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Registered number: 06138154
Motorsport Partnership Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Landsborough Accounting Services Ltd
Abbots Cottage
Abbots Way
Guildford
Surrey
GU1 2XP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06138154
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,358 1,936
12,358 1,936
CURRENT ASSETS
Stocks 5 32,500 27,500
Debtors 6 6,379 1,551
38,879 29,051
Creditors: Amounts Falling Due Within One Year 7 (90,596 ) (64,036 )
NET CURRENT ASSETS (LIABILITIES) (51,717 ) (34,985 )
TOTAL ASSETS LESS CURRENT LIABILITIES (39,359 ) (33,049 )
Creditors: Amounts Falling Due After More Than One Year 8 (356,305 ) (293,055 )
NET LIABILITIES (395,664 ) (326,104 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (395,764 ) (326,204 )
SHAREHOLDERS' FUNDS (395,664) (326,104)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathon Kirtley
Director
23/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Motorsport Partnership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06138154 . The registered office is Abbots Cottage, Abbots Way, Guildford, Surrey, GU1 2XP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 100% Straight line
Motor Vehicles 100% Straight line
Computer Equipment 50% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 4,155 1,757 3,805 9,717
Additions 14,541 - - 14,541
As at 31 March 2024 18,696 1,757 3,805 24,258
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 April 2023 1,251 2,725 3,805 7,781
Provided during the period 5,087 (968 ) - 4,119
As at 31 March 2024 6,338 1,757 3,805 11,900
Net Book Value
As at 31 March 2024 12,358 - - 12,358
As at 1 April 2023 2,904 (968 ) - 1,936
5. Stocks
2024 2023
£ £
Work in progress 32,500 27,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 668
VAT 6,379 883
6,379 1,551
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,191 6,954
Bank loans and overdrafts 22,069 25,013
Unpaid Rent 3,757 5,337
Accruals and deferred income 2,335 1,390
Director's loan account 36,244 25,342
90,596 64,036
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Government grants after one year 11,634 16,584
Directors loan account 170,259 102,059
Amounts owed to related parties 174,412 174,412
356,305 293,055
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4