Company Registration No. 10102138 (England and Wales)
VITESSE SUPER CARS LIMITED
Unaudited accounts
for the year ended 31 October 2023
VITESSE SUPER CARS LIMITED
Unaudited accounts
Contents
VITESSE SUPER CARS LIMITED
Company Information
for the year ended 31 October 2023
Company Number
10102138 (England and Wales)
Registered Office
15 Queen Square
LEEDS
LS2 8AJ
ENGLAND
Accountants
HLA Accountants
21 Hyde Park Road
Leeds
West Yorkshire
LS6 1PY
VITESSE SUPER CARS LIMITED
Statement of financial position
as at 31 October 2023
Tangible assets
455,785
358,637
Cash at bank and in hand
4,038
1,044
Creditors: amounts falling due within one year
(222,136)
(112,758)
Net current liabilities
(218,098)
(111,714)
Total assets less current liabilities
237,687
246,923
Creditors: amounts falling due after more than one year
-
(117,418)
Net assets
237,687
129,505
Called up share capital
1
1
Profit and loss account
237,686
129,504
Shareholders' funds
237,687
129,505
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 September 2024 and were signed on its behalf by
Rashid SHAZAD
Director
Company Registration No. 10102138
VITESSE SUPER CARS LIMITED
Notes to the Accounts
for the year ended 31 October 2023
VITESSE SUPER CARS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10102138. The registered office is 15 Queen Square, LEEDS, LS2 8AJ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10% diminishing balance method.
Fixtures & fittings
20% diminishing balance method.
Computer equipment
20% diminishing balance method.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Investments in shares are included at fair value.
VITESSE SUPER CARS LIMITED
Notes to the Accounts
for the year ended 31 October 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
404,328
3,750
2,950
411,028
Additions
121,083
-
-
121,083
At 31 October 2023
525,411
3,750
2,950
532,111
At 1 November 2022
47,522
2,726
2,143
52,391
Charge for the year
23,569
205
161
23,935
At 31 October 2023
71,091
2,931
2,304
76,326
At 31 October 2023
454,320
819
646
455,785
At 31 October 2022
356,806
1,024
807
358,637
5
Creditors: amounts falling due within one year
2023
2022
Loans from directors
198,865
60,000
6
Creditors: amounts falling due after more than one year
2023
2022
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).