REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st October 2023 |
for |
2 SEAS MOTORSPORT LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st October 2023 |
for |
2 SEAS MOTORSPORT LTD |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Contents of the Financial Statements |
for the year ended 31st October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
2 SEAS MOTORSPORT LTD |
Company Information |
for the year ended 31st October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Statement of Financial Position |
31st October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Statement of Financial Position - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Notes to the Financial Statements |
for the year ended 31st October 2023 |
1. | STATUTORY INFORMATION |
2 Seas Motorsport Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have considered the financial position of the company at 31st October 2023 and the projected cash flows and financial performance of the company for at least 12 months from the date of approval of these financial statements. They have also taken into consideration the continual financial support of the ultimate controlling parties. The directors consider, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the company, the company has adequate resources to continue in operation as a going concern for the foreseeable future. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- | the amount of turnover can be measured reliably; |
- | it is probable that the company will receive the consideration due under the contract; and |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably. |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Race cars | - |
Pit equipment and tools | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: |
Short leasehold | - Over length of lease |
Race Cars | - 20% straight line |
Pit equipment and tools | - 25% reducing balance |
Fixtures and fittings | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
Computer equipment | - 33% straight line |
The assets' residual value, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Pit |
Short | equipment |
leasehold | Race cars | and tools |
£ | £ | £ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Amount recoverable on contract | - | 90,000 |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 301,985 | 165,527 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other creditors |