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COMPANY REGISTRATION NUMBER: 08873612
Evolution Motorsport Ltd
Filleted Unaudited Abridged Financial Statements
29 February 2024
Evolution Motorsport Ltd
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Current assets
Debtors
6,929
13,679
Cash at bank and in hand
2,853
359
-------
--------
9,782
14,038
Creditors: amounts falling due within one year
5,739
7,239
-------
--------
Net current assets
4,043
6,799
-------
-------
Total assets less current liabilities
4,043
6,799
Creditors: amounts falling due after more than one year
3,467
6,067
-------
-------
Net assets
576
732
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
575
731
----
----
Shareholder funds
576
732
----
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Evolution Motorsport Ltd
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr D W Benson
Director
Company registration number: 08873612
Evolution Motorsport Ltd
Notes to the Abridged Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Mardale Crescent, Lymm, Cheshire, WA13 9PD, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover represents the invoiced value of goods and services supplied by the company wihtout the addition of any Value Added Tax. Turnover is recognised on a strict time basis as the contracted work is carried out and is generally invoiced on a weekly basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools and equipment
-
20% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
£
Cost
At 1 March 2023 and 29 February 2024
10,000
--------
Depreciation
At 1 March 2023 and 29 February 2024
10,000
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D W Benson
6,840
( 3,471)
3,369
Mrs J Benson
6,839
( 3,470)
3,369
--------
----
-------
-------
13,679
( 6,941)
6,738
--------
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D W Benson
5,194
1,646
6,840
Mrs J Benson
5,194
1,645
6,839
--------
-------
----
--------
10,388
3,291
13,679
--------
-------
----
--------