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REGISTERED NUMBER: 08676668 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

WIGHT KARTING LTD

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


WIGHT KARTING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs C M Foulkes
A J Foulkes
D J Foulkes





SECRETARY: Mrs C M Foulkes





REGISTERED OFFICE: Westridge
Brading Road
Ryde
Isle of Wight
PO33 1QS





REGISTERED NUMBER: 08676668 (England and Wales)





ACCOUNTANTS: Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 84,373 77,837

CURRENT ASSETS
Stocks 15,674 16,668
Debtors 5 90,257 181,312
Cash at bank and in hand 178,330 62,500
284,261 260,480
CREDITORS
Amounts falling due within one year 6 112,292 45,619
NET CURRENT ASSETS 171,969 214,861
TOTAL ASSETS LESS CURRENT LIABILITIES 256,342 292,698

CREDITORS
Amounts falling due after more than one
year

7

(12,500

)

(22,499

)

PROVISIONS FOR LIABILITIES (6,991 ) (8,542 )
NET ASSETS 236,851 261,657

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 235,851 260,657
236,851 261,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

BALANCE SHEET - continued
29 FEBRUARY 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 Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





Mrs C M Foulkes - Director


WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Wight Karting Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 429,655
Additions 34,128
At 29 February 2024 463,783
DEPRECIATION
At 1 March 2023 351,818
Charge for year 27,592
At 29 February 2024 379,410
NET BOOK VALUE
At 29 February 2024 84,373
At 28 February 2023 77,837

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 580 657
Other debtors 89,677 180,655
90,257 181,312

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,017
Trade creditors 65,550 16,742
Taxation and social security 7,436 11,561
Other creditors 29,306 7,299
112,292 45,619

WIGHT KARTING LTD (REGISTERED NUMBER: 08676668)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,500 22,499

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mrs C M Foulkes
Balance outstanding at start of year 83,690 1,384
Amounts advanced - 144,799
Amounts repaid (83,690 ) (62,493 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 83,690

A J Foulkes
Balance outstanding at start of year 83,690 1,384
Amounts advanced - 144,799
Amounts repaid (83,690 ) (62,493 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 83,690

D J Foulkes
Balance outstanding at start of year 148 -
Amounts advanced - 148
Amounts repaid (148 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 148