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Registered number: 09850556
Top Gear Tuning Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Air Accounting Ltd
Park View Business Centre
Combermere
Whitchurch
Cheshire
SY13 4AL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09850556
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,543 12,120
Tangible Assets 5 43,487 53,030
54,030 65,150
CURRENT ASSETS
Stocks 6 130,370 163,370
Debtors 7 1,082,629 159,820
Cash at bank and in hand 6,093 18,025
1,219,092 341,215
Creditors: Amounts Falling Due Within One Year 8 (238,016 ) (73,679 )
NET CURRENT ASSETS (LIABILITIES) 981,076 267,536
TOTAL ASSETS LESS CURRENT LIABILITIES 1,035,106 332,686
Creditors: Amounts Falling Due After More Than One Year 9 (716,087 ) (9,983 )
NET ASSETS 319,019 322,703
CAPITAL AND RESERVES
Called up share capital 11 200 200
Profit and Loss Account 318,819 322,503
SHAREHOLDERS' FUNDS 319,019 322,703
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Kirk
Director
9th September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Top Gear Tuning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09850556 . The registered office is Unit 6 Planetary Industrial Estate, Planetary Road, Willenhall, West Midlands, WV13 3XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets consists of software development. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 3 year straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 3)
1 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 15,768
As at 31 December 2023 15,768
Amortisation
As at 1 January 2023 3,648
Provided during the period 1,577
As at 31 December 2023 5,225
Net Book Value
As at 31 December 2023 10,543
As at 1 January 2023 12,120
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 71,822 17,415 972 233 90,442
Additions - - 648 2,935 3,583
Disposals (3,295 ) - - - (3,295 )
As at 31 December 2023 68,527 17,415 1,620 3,168 90,730
Depreciation
As at 1 January 2023 30,637 6,269 350 156 37,412
Provided during the period 8,237 2,230 254 1,055 11,776
Disposals (1,945 ) - - - (1,945 )
As at 31 December 2023 36,929 8,499 604 1,211 47,243
Net Book Value
As at 31 December 2023 31,598 8,916 1,016 1,957 43,487
As at 1 January 2023 41,185 11,146 622 77 53,030
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 11,010 15,449
6. Stocks
2023 2022
£ £
Stock 130,370 163,370
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,339 11,613
Prepayments and accrued income 14,303 3,138
VAT 2,026 -
Amounts owed by group undertakings 1,061,961 145,069
1,082,629 159,820
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,255 4,930
Trade creditors 36,269 3,550
Bank loans and overdrafts 193,192 37,300
Corporation tax - 2,442
Other taxes and social security 2,555 520
VAT - 12,941
Other creditors - 1,190
Accruals and deferred income 745 8,946
Director's loan account - 1,860
238,016 73,679
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 4,717 9,983
Bank loans 711,370 -
716,087 9,983
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,255 4,930
Later than one year and not later than five years 4,717 9,983
9,972 14,913
9,972 14,913
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
Page 5