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Company registration number: 02988620
Speeddraw Limited
Unaudited filleted financial statements
31 December 2023
Speeddraw Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Speeddraw Limited
Directors and other information
Directors
Mrs J Wint
Company number 02988620
Registered office Hambleton Bard Building
Cobnar Wood Close
Chesterfield Trading Estate
Chesterfield
S41 9RQ
Business address Unit 2 & 3 Speeddraw House
Callywhite Lane
Dronfield
Sheffield
S18 2XP
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Speeddraw Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Speeddraw Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Speeddraw Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Speeddraw Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Speeddraw Limited and state those matters that we have agreed to state to the board of directors of Speeddraw Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speeddraw Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Speeddraw Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Speeddraw Limited. You consider that Speeddraw Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Speeddraw Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
30 August 2024
Speeddraw Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 1,150,000 1,150,000
_______ _______
1,150,000 1,150,000
Current assets
Cash at bank and in hand 45,744 38,298
_______ _______
45,744 38,298
Creditors: amounts falling due
within one year 6 ( 453,725) ( 442,261)
_______ _______
Net current liabilities ( 407,981) ( 403,963)
_______ _______
Total assets less current liabilities 742,019 746,037
Provisions for liabilities ( 97,532) ( 97,532)
_______ _______
Net assets 644,487 648,505
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Revaluation reserve 575,165 575,165
Profit and loss account 59,322 63,340
_______ _______
Shareholders funds 644,487 648,505
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mrs J Wint
Director
Company registration number: 02988620
Speeddraw Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Hambleton Bard Building, Cobnar Wood Close, Chesterfield Trading Estate, Chesterfield, S41 9RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,150,000 1,150,000
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 1,150,000 1,150,000
_______ _______
At 31 December 2022 1,150,000 1,150,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 36 36
Amounts owed to group undertakings and undertakings in which the company has a participating interest 397,489 390,697
Corporation tax 19,364 14,692
Social security and other taxes 3,711 3,711
Other creditors 33,125 33,125
_______ _______
453,725 442,261
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Hambleton Bard International Limited 74,340 74,340 ( 397,489) ( 390,697)
_______ _______ _______ _______
8. Controlling party
The day to day operations are controlled by the director Mrs J Wint , however no single entity has control over the assets and liabilities of the company. This company is a subsidiary of Hambleton Bard International Limited a company incorporated in England and Wales. The ultimate controlling party Hambleton Bard Holdings (Cyprus) Limited a company that resides in Cyprus.