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COMPANY REGISTRATION NUMBER: 12508847
Will Orton Motorsport Limited
Filleted Unaudited Financial Statements
31 March 2024
Will Orton Motorsport Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Will Orton Motorsport Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
30,511
5,983
Current assets
Debtors
5
7,189
418
Cash at bank and in hand
3,110
3,994
--------
-------
10,299
4,412
Creditors: amounts falling due within one year
6
293,786
128,018
---------
---------
Net current liabilities
283,487
123,606
---------
---------
Total assets less current liabilities
( 252,976)
( 117,623)
Creditors: amounts falling due after more than one year
7
11,164
---------
---------
Net liabilities
( 264,140)
( 117,623)
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 264,143)
( 117,626)
---------
---------
Shareholders deficit
( 264,140)
( 117,623)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the 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 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 .
Will Orton Motorsport Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mrs E Orton
Director
Company registration number: 12508847
Will Orton Motorsport Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadgate, Main Street, Flintham, Newark, NG23 5LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors of the company will continue to support the business financially for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
15% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
17,000
3,151
20,151
Additions
39,000
39,000
Disposals
( 17,000)
( 17,000)
--------
-------
--------
At 31 March 2024
39,000
3,151
42,151
--------
-------
--------
Depreciation
At 1 April 2023
12,750
1,418
14,168
Charge for the year
9,750
472
10,222
Disposals
( 12,750)
( 12,750)
--------
-------
--------
At 31 March 2024
9,750
1,890
11,640
--------
-------
--------
Carrying amount
At 31 March 2024
29,250
1,261
30,511
--------
-------
--------
At 31 March 2023
4,250
1,733
5,983
--------
-------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
29,250
--------
At 31 March 2023
--------
5. Debtors
2024
2023
£
£
Other debtors
7,189
418
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
265
Other creditors
293,786
127,753
---------
---------
293,786
128,018
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,164
--------
----