2022-12-012023-11-302023-11-30false06004275Alan Causey Autosport 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Alan Causey Autosport Ltd

Registered Number
06004275
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Alan Causey Autosport Ltd
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

Alan Causey

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

06004275 (England and Wales)
Alan Causey Autosport Ltd
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets53,1703,926
3,1703,926
Current assets
Stocks7-500
Cash at bank and on hand2,0393,137
2,0393,637
Creditors amounts falling due within one year8(11,739)(12,606)
Net current assets (liabilities)(9,700)(8,969)
Total assets less current liabilities(6,530)(5,043)
Creditors amounts falling due after one year9(3,059)(4,613)
Net assets(9,589)(9,656)
Capital and reserves
Called up share capital11
Profit and loss account(9,590)(9,657)
Shareholders' funds(9,589)(9,656)
The financial statements were approved and authorised for issue by the Director on 23 August 2024, and are signed on its behalf by:
Alan Causey
Director
Registered Company No. 06004275
Alan Causey Autosport Ltd
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The balance sheet indicates a net deficit of £9,589. However, the accounts have been prepared on a going concern basis on the grounds that the directors will continue to meet the day to day expenses of the company and as the largest creditor of the company they have continued to provide these funds to the company since the year end.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
2.Average number of employees

20232022
Average number of employees during the year11
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 December 2210,00010,000
At 30 November 2310,00010,000
Amortisation and impairment
At 01 December 2210,00010,000
At 30 November 2310,00010,000
Net book value
At 30 November 23--
At 30 November 22--
4.Useful life of intangible assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
5.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 December 224,7494,1678,916
At 30 November 234,7494,1678,916
Depreciation and impairment
At 01 December 224,1578334,990
Charge for year89667756
At 30 November 234,2461,5005,746
Net book value
At 30 November 235032,6673,170
At 30 November 225923,3343,926
6.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
7.Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

2023

2022

££
Other stocks-500
Total-500
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,0152,608
Bank borrowings and overdrafts1,6001,600
Taxation and social security2,6181,603
Other creditors5,6665,955
Accrued liabilities and deferred income840840
Total11,73912,606
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,0594,613
Total3,0594,613