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REGISTERED NUMBER: 07325940 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TOLMAN MOTORSPORT LIMITED

TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOLMAN MOTORSPORT LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: C Tolman





REGISTERED OFFICE: Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY





REGISTERED NUMBER: 07325940 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY

TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,761 16,549

CURRENT ASSETS
Stocks 195,242 253,191
Debtors 5 135,406 48,319
Cash at bank and in hand 47,546 18,350
378,194 319,860
CREDITORS
Amounts falling due within one year 6 319,139 157,696
NET CURRENT ASSETS 59,055 162,164
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,816

178,713

CREDITORS
Amounts falling due after more than one
year

7

32,099

37,298
NET ASSETS 37,717 141,415

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 99,999 99,999
Retained earnings (62,284 ) 41,414
SHAREHOLDERS' FUNDS 37,717 141,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





C Tolman - Director


TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Tolman Motorsport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - at varying rates on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 265,121
Additions 4,954
Disposals (10,899 )
At 31 December 2023 259,176
DEPRECIATION
At 1 January 2023 248,572
Charge for year 10,742
Eliminated on disposal (10,899 )
At 31 December 2023 248,415
NET BOOK VALUE
At 31 December 2023 10,761
At 31 December 2022 16,549

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 96,685 9,352
Amounts owed by participating interests 8,169 8,185
Other debtors 30,552 30,782
135,406 48,319

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,556 20,738
Trade creditors 121,106 97,413
Taxation and social security 40,838 26,222
Other creditors 151,639 13,323
319,139 157,696

TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 32,099 37,298

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,877 15,076

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 15,182

9. RELATED PARTY DISCLOSURES

C Tolman (director) is also a director of the JFT Limited and Tolman engineering Ltd, both of these companies are registered in England.

During the year the company made the following transactions with these companies:

JFT Limited
Rent payments made £12,855 (2022 £12,874)
Trade creditors include debit balance £1,280 (2022 credit balance (£1,225)
Management charge receivable £nil (2022 £3,000)
Trade debtors include £229 (2022 £3,000)
Loan debtor at the balance sheet date £8,169 (£2022 £8,169)

Tolman Engineering Limited - Dormant
Loan debtor at the balance sheet date £nil (£2022 £16)

10. CONTROLLING PARTY

The controlling party is C Tolman.