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Company Registration No. 4979011 (England and Wales)
Challenge Motor Company Limited Unaudited accounts for the year ended 31 March 2024
Challenge Motor Company Limited Unaudited accounts Contents
Page
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Challenge Motor Company Limited Company Information for the year ended 31 March 2024
Directors
Robert Connell Ian Abbley
Company Number
4979011 (England and Wales)
Registered Office
Unit 3 King Alfred Way Cheltenham Gloucestershire GL52 6QP United Kingdom
Accountants
MAB Accountancy Hub Ltd 82 Station Road Bishops Cleeve Cheltenham Gloucestershire GL52 8HJ
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Challenge Motor Company Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
30,665 
25,942 
Current assets
Inventories
8,750 
8,750 
Debtors
45,253 
47,736 
Cash at bank and in hand
67,577 
98,320 
121,580 
154,806 
Creditors: amounts falling due within one year
(94,450)
(94,483)
Net current assets
27,130 
60,323 
Total assets less current liabilities
57,795 
86,265 
Creditors: amounts falling due after more than one year
(12,235)
(22,438)
Net assets
45,560 
63,827 
Capital and reserves
Called up share capital
101 
101 
Profit and loss account
45,459 
63,726 
Shareholders' funds
45,560 
63,827 
For the year ending 31 March 2024 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 responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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.
The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by
Robert Connell Director Company Registration No. 4979011
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Challenge Motor Company Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Challenge Motor Company Limited is a private company, limited by shares, registered in England and Wales, registration number 4979011. The registered office is Unit 3, King Alfred Way, Cheltenham, Gloucestershire, GL52 6QP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 Years
Computer equipment
3 Years
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Challenge Motor Company Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
71,950 
748 
72,698 
Additions
11,968 
275 
12,243 
Disposals
(283)
(166)
(449)
At 31 March 2024
83,635 
857 
84,492 
Depreciation
At 1 April 2023
46,209 
547 
46,756 
Charge for the year
7,220 
145 
7,365 
On disposals
(198)
(96)
(294)
At 31 March 2024
53,231 
596 
53,827 
Net book value
At 31 March 2024
30,404 
261 
30,665 
At 31 March 2023
25,741 
201 
25,942 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
26,096 
26,412 
Accrued income and prepayments
18,435 
19,743 
Other debtors
722 
1,581 
45,253 
47,736 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,203 
9,950 
VAT
7,408 
7,455 
Trade creditors
50,799 
46,760 
Taxes and social security
19,665 
20,383 
Other creditors
5,465 
5,895 
Loans from directors
15 
3,145 
Accruals
895 
895 
94,450 
94,483 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
12,235 
22,438 
8
Capital commitments
2024 
2023 
£ 
£ 
Amounts contracted but not provided for in the accounts
- 
9,845 
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Challenge Motor Company Limited Notes to the Accounts for the year ended 31 March 2024
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
3,066 
1,882 
Later than one year and not later than five years
8,687 
5,408 
11,753 
7,290 
10
Average number of employees
During the year the average number of employees was 13 (2023: 13).
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