Registered number
13776666
Finesse Motorsport Ltd
Filleted Accounts
30 November 2023
Finesse Motorsport Ltd
Registered number: 13776666
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Current assets
Stocks 50,000 50,000
Debtors 3 1,003 3,343
Cash at bank and in hand 1,512 16,371
52,515 69,714
Creditors: amounts falling due within one year 4 (85,717) (83,336)
Net current liabilities (33,202) (13,622)
Net liabilities (33,202) (13,622)
Capital and reserves
Called up share capital 1 1
Profit and loss account (33,203) (13,623)
Shareholders' funds (33,202) (13,622)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Giddings
Director
Approved by the board on 15 April 2024
Finesse Motorsport Ltd
Notes to the Accounts
for the period from 1 January 2023 to 30 November 2023
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
£ £
Other debtors 1,003 3,343
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 85,717 83,336
5 Controlling party
The company is a wholly owned subsidiary of Finesse Paving and Civil Engineering Ltd and as such is under the control of N and D Giddings the directors of that company.
6 Other information
Finesse Motorsport Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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