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REGISTERED NUMBER: 03310792 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Venom Motorsport Limited

Venom Motorsport Limited (Registered number: 03310792)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Venom Motorsport Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: R Baron





REGISTERED OFFICE: Clarendon Garage, Unit 1
Church Street
Ribchester
Preston
PR3 3YE





REGISTERED NUMBER: 03310792 (England and Wales)





ACCOUNTANTS: Campbell Mackay Limited
Chartered Certified Accountants
Bridge House
100 Wellington Road
Turton
Bolton
BL7 0EA

Venom Motorsport Limited (Registered number: 03310792)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,448 28,919
18,448 28,919

CURRENT ASSETS
Stocks 292,226 338,374
Debtors 6 611,715 377,251
Cash at bank 856,073 634,445
1,760,014 1,350,070
CREDITORS
Amounts falling due within one year 7 330,091 183,221
NET CURRENT ASSETS 1,429,923 1,166,849
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,448,371

1,195,768

PROVISIONS FOR LIABILITIES 3,613 5,495
NET ASSETS 1,444,758 1,190,273

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 1,444,708 1,190,223
SHAREHOLDERS' FUNDS 1,444,758 1,190,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Venom Motorsport Limited (Registered number: 03310792)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 October 2024 and were signed by:





R Baron - Director


Venom Motorsport Limited (Registered number: 03310792)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Venom Motorsport Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of turnover can be measured reliably: it is probable that the associated economic benefits will flow to the entity: and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
Intangible fixed assets are stated at cost less accumulated amortisation and any accumulative impairment losses.

Amortisation on intangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: -

Patents and licences - 20% straight line

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulative impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: -

Plant, machinery and equipment - 20% straight line
Fixtures, fittings and computers - 25% - 33% straight line
Motor vehicles - 25% straight line

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of tangible assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, in any. Where it is not possible to estimate the recoverable amount of the assets, the Company estimates the recoverable amount of the cash generating unit to which it belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost after making due allowance for obsolete and slow moving items.

Cost is calculated using first in, first out basis and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Venom Motorsport Limited (Registered number: 03310792)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses of bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutes, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Pensions
In the current year, the company made payments to the director's pension scheme. The pension charge represents the amounts paid by the company to the scheme. In the previous year the company also operated a defined contribution scheme for employees.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Venom Motorsport Limited (Registered number: 03310792)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 1,780
AMORTISATION
At 1 February 2023
and 31 January 2024 1,780
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 174,890
Additions 8,768
At 31 January 2024 183,658
DEPRECIATION
At 1 February 2023 145,971
Charge for year 19,239
At 31 January 2024 165,210
NET BOOK VALUE
At 31 January 2024 18,448
At 31 January 2023 28,919

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 611,715 377,251

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 32,138 34,842
Taxation and social security 280,037 129,857
Other creditors 17,916 18,522
330,091 183,221

Venom Motorsport Limited (Registered number: 03310792)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
R Baron
Balance outstanding at start of year 260,890 261,202
Amounts advanced 217,500 -
Amounts repaid (21,312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 457,078 260,890

The loan to the director is interest free and there are no terms for repayment.

9. RELATED PARTY DISCLOSURES

Included within other debtors is £457,078 (2023 - £260,890) owed by the director, to the company.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is R Baron by virtue of his day to day involvement in the management of the company and his beneficial interest in the issued share capital of the company.