Supercardriver Limited 07411419 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the organisation of events for owners of supercars Digita Accounts Production Advanced 6.30.9574.0 true true 07411419 2023-01-01 2023-12-31 07411419 2023-12-31 07411419 core:RetainedEarningsAccumulatedLosses 2023-12-31 07411419 core:ShareCapital 2023-12-31 07411419 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 07411419 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 07411419 core:CurrentFinancialInstruments 2023-12-31 07411419 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07411419 core:Non-currentFinancialInstruments 2023-12-31 07411419 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07411419 core:MotorVehicles 2023-12-31 07411419 core:OfficeEquipment 2023-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 07411419 core:ParentEntities 2023-12-31 07411419 bus:SmallEntities 2023-01-01 2023-12-31 07411419 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07411419 bus:FullAccounts 2023-01-01 2023-12-31 07411419 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07411419 bus:RegisteredOffice 2023-01-01 2023-12-31 07411419 bus:Director2 2023-01-01 2023-12-31 07411419 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07411419 core:MotorVehicles 2023-01-01 2023-12-31 07411419 core:OfficeEquipment 2023-01-01 2023-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 07411419 core:ParentEntities 2023-01-01 2023-12-31 07411419 1 2023-01-01 2023-12-31 07411419 countries:EnglandWales 2023-01-01 2023-12-31 07411419 2022-12-31 07411419 core:MotorVehicles 2022-12-31 07411419 core:OfficeEquipment 2022-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 07411419 core:ParentEntities 2022-12-31 07411419 2022-01-01 2022-12-31 07411419 2022-12-31 07411419 core:RetainedEarningsAccumulatedLosses 2022-12-31 07411419 core:ShareCapital 2022-12-31 07411419 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 07411419 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 07411419 core:CurrentFinancialInstruments 2022-12-31 07411419 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07411419 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 07411419 core:Non-currentFinancialInstruments 2022-12-31 07411419 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07411419 core:MotorVehicles 2022-12-31 07411419 core:OfficeEquipment 2022-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 07411419 core:ParentEntities 2022-12-31 07411419 core:PreviouslyStatedAmount 2022-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-01 2022-12-31 07411419 2021-12-31 07411419 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-12-31 07411419 core:ParentEntities 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 07411419

Supercardriver Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Supercardriver Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Supercardriver Limited

(Registration number: 07411419)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

231,295

179,666

Current assets

 

Debtors

6

577,260

471,100

Cash at bank and in hand

 

86,625

175,549

 

663,885

646,649

Creditors: Amounts falling due within one year

7

(388,102)

(359,334)

Net current assets

 

275,783

287,315

Total assets less current liabilities

 

507,078

466,981

Creditors: Amounts falling due after more than one year

7

(249,264)

(172,156)

Provisions for liabilities

52,227

20,848

Net assets

 

310,041

315,673

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

308,041

313,673

Shareholders' funds

 

310,041

315,673

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Supercardriver Limited

(Registration number: 07411419)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 21 March 2024
 

.........................................
Mr A P Thorby
Director

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Gnd Flr Office Suite 1A
Meadowhall Riverside
Meadowhall Road
Sheffield
South Yorkshire
S9 1BW

These financial statements were authorised for issue by the director on 21 March 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred 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.

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

33% on a straight line basis

Motor vehicles

25% on a straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

79,183

74,782

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

75,903

276,572

352,475

Additions

1,981

194,480

196,461

Disposals

-

(91,365)

(91,365)

At 31 December 2023

77,884

379,687

457,571

Depreciation

At 1 January 2023

61,192

111,617

172,809

Charge for the year

10,069

69,114

79,183

Eliminated on disposal

-

(25,716)

(25,716)

At 31 December 2023

71,261

155,015

226,276

Carrying amount

At 31 December 2023

6,623

224,672

231,295

At 31 December 2022

14,711

164,955

179,666

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

24,191

30,908

Amounts owed by related parties

9

485,010

400,023

Other debtors

 

29,250

31,000

Prepayments

 

38,809

9,169

 

577,260

471,100

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

50,051

35,821

Trade creditors

 

2,960

19,597

Amounts owed to related parties

9

108,297

108,297

Taxation and social security

 

30,669

19,417

Corporation tax

 

34,368

30,817

Other creditors

 

34,191

-

Accrued expenses and deferred income

 

127,566

145,385

 

388,102

359,334

2023
£

2022
£

Current loans and borrowings

Bank borrowings

31,532

29,444

HP and finance lease liabilities

18,519

6,377

50,051

35,821

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

249,264

172,156

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

81,299

114,918

Hire purchase contracts

167,965

57,238

249,264

172,156

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

31,532

29,444

Hire purchase contracts

18,519

6,377

50,051

35,821

9

Related party transactions

Loans to related parties

2023

Parent
£

Total
£

At start of period

400,023

400,023

Advanced

84,987

84,987

At end of period

485,010

485,010

2022

Parent
£

Total
£

At start of period

400,023

400,023

At end of period

400,023

400,023

Terms of loans to related parties

There are no repayment terms and interest is not charged on the balance.
 

Loans from related parties

2023

Entities with joint control or significant influence
£

At start of period

108,154

At end of period

108,154

2022

Entities with joint control or significant influence
£

Total
£

At start of period

110,144

110,144

Repaid

(1,990)

(1,990)

At end of period

108,154

108,154

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balance.
 

 

Supercardriver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Supercardriver Holdings Limited, incorporated in England and Wales.