Registered number
07103907
MANSELL MOTORSPORT LIMITED
Filleted Accounts
31 December 2023
MANSELL MOTORSPORT LIMITED
Registered number: 07103907
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,959 11,400
Current assets
Stocks 13,502 19,758
Debtors 4 32,341 66,083
Cash at bank and in hand 184,821 139,069
230,664 224,910
Creditors: amounts falling due within one year 5 (137,394) (95,654)
Net current assets 93,270 129,256
Net assets 105,229 140,656
Capital and reserves
Called up share capital 2 1
Profit and loss account 105,227 140,655
Shareholders' funds 105,229 140,656
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Mansell
Director
Approved by the board on 10 July 2024
MANSELL MOTORSPORT LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 7 years
Plant, machinery, fixtures, fittings and computer equipment over 3 or 5 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 10,026 18,524 67,178 95,728
Additions - 5,250 - 5,250
Disposals - (720) (7,680) (8,400)
At 31 December 2023 10,026 23,054 59,498 92,578
Depreciation
At 1 January 2023 8,813 13,140 62,375 84,328
Charge for the year 214 1,512 2,965 4,691
On disposals - (720) (7,680) (8,400)
At 31 December 2023 9,027 13,932 57,660 80,619
Net book value
At 31 December 2023 999 9,122 1,838 11,959
At 31 December 2022 1,213 5,384 4,803 11,400
4 Debtors 2023 2022
£ £
Trade debtors 13,449 54,166
Other taxes and social security 13,470 11,917
Other debtors 5,422 -
32,341 66,083
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 56,873 56,322
Taxation and social security costs 5,660 8,375
Other creditors 74,861 30,957
137,394 95,654
6 Other information
MANSELL MOTORSPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
South Riding
Sibson Road
Sheepy Parva
Atherstone
CV9 3RE
MANSELL MOTORSPORT LIMITED 07103907 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 K Mansell No description of principal activity 07103907 2022-01-01 2022-12-31 07103907 core:WithinOneYear 2022-12-31 07103907 core:ShareCapital 2022-12-31 07103907 core:RetainedEarningsAccumulatedLosses 2022-12-31 07103907 2023-01-01 2023-12-31 07103907 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07103907 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07103907 bus:Director40 2023-01-01 2023-12-31 07103907 1 2023-01-01 2023-12-31 07103907 2 2023-01-01 2023-12-31 07103907 core:LandBuildings 2023-01-01 2023-12-31 07103907 core:PlantMachinery 2023-01-01 2023-12-31 07103907 core:Vehicles 2023-01-01 2023-12-31 07103907 countries:England 2023-01-01 2023-12-31 07103907 bus:FRS102 2023-01-01 2023-12-31 07103907 bus:FilletedAccounts 2023-01-01 2023-12-31 07103907 2023-12-31 07103907 core:WithinOneYear 2023-12-31 07103907 core:ShareCapital 2023-12-31 07103907 core:RetainedEarningsAccumulatedLosses 2023-12-31 07103907 core:LandBuildings 2023-12-31 07103907 core:PlantMachinery 2023-12-31 07103907 core:Vehicles 2023-12-31 07103907 2022-12-31 07103907 core:LandBuildings 2022-12-31 07103907 core:PlantMachinery 2022-12-31 07103907 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure