Company registration number 05785535 (England and Wales)
MISSION MOTORSPORT TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
MISSION MOTORSPORT TRADING LIMITED
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 5
MISSION MOTORSPORT TRADING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MISSION MOTORSPORT TRADING LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mission Motorsport Trading Limited for the year ended 29 February 2024 which comprise, the statement of financial position and the related notes 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/en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Mission Motorsport Trading Limited, as a body, in accordance with the terms of our engagement letter dated 10 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mission Motorsport Trading Limited and state those matters that we have agreed to state to the board of directors of Mission Motorsport Trading Limited, 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 Mission Motorsport Trading Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mission Motorsport Trading Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mission Motorsport Trading Limited. You consider that Mission Motorsport Trading Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mission Motorsport Trading Limited. 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 financial statements.
Carpenter Box
17 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
MISSION MOTORSPORT TRADING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
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29 February 2024
28 February 2023
Notes
£
£
£
£
Current assets
Trade and other receivables
4
5,270
16,787
Cash and cash equivalents
8,061
1,513
13,331
18,300
Current liabilities
5
(11,865)
(17,995)
Net current assets
1,466
305
Equity
Called up share capital
6
100
100
Retained earnings
1,366
205
Total equity
1,466
305
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr A J Cameron
Director
Company registration number 05785535 (England and Wales)
MISSION MOTORSPORT TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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1
Accounting policies
Company information
Mission Motorsport Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, W&G Industrial Estate, Faringdon Road, East Challow, Oxfordshire, United Kingdom, OX12 9TF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statementstrue.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33% straight line
Fixtures and fittings
33.33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
MISSION MOTORSPORT TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
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Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
2
Employees
There were no employees in the current or comparative year.
3
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
5,090
1,438
6,873
13,401
Depreciation and impairment
At 1 March 2023 and 29 February 2024
5,090
1,438
6,873
13,401
Carrying amount
At 29 February 2024
At 28 February 2023
MISSION MOTORSPORT TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
3,651
15,959
Other receivables
1,019
228
4,670
16,187
Deferred tax asset
600
600
5,270
16,787
5
Current liabilities
2024
2023
£
£
Trade payables
594
1,327
Amounts owed to group undertakings
8,771
4,120
Taxation and social security
694
Other payables
2,500
11,854
11,865
17,995
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Parent company
The company is a wholly-owned subsidiary of Mission Motorsport whose registered office is Unit 11, W&G Industrial Estate, Faringdon Road, East Challow, Wantage, OX12 9TF.