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Registration number: 11618304

PLYMOUTH KARTING LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

PLYMOUTH KARTING LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

PLYMOUTH KARTING LIMITED

Company Information

Director

Miss KATE CALDWELL

Registered office

51 MOLESWORTH STREET
WADEBRIDGE
Cornwall
PL27 7DR

Accountants

DAVID V ELSTON & Co. LIMITED
CHARTERED ACCOUNTANTS
51 MOLESWORTH ST
WADEBRIDGE
CORNWALL
PL27 7DR

 

PLYMOUTH KARTING LIMITED

(Registration number: 11618304)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

131,944

137,161

Current assets

 

Debtors

5

16,156

21,136

Cash at bank and in hand

 

69,253

30,454

 

85,409

51,590

Creditors: Amounts falling due within one year

6

(267,238)

(224,190)

Net current liabilities

 

(181,829)

(172,600)

Total assets less current liabilities

 

(49,885)

(35,439)

Creditors: Amounts falling due after more than one year

6

(39,071)

(62,513)

Net liabilities

 

(88,956)

(97,952)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(88,957)

(97,953)

Shareholders' deficit

 

(88,956)

(97,952)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
Miss KATE CALDWELL
Director

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in ENGLAND.

The address of its registered office is:
51 MOLESWORTH STREET
WADEBRIDGE
Cornwall
PL27 7DR
United Kingdom

These financial statements were authorised for issue by the director on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company experienced high repair costs during the year on property maintenance and believe that the going corcen basis is acceptable and appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture,fittings,tools and equipment

10% net book value p.a.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 17).

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

25,700

-

149,420

175,120

Additions

-

8,500

-

8,500

At 30 April 2024

25,700

8,500

149,420

183,620

Depreciation

At 1 May 2023

9,775

-

28,184

37,959

Charge for the year

1,593

-

12,124

13,717

At 30 April 2024

11,368

-

40,308

51,676

Carrying amount

At 30 April 2024

14,332

8,500

109,112

131,944

At 30 April 2023

15,925

-

121,236

137,161

Included in the net book value of tangible fixed assets is £ 64,800 (2023 £72,000) in respect of assets purchased under hire purchase schemes. Depreciation on these assets was £7,200 (2023 £8000) charged in the period.

5

Debtors

Current

2024
£

2023
£

Other debtors

16,156

21,136

 

16,156

21,136

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

81,260

97,987

Trade creditors

 

41,917

41,600

Taxation and social security

 

140,661

81,353

Accruals and deferred income

 

3,400

3,250

 

267,238

224,190

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

39,071

62,513

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

39,071

62,513

Current loans and borrowings

2024
£

2023
£

Bank borrowings

56,324

74,840

Hire purchase contracts

23,147

23,147

Other borrowings

1,789

-

81,260

97,987

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Not later than one year

67,841

58,000

Later than one year and not later than five years

267,652

232,000

Later than five years

10,833

90,440

346,326

380,440

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,500 (2023 - £43,500).

9

Related party transactions

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Transactions with the director

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Miss KATE CALDWELL

loan

1,155

(1,155)

-

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Miss KATE CALDWELL

loan

1,115

1,155

(1,115)

1,155

 

PLYMOUTH KARTING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Interest on the overdrawn directors loan account has been charged at the official interest rate.

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

23,147

23,147

Later than one year and not later than five years

38,775

62,513

61,922

85,660

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

67,841

58,000

Later than one year and not later than five years

267,652

232,000

Later than five years

10,833

90,440

346,326

380,440