Company Registration No. 09924245 (England and Wales)
MX RACING LIMITED
Unaudited accounts
for the year ended 31 December 2023
MX RACING LIMITED
Unaudited accounts
Contents
MX RACING LIMITED
Company Information
for the year ended 31 December 2023
Directors
Matthew David Taylor
Jackie Ann Taylor
Jake JohnTaylor
Luke George Taylor
Company Number
09924245 (England and Wales)
Registered Office
MX RACING MAIN ROAD
DONINGTON-ON-BAIN
LOUTH
LN11 9TJ
ENGLAND
Accountants
Elliott Accountancy Services Ltd
Rosemary Cottage
Barkwith Road
South Willingham
Lincolnshire
LN8 6NN
MX RACING LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
58,007
51,341
Cash at bank and in hand
10,895
8,908
Creditors: amounts falling due within one year
(126,157)
(124,204)
Net current liabilities
(73,470)
(74,577)
Total assets less current liabilities
(15,463)
(23,236)
Creditors: amounts falling due after more than one year
(8,997)
(13,256)
Net liabilities
(24,460)
(36,492)
Called up share capital
100
100
Profit and loss account
(24,560)
(36,592)
Shareholders' funds
(24,460)
(36,492)
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
Matthew David Taylor
Director
Company Registration No. 09924245
MX RACING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
MX RACING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09924245. The registered office is MX RACING MAIN ROAD, DONINGTON-ON-BAIN, LOUTH, LN11 9TJ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
the period of the lease
Plant & machinery
25% on cost
Motor vehicles
20% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
51,341
13,972
3,628
746
69,687
Additions
-
6,666
-
-
6,666
At 31 December 2023
51,341
20,638
3,628
746
76,353
At 1 January 2023
-
13,972
3,628
746
18,346
At 31 December 2023
-
13,972
3,628
746
18,346
At 31 December 2023
51,341
6,666
-
-
58,007
At 31 December 2022
51,341
-
-
-
51,341
MX RACING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
934
-
Trade creditors
2,145
1,813
Taxes and social security
-
256
Loans from directors
122,488
121,289
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).