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Registration number: 14608216

KW Motorsport Services Ltd

Unaudited Filleted Financial Statements

for the Period from 20 January 2023 to 31 January 2024

 

KW Motorsport Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

KW Motorsport Services Ltd

Company Information

Director

Mr K A J Williamson

Registered office

8 Windmill View
Wesham
Preston
PR4 3AW

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KW Motorsport Services Ltd
for the Period Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KW Motorsport Services Ltd for the period ended 31 January 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of KW Motorsport Services Ltd, as a body, in accordance with the terms of our engagement letter dated 2 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of KW Motorsport Services Ltd and state those matters that we have agreed to state to the Board of Directors of KW Motorsport Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KW Motorsport Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KW Motorsport Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KW Motorsport Services Ltd. You consider that KW Motorsport Services Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of KW Motorsport Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

15 October 2024

 

KW Motorsport Services Ltd

(Registration number: 14608216)
Balance Sheet as at 31 January 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

5,812

Current assets

 

Debtors

5

2,259

Cash at bank and in hand

 

7

 

2,266

Creditors: Amounts falling due within one year

6

(2,091)

Net current assets

 

175

Total assets less current liabilities

 

5,987

Creditors: Amounts falling due after more than one year

6

(5,423)

Provisions for liabilities

(335)

Net assets

 

229

Capital and reserves

 

Called up share capital

7

1

Retained earnings

228

Shareholders' funds

 

229

For the financial period ending 31 January 2024 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 period 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 15 October 2024
 

 

KW Motorsport Services Ltd

(Registration number: 14608216)
Balance Sheet as at 31 January 2024

.........................................
Mr K A J Williamson
Director

 

KW Motorsport Services Ltd

Notes to the Unaudited Financial Statements for the Period from 20 January 2023 to 31 January 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:
8 Windmill View
Wesham
Preston
PR4 3AW
England

These financial statements were authorised for issue by the director on 15 October 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 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.

Tax

The tax expense for the period comprises 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.

 

KW Motorsport Services Ltd

Notes to the Unaudited Financial Statements for the Period from 20 January 2023 to 31 January 2024

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 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.

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

Motor vehicles

Reducing balance 25%

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.

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.

Borrowings

 

KW Motorsport Services Ltd

Notes to the Unaudited Financial Statements for the Period from 20 January 2023 to 31 January 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

KW Motorsport Services Ltd

Notes to the Unaudited Financial Statements for the Period from 20 January 2023 to 31 January 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

7,750

7,750

At 31 January 2024

7,750

7,750

Depreciation

Charge for the period

1,938

1,938

At 31 January 2024

1,938

1,938

Carrying amount

At 31 January 2024

5,812

5,812

5

Debtors

Current

2024
£

Other debtors

2,259

 

2,259

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

8

1,191

Accruals and deferred income

 

900

 

2,091

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,191.

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

8

5,423

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,423.

 

KW Motorsport Services Ltd

Notes to the Unaudited Financial Statements for the Period from 20 January 2023 to 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

1

1

   

8

Loans and borrowings

Non-current loans and borrowings

2024
£

Hire purchase contracts

5,423

Current loans and borrowings

2024
£

Hire purchase contracts

1,191

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

Advanced

2,259

2,259

At end of period

2,259

2,259

Terms of loans to related parties

Loans are unsecured and repayable on demand. Interest is charged on loans in excess of £10,000 at HMRC's offical rate.