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Registration number: 04936126

Speedworks Motorsport Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Speedworks Motorsport Limited

(Registration number: 04936126)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

100,000

100,000

Tangible assets

5

240,351

299,239

 

340,351

399,239

Current assets

 

Stocks

362,456

233,905

Debtors

6

241,839

321,640

 

604,295

555,545

Creditors: Amounts falling due within one year

7

(500,446)

(407,186)

Net current assets

 

103,849

148,359

Total assets less current liabilities

 

444,200

547,598

Creditors: Amounts falling due after more than one year

7

(2,699,773)

(1,583,334)

Net liabilities

 

(2,255,573)

(1,035,736)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(2,255,673)

(1,035,836)

Shareholders' deficit

 

(2,255,573)

(1,035,736)

 

Speedworks Motorsport Limited

(Registration number: 04936126)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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 18 April 2024 and signed on its behalf by:
 

.........................................
Mrs A S M Dick
Company secretary and director

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Belmont Hall
Warrington Road
Great Budworth
NORTHWICH
CW9 6HN

These financial statements were authorised for issue by the Board on 18 April 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.

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

25% reducing balance

Race cars

25% reducing balance

Intangible assets

Intangible fixed assets relate to the cost of the BTCC licence fee. This licence has no expiry date and can be sold on. There is no amortisation charge.

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.

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 4 (2022 - 4).

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

BTCC licence fee
 £

Total
£

Cost or valuation

At 1 December 2022

100,000

100,000

At 30 November 2023

100,000

100,000

Amortisation

Carrying amount

At 30 November 2023

100,000

100,000

At 30 November 2022

100,000

100,000

5

Tangible assets

Plant and machinery etc
 £

Race cars
 £

Total
£

Cost or valuation

At 1 December 2022

494,620

649,921

1,144,541

Additions

21,227

-

21,227

At 30 November 2023

515,847

649,921

1,165,768

Depreciation

At 1 December 2022

404,962

440,340

845,302

Charge for the year

27,720

52,395

80,115

At 30 November 2023

432,682

492,735

925,417

Carrying amount

At 30 November 2023

83,165

157,186

240,351

At 30 November 2022

89,658

209,581

299,239

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

3,421

13,111

Prepayments

30,000

30,000

Other debtors

208,418

278,529

 

241,839

321,640

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

141,847

161,805

Trade creditors

 

312,596

187,059

Taxation and social security

 

10,563

21,201

Accruals and deferred income

 

2,500

26,881

Other creditors

 

32,940

10,240

 

500,446

407,186

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

38,928

1,346,096

Other non-current financial liabilities

 

2,660,845

237,238

 

2,699,773

1,583,334

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,126

44,031

Other borrowings

19,802

1,302,065

38,928

1,346,096

2023
£

2022
£

Current loans and borrowings

Bank borrowings

24,906

24,905

Bank overdrafts

44,325

34,489

Other borrowings

72,616

102,411

141,847

161,805

 

Speedworks Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

At 30 November 2023, included within creditors due after more than one year is a loan of £2,660,845 from the Directors Mr and Mrs Dick and Mr Gilbert. No interest has been charged to the company in respect of this loan and there are no agreed repayment terms. However, the Directors have given assurances that they will continue to support the company and this amount will not be repayable within 12 months.