Company registration number 08580890 (England and Wales)
PT SPORTSCARS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PT SPORTSCARS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
PT SPORTSCARS LTD
BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,033
15,786
Current assets
Stocks
45,000
50,000
Debtors
4
35,263
35,364
Cash at bank and in hand
18,564
31,512
98,827
116,876
Creditors: amounts falling due within one year
Loans and overdrafts
40,058
51,752
Taxation and social security
8,975
18,483
Other creditors
5
140,223
150,947
189,256
221,182
Net current liabilities
(90,429)
(104,306)
Total assets less current liabilities
(69,396)
(88,520)
Creditors: amounts falling due after more than one year
Loans and overdrafts
37,409
62,011
(37,409)
(62,011)
Net liabilities
(106,805)
(150,531)
Capital and reserves
Called up share capital
134,083
134,083
Share premium account
56,511
56,511
Profit and loss reserves
(297,399)
(341,125)
Total equity
(106,805)
(150,531)
PT SPORTSCARS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023
30 December 2023
- 2 -
For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr I Payne
Director
Company registration number 08580890 (England and Wales)
PT SPORTSCARS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
PT Sportscars Ltd is a private company, limited by shares, registered in England and Wales, The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
33.33% on cost
Fixtures and fittings
25% on cost
Computers
50% on cost
Motor vehicles
20% on cost
Short leasehold
20% on cost
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
11
PT SPORTSCARS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 December 2022
57,156
16,625
5,255
17,000
96,036
Additions
18,978
18,978
At 30 December 2023
76,134
16,625
5,255
17,000
115,014
Depreciation and impairment
At 31 December 2022
49,461
11,747
3,842
15,200
80,250
Depreciation charged in the year
6,417
4,156
1,358
1,800
13,731
At 30 December 2023
55,878
15,903
5,200
17,000
93,981
Carrying amount
At 30 December 2023
20,256
722
55
21,033
At 30 December 2022
7,695
4,878
1,413
1,800
15,786
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,070
17,563
Other debtors
21,193
17,801
35,263
35,364
5
Other creditors falling due within one year
2023
2022
£
£
Trade creditors
82,695
94,428
Other creditors
54,528
53,519
Accruals and deferred income
3,000
3,000
140,223
150,947