 1 June 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 22,026 26,086
5 22,026 26,086
Current assets
Inventories 67,915 60,472
Debtors 399,980 395,992
Cash and cash equivalents 199,019 195,489
666,914 651,953
Current liabilities
Creditors: Amounts falling due within one year (66,403) (76,028)
Corporation tax payable - (39,648)
(66,403) (115,676)
Net current assets/(liabilities) 600,511 536,277
Total assets less current liabilities 622,537 562,363
Net assets/(liabilities) 622,537 562,363
Capital and reserves
Called up share capital 100 100
Retained earnings 622,437 562,263
Shareholders' funds 622,537 562,363
For the year ended 01 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
  • For the year ended 01 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 in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 February 2024
.............................
Matthew Lewis Thorne (Director)
Company registration number: 09104843
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2023-06-01 01 June 2023
2023 2022
£ £
Fixed Assets 22,026 26,086
Current Assets 666,091 651,953
Prepayments and accrued income 822 0
Creditors: amounts falling due within one year (66,403) (115,676)
Net current assets (liabilities) 600,511 536,277
Total assets less current liabilities 622,537 562,363
Net Assets (liabilities) 622,537 562,363
Capital and Reserves 622,537 562,363
For the year ending 01/06/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. For the year ending 01-06-2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the small companies provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 28 February 2024 2024-02-28 and signed on behalf of the board,
.............................
Matthew Lewis Thorne
Director
Company registration number: 09104843
MOTORSPORT ELECTRONICS LIMITED
Notes to the Financial Statements
For the year ended 1 June 2023

(1) General Information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 183-185 Headquarters Road, West Wilts Trading Estate, Westbury, BA13 4JR.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Interest income
Interest income is recognised using the effective interest method.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

Asset class and depreciation rate
Land and Buildings
Plant and Machinery25% reducing balance
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles
Fixtures and Fittings25% reducing balance
Equipment25% reducing balance
Motor Cars25% reducing balance
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement 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 current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

(4) Employees
During the year, the average number of employees including director was 4 (2022 : 3).

(5) Fixed assets
Tangible

£
Cost
As at 02 June 202242,599
Additions2,748
As at 01 June 202345,347
Depreciation/Amortisation
As at 02 June 202216,513
For the year6,809
As at 01 June 202323,322
Net book value
As at 01 June 202322,025
As at 01 June 202226,086