2023-01-012023-12-312023-12-31false06155717TRIPLE D MOTOSPORT 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TRIPLE D MOTOSPORT LIMITED

Registered Number
06155717
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TRIPLE D MOTOSPORT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CRAYSTON, Maria
CRAYSTON, Neil David

Company Secretary

CRAYSTON, Maria

Registered Address

Mintsfeet Road South
Mintsfeet Industrial Estate
Kendal
LA9 6ND

Registered Number

06155717 (England and Wales)
TRIPLE D MOTOSPORT LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets330,07224,651
Tangible assets5116,40190,095
146,473114,746
Current assets
Stocks61,339,442913,460
Debtors7159,33179,915
Cash at bank and on hand18,43617,483
1,517,2091,010,858
Creditors amounts falling due within one year8(1,309,594)(766,220)
Net current assets (liabilities)207,615244,638
Total assets less current liabilities354,088359,384
Creditors amounts falling due after one year9(93,687)(77,590)
Provisions for liabilities11(19,400)(26,900)
Net assets241,001254,894
Capital and reserves
Called up share capital100100
Profit and loss account240,901254,794
Shareholders' funds241,001254,894
The financial statements were approved and authorised for issue by the Board of Directors on 30 August 2024, and are signed on its behalf by:
CRAYSTON, Neil David
Director
Registered Company No. 06155717
TRIPLE D MOTOSPORT LIMITED
Notes to the Financial Statements
for the year ended 31 December 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-10
Fixtures and fittings-5
Vehicles15-
Office Equipment15-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year109
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 January 2391,28517,700108,985
Additions-9,5349,534
At 31 December 2391,28527,234118,519
Amortisation and impairment
At 01 January 2384,334-84,334
Charge for year1,3902,7234,113
At 31 December 2385,7242,72388,447
Net book value
At 31 December 235,56124,51130,072
At 31 December 226,95117,70024,651
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 10 years and the asset will be amortized on a straight-line basis over that period. The Other Intangible asset is the company's new website. The estimated useful life of the website has been set at 5 years and the asset will be amortized on a straight-line basis over that period.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 January 236,03738,43799,99176,42452,905273,794
Additions--56,8402,4232,06661,329
Disposals--(32,811)--(32,811)
At 31 December 236,03738,437124,02078,84754,971302,312
Depreciation and impairment
At 01 January 23-22,70767,92955,96137,102183,699
Charge for year-3,1457,2574,0362,42216,860
On disposals--(14,648)--(14,648)
At 31 December 23-25,85260,53859,99739,524185,911
Net book value
At 31 December 236,03712,58563,48218,85015,447116,401
At 31 December 226,03715,73032,06220,46315,80390,095
6.Stocks

2023

2022

££
Raw materials and consumables1,339,442913,460
Total1,339,442913,460
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables20,3698,548
Other debtors138,17967,454
Prepayments and accrued income7833,913
Total159,33179,915
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,176,215634,288
Bank borrowings and overdrafts29,36532,521
Taxation and social security3,68611,832
Finance lease and HP contracts7,152-
Other creditors91,32685,909
Accrued liabilities and deferred income1,8501,670
Total1,309,594766,220
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. Bank borrowings amounting to £19,865 (2022: £23,021) are secured by a fixed and floating charge over assets of the company. Bank borrowings include a bank loan which is an unsecured government Bounce Back Loan amounting to £9,500 (2022: £9,500). Finance lease and HP contracts are secured on the assets to which they relate.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts63,32777,590
Other creditors30,360-
Total93,68777,590
Bank borrowings amounting to £47,899 (2022: £52,272) are secured by a fixed and floating charge over assets of the company. Bank borrowings include a bank loan which is an unsecured government Bounce Back Loan amounting to £15,428 (2022: £25,318). Bank loan instalment payments due after more than five years amounted to £21,899 (2022: £26,272).
10.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts30,360-
Finance lease and HP contracts are secured on the assets to which they relate.
11.Provisions for liabilities
The deferred tax provision relates to accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)19,40026,900
Total19,40026,900
12.Related party transactions
On 1 January 2023, the company owed the Directors £72,856. During the period the Directors were repaid £14,154 and the Directors advanced a further £4,478. On 31 December 2023, the company owed the Directors £63,181. No interest was charged on this loan and the loan is repayable on demand.