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
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
Challenge Motor Company Limited
Statement of financial position
as at 31 March 2024
Tangible assets
30,665
25,942
Cash at bank and in hand
67,577
98,320
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)
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
Challenge Motor Company Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Computer equipment
3 Years
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.
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
At 31 March 2024
83,635
857
84,492
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
At 31 March 2024
30,404
261
30,665
At 31 March 2023
25,741
201
25,942
Amounts falling due within one year
Trade debtors
26,096
26,412
Accrued income and prepayments
18,435
19,743
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,203
9,950
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
7
Creditors: amounts falling due after more than one year
2024
2023
8
Capital commitments
2024
2023
Amounts contracted but not provided for in the accounts
-
9,845
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
10
Average number of employees
During the year the average number of employees was 13 (2023: 13).