Hartech Motorsport Limited 07633478 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is professional motorsport engineering together with the provision of components, product design and associated manufacture. Digita Accounts Production Advanced 6.30.9574.0 true true 07633478 2023-04-01 2024-03-31 07633478 2024-03-31 07633478 core:CurrentFinancialInstruments 2024-03-31 07633478 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07633478 core:PlantMachinery 2024-03-31 07633478 1 2024-03-31 07633478 bus:SmallEntities 2023-04-01 2024-03-31 07633478 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07633478 bus:FilletedAccounts 2023-04-01 2024-03-31 07633478 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07633478 bus:RegisteredOffice 2023-04-01 2024-03-31 07633478 bus:Director1 2023-04-01 2024-03-31 07633478 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07633478 core:PlantMachinery 2023-04-01 2024-03-31 07633478 countries:EnglandWales 2023-04-01 2024-03-31 07633478 1 2023-04-01 2024-03-31 07633478 2023-03-31 07633478 core:PlantMachinery 2023-03-31 07633478 1 2023-03-31 07633478 2022-04-01 2023-03-31 07633478 2023-03-31 07633478 core:CurrentFinancialInstruments 2023-03-31 07633478 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07633478 core:PlantMachinery 2023-03-31 07633478 1 2023-03-31 07633478 1 2022-04-01 2023-03-31 07633478 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07633478

Hartech Motorsport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hartech Motorsport Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Hartech Motorsport Limited

(Registration number: 07633478)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,324

4,432

Current assets

 

Stocks

5,830

3,863

Debtors

5

6,106

22,339

Cash at bank and in hand

 

178,718

172,945

 

190,654

199,147

Creditors: Amounts falling due within one year

6

(38,088)

(13,557)

Net current assets

 

152,566

185,590

Total assets less current liabilities

 

155,890

190,022

Provisions for liabilities

(831)

(1,108)

Net assets

 

155,059

188,914

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

155,057

188,912

Shareholders' funds

 

155,059

188,914

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

 

Hartech Motorsport Limited

(Registration number: 07633478)
Statement of Financial Position as at 31 March 2024 (continued)


Mr Jonathan Carey
Director

 

Hartech Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is professional motorsport engineering together with the provision of components, product design and associated manufacture.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Hartech Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

 

Hartech Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Hartech Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

29,067

29,067

At 31 March 2024

29,067

29,067

Depreciation

At 1 April 2023

24,635

24,635

Charge for the year

1,108

1,108

At 31 March 2024

25,743

25,743

Carrying amount

At 31 March 2024

3,324

3,324

At 31 March 2023

4,432

4,432

5

Debtors

2024
£

2023
£

Trade debtors

-

20,004

Other debtors

6,106

2,335

6,106

22,339

 

Hartech Motorsport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,239

5,179

Taxation and social security

-

5,534

Accruals and deferred income

950

905

Other creditors

31,899

1,939

38,088

13,557

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

(1,939)

-

(29,960)

(31,899)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors

(4,752)

3,158

(345)

(1,939)

 

The loans are repayable on demand. Overdrawn balances are subject to interest at the official rate.