REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Rotorsport Sales And Service Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Rotorsport Sales And Service Ltd |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Rotorsport Sales And Service Ltd |
Company Information |
for the year ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Belmont House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Statement of Financial Position - continued |
31 December 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Rotorsport Sales And Service Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial assets, including trade other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss. |
Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements continue to be prepared on a going concern basis and the company will be financially supported by the director. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures | Product |
Plant and | and | development |
machinery | fittings | assets | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Rotorsport Sales And Service Ltd (Registered number: 08600807) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
8. | RELATED PARTY DISCLOSURES |
Included in creditors falling due within one year is an amount of £103,697 (2022 £62,564) due to the director of the company. This amount is repayable on demand. During the year, interest of £5,822 (2022 £6,919) was paid on the loan at a rate of 7% (2022: 7%). |
Included in other creditors is an amount of £323 (2022 £nil) due to AutoGyro Certification Limited, included in other debtors is an amount of £nil (2022: £1,027) due from Autogyro Certification Limited, a company controlled by Mr G Speich, the director of the company, and Mrs J Speich. No interest is being charged on this loan. |