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Company No: 13906176 (England and Wales)

HYBRID TUNE MOTORSPORTS LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

HYBRID TUNE MOTORSPORTS LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

HYBRID TUNE MOTORSPORTS LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
HYBRID TUNE MOTORSPORTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 59,992 75,025
59,992 75,025
Current assets
Stocks 10,000 20,000
Debtors 4 10,940 3,145
Cash at bank and in hand 11 56,843
20,951 79,988
Creditors: amounts falling due within one year 5 ( 12,276) ( 19,692)
Net current assets 8,675 60,296
Total assets less current liabilities 68,667 135,321
Net assets 68,667 135,321
Capital and reserves
Called-up share capital 100 100
Share premium account 189,900 189,900
Profit and loss account ( 121,333 ) ( 54,679 )
Total shareholders' funds 68,667 135,321

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 financial statements of Hybrid Tune Motorsports Ltd (registered number: 13906176) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Stephen James
Director

28 November 2024

HYBRID TUNE MOTORSPORTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
HYBRID TUNE MOTORSPORTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hybrid Tune Motorsports Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hybrid Tune Motorsports Ltd Renvale Technology Park, Brome, Eye, Suffolk, England, IP23 8AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 5 years straight line
Tools and equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Fixtures and fittings Tools and equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 March 2023 20,000 11,985 59,089 1,773 92,847
Additions 0 2,046 1,036 600 3,682
Disposals 0 0 0 ( 1,070) ( 1,070)
At 29 February 2024 20,000 14,031 60,125 1,303 95,459
Accumulated depreciation
At 01 March 2023 4,000 1,986 11,706 130 17,822
Charge for the financial year 3,200 2,397 11,997 319 17,913
Disposals 0 0 0 ( 268) ( 268)
At 29 February 2024 7,200 4,383 23,703 181 35,467
Net book value
At 29 February 2024 12,800 9,648 36,422 1,122 59,992
At 28 February 2023 16,000 9,999 47,383 1,643 75,025

4. Debtors

2024 2023
£ £
Trade debtors 10,940 2,435
Amounts owed by directors 0 457
Prepayments 0 253
10,940 3,145

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,318 3,360
Amounts owed to directors 2,637 0
Accruals 4,813 2,151
Other taxation and social security 508 14,181
12,276 19,692