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Registered number: 07516641
Mot Motorsport Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
PAH Accounting
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Mot Motorsport Limited for the year ended 28 February 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Mot Motorsport Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Mot Motorsport Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Mot Motorsport Limited and state those matters that we have agreed to state to the directors of Mot Motorsport Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mot Motorsport Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Mot Motorsport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Mot Motorsport Limited . You consider that Mot Motorsport 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 accounts of Mot Motorsport 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 financial statements.
Signed
PAH Accounting
21 November 2024
PAH Accounting
FCCA
Unit 2 The Pound
Coate
Devizes
SN10 3LG
Page 1
Page 2
Balance Sheet
Registered number: 07516641
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 64,000 64,000
Tangible Assets 5 25,338 31,433
89,338 95,433
CURRENT ASSETS
Stocks 6 15,000 19,494
Debtors 7 2,260 2,484
Cash at bank and in hand 9,616 2,908
26,876 24,886
Creditors: Amounts Falling Due Within One Year 8 (238,283 ) (217,441 )
NET CURRENT ASSETS (LIABILITIES) (211,407 ) (192,555 )
TOTAL ASSETS LESS CURRENT LIABILITIES (122,069 ) (97,122 )
NET LIABILITIES (122,069 ) (97,122 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (122,169 ) (97,222 )
SHAREHOLDERS' FUNDS (122,069) (97,122)
Page 2
Page 3
For the year ending 28 February 2024 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 directors acknowledge their 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 Nicolas Dougill
Director
21 November 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Mot Motorsport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07516641 . The registered office is Building 8 Bridge Street, Weedon, Northampton, NN7 4PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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 33.33% Reducing balance
Motor Vehicles 20% Reducing balance
Computer Equipment 33.33% Reducing balance
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 64,000
As at 28 February 2024 64,000
Net Book Value
As at 28 February 2024 64,000
As at 1 March 2023 64,000
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Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 26,839 56,441 7,134 90,414
Additions 1,223 - 1,185 2,408
As at 28 February 2024 28,062 56,441 8,319 92,822
Depreciation
As at 1 March 2023 23,223 28,624 7,134 58,981
Provided during the period 1,157 6,955 391 8,503
As at 28 February 2024 24,380 35,579 7,525 67,484
Net Book Value
As at 28 February 2024 3,682 20,862 794 25,338
As at 1 March 2023 3,616 27,817 - 31,433
6. Stocks
2024 2023
£ £
Stock 15,000 19,494
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,260 2,484
2,260 2,484
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,726 481
VAT 2,091 2,368
Accruals and deferred income 600 600
Directors' loan accounts 233,866 213,992
238,283 217,441
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5