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Registration number: 10382063

TME Motorsport Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

TME Motorsport Engineering Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

TME Motorsport Engineering Limited

Company Information

Director

C J Taylor

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

TME Motorsport Engineering Limited

(Registration number: 10382063)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

73,609

92,012

Current assets

 

Stocks

7,000

9,000

Debtors

5

24,154

22,060

Cash at bank and in hand

 

700

272

 

31,854

31,332

Creditors: Amounts falling due within one year

6

(295,973)

(271,226)

Net current liabilities

 

(264,119)

(239,894)

Total assets less current liabilities

 

(190,510)

(147,882)

Creditors: Amounts falling due after more than one year

6

(15,685)

-

Net liabilities

 

(206,195)

(147,882)

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

(206,205)

(147,892)

Shareholders' deficit

 

(206,195)

(147,882)

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

.........................................
C J Taylor
Director

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
United Kingdom

These financial statements were authorised for issue by the director on 23 September 2024.

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.

Going concern

The balance sheet shows net liabilities £206,195 (2022 - £147,882). Within current liabilities is a loan from the director of £238,292 (2022 - £237,766) and he is willing to continue supporting the company to meet its day to day creditors. On this basis the financial statements have been prepared on a going concern basis.

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 sales/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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Workshop improvements

20% reducing balance

Computer equipment

3 years straight line

Motor vehicles

20% reducing balance

Plant and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Workshop improvements
£

Computer equipment
£

Motor vehicles
 £

Machinery and equipment
£

Total
£

Cost or valuation

At 1 January 2023

23,396

892

94,833

22,167

141,288

At 31 December 2023

23,396

892

94,833

22,167

141,288

Depreciation

At 1 January 2023

11,930

891

28,188

8,269

49,278

Charge for the year

2,293

-

13,328

2,780

18,401

At 31 December 2023

14,223

891

41,516

11,049

67,679

Carrying amount

At 31 December 2023

9,173

1

53,317

11,118

73,609

At 31 December 2022

11,467

1

66,646

13,898

92,012

Included within the net book value of workshop and tools above is £9,173 (2022 - £11,466) in respect of short leasehold land and buildings.
 

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

10,975

11,952

Prepayments

13,179

9,691

Other debtors

-

417

 

24,154

22,060

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,688

-

Trade creditors

 

32,932

18,318

Taxation and social security

 

5,895

6,506

Accruals and deferred income

 

5,311

4,500

Other creditors

 

243,147

241,902

 

295,973

271,226


Creditors include bank loans which are secured personally by the director.

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,194

-

Bank overdrafts

2,494

-

8,688

-

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,685

-


Creditors include bank loans which are secured personally by the director.

 

TME Motorsport Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,685

-

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,194

-

Bank overdrafts

2,494

-

8,688

-

9

Related party transactions

Other transactions with the director

During the period the director continued to provide an interest free loan, considered to be repayable upon demand, of £238,292 (2022 - £237,766)