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Registration number: 10380341

M4 Karting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

M4 Karting Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

M4 Karting Ltd

(Registration number: 10380341)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

111,997

171,280

Current assets

 

Stocks

5

23,868

186,636

Debtors

6

482,258

91,468

Cash at bank and in hand

 

45,541

63,013

 

551,667

341,117

Creditors: Amounts falling due within one year

7

(170,254)

(128,885)

Net current assets

 

381,413

212,232

Total assets less current liabilities

 

493,410

383,512

Provisions for liabilities

(27,943)

(32,350)

Net assets

 

465,467

351,162

Capital and reserves

 

Called up share capital

100

100

Retained earnings

465,367

351,062

Shareholders' funds

 

465,467

351,162

 

M4 Karting Ltd

(Registration number: 10380341)
Balance Sheet as at 29 February 2024

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

Mr J Hayward-Schnitzer
Director

   
     
 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hanger 88
Hullavington
Chippenham
Wiltshire
SN14 6GU

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The accounts are prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

20% reducing balance

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 10 (2023 - 14).

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

56,067

35,321

13,769

202,978

308,135

Additions

12,127

11,171

3,401

5,600

32,299

Disposals

-

-

-

(80,536)

(80,536)

At 29 February 2024

68,194

46,492

17,170

128,042

259,898

Depreciation

At 1 March 2023

27,935

18,517

7,087

83,315

136,854

Charge for the year

5,627

2,884

1,325

10,691

20,527

Eliminated on disposal

-

-

-

(9,480)

(9,480)

At 29 February 2024

33,562

21,401

8,412

84,526

147,901

Carrying amount

At 29 February 2024

34,632

25,091

8,758

43,516

111,997

At 28 February 2023

28,132

16,804

6,681

119,663

171,280

5

Stocks

2024
£

2023
£

Other inventories

23,868

186,636

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

16,929

Amounts owed by related parties

9

468,538

67,998

Other debtors

 

6,576

1,738

Prepayments

 

7,144

4,803

 

482,258

91,468

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

Trade creditors

 

19,496

14,781

Social security and other taxes

 

93,293

57,031

Other creditors

 

4,762

54,473

Accruals and deferred income

 

52,703

2,600

 

170,254

128,885

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £75,000 (2023 - £165,000). The financial commitment is in regard to the lease of the premises.

 

M4 Karting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

58,123

9,875

67,998

Advanced

503,601

210,316

713,917

Repaid

(301,975)

(11,402)

(313,377)

At end of period

259,749

208,789

468,538

2023

Key management
£

Other related parties
£

Total
£

At start of period

406

10,350

10,756

Advanced

718,501

(3,175)

715,326

Repaid

(660,784)

2,700

(658,084)

At end of period

58,123

9,875

67,998

Terms of loans to related parties

Loans to key management are repayable on demand. Interest is charged at the official HMRC rate.

Loan to other related parties are interest free and repayable on demand.