JTI Motorsport Ltd 13111692 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is 45320 - Retail trade of motor vehicle parts and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 13111692 2023-04-01 2024-03-31 13111692 2024-03-31 13111692 core:RetainedEarningsAccumulatedLosses 2024-03-31 13111692 core:ShareCapital 2024-03-31 13111692 core:CurrentFinancialInstruments 2024-03-31 13111692 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13111692 core:PlantMachinery 2024-03-31 13111692 bus:SmallEntities 2023-04-01 2024-03-31 13111692 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13111692 bus:FullAccounts 2023-04-01 2024-03-31 13111692 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13111692 bus:RegisteredOffice 2023-04-01 2024-03-31 13111692 bus:Director1 2023-04-01 2024-03-31 13111692 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13111692 core:PlantMachinery 2023-04-01 2024-03-31 13111692 countries:EnglandWales 2023-04-01 2024-03-31 13111692 2023-03-31 13111692 core:PlantMachinery 2023-03-31 13111692 2022-04-01 2023-03-31 13111692 2023-03-31 13111692 core:RetainedEarningsAccumulatedLosses 2023-03-31 13111692 core:ShareCapital 2023-03-31 13111692 core:CurrentFinancialInstruments 2023-03-31 13111692 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13111692 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13111692

JTI Motorsport Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

JTI Motorsport Ltd

(Registration number: 13111692)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,569

3,427

Current assets

 

Stocks

5

1,200

1,200

Debtors

6

1,563

1,313

Cash at bank and in hand

 

7,258

10,842

 

10,021

13,355

Creditors: Amounts falling due within one year

7

(15,747)

(16,596)

Net current liabilities

 

(5,726)

(3,241)

Net (liabilities)/assets

 

(3,157)

186

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,257)

86

Shareholders' (deficit)/funds

 

(3,157)

186

For the financial 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.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
F Spice
Director

 

JTI Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Unit C Nyewood Business Park, Nyewood, Petersfield, GU31 5HA. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

JTI Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Plant and machinery

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

JTI Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

6,050

6,050

At 31 March 2024

6,050

6,050

Depreciation

At 1 April 2023

2,623

2,623

Charge for the year

858

858

At 31 March 2024

3,481

3,481

Carrying amount

At 31 March 2024

2,569

2,569

At 31 March 2023

3,427

3,427

5

Stocks

2024
£

2023
£

Other inventories

1,200

1,200

6

Debtors

2024
£

2023
£

Other debtors

1,563

1,313

1,563

1,313

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

429

-

Taxation and social security

 

11,314

9,800

Accruals and deferred income

 

1,065

1,060

Other creditors

 

2,939

5,736

 

15,747

16,596

 

JTI Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

429

-

9

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.