2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,000 6,000 22,947 17,541 1,975 19,516 3,431 5,406 xbrli:pure xbrli:shares iso4217:GBP SC261985 2022-12-01 2023-11-30 SC261985 2023-11-30 SC261985 2022-11-30 SC261985 2021-06-01 2022-11-30 SC261985 2022-11-30 SC261985 2021-05-31 SC261985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 SC261985 core:MotorVehicles 2022-12-01 2023-11-30 SC261985 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC261985 bus:Director1 2022-12-01 2023-11-30 SC261985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 SC261985 core:WithinOneYear 2023-11-30 SC261985 core:WithinOneYear 2022-11-30 SC261985 core:AfterOneYear 2023-11-30 SC261985 core:AfterOneYear 2022-11-30 SC261985 core:ShareCapital 2023-11-30 SC261985 core:ShareCapital 2022-11-30 SC261985 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC261985 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC261985 bus:SmallEntities 2022-12-01 2023-11-30 SC261985 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC261985 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC261985 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC261985 bus:FullAccounts 2022-12-01 2023-11-30 SC261985 bus:OrdinaryShareClass1 2023-11-30 SC261985 bus:OrdinaryShareClass1 2022-11-30 SC261985 core:OfficeEquipment 2022-12-01 2023-11-30 SC261985 core:OfficeEquipment 2023-11-30 SC261985 core:OfficeEquipment 2022-11-30
COMPANY REGISTRATION NUMBER: SC261985
Grand Prix Adventures Limited
Filleted Unaudited Financial Statements
30 November 2023
Grand Prix Adventures Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,431
5,406
Current assets
Debtors
7
640,845
250,174
Cash at bank and in hand
101,816
39,305
---------
---------
742,661
289,479
Creditors: amounts falling due within one year
8
792,620
356,523
---------
---------
Net current liabilities
49,959
67,044
--------
--------
Total assets less current liabilities
( 46,528)
( 61,638)
Creditors: amounts falling due after more than one year
9
20,176
29,571
--------
--------
Net liabilities
( 66,704)
( 91,209)
--------
--------
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss account
( 76,704)
( 101,209)
--------
---------
Shareholders deficit
( 66,704)
( 91,209)
--------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grand Prix Adventures Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr K. McLeod
Director
Company registration number: SC261985
Grand Prix Adventures Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4 Dunnottar Place, Broughty Ferry, Dundee, DD5 1PJ.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite a negative Balance Sheet, the director is confident that the company will be able to continue to trade and meet its financial liabilities. Therefore the accounts have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Domain Name
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor Vehicles
-
20% reducing balance
Office Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Domain name
£
Cost
At 1 December 2022 and 30 November 2023
6,000
-------
Amortisation
At 1 December 2022 and 30 November 2023
6,000
-------
Carrying amount
At 30 November 2023
-------
At 30 November 2022
-------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 December 2022 and 30 November 2023
22,947
22,947
--------
--------
Depreciation
At 1 December 2022
17,541
17,541
Charge for the year
1,975
1,975
--------
--------
At 30 November 2023
19,516
19,516
--------
--------
Carrying amount
At 30 November 2023
3,431
3,431
--------
--------
At 30 November 2022
5,406
5,406
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
640,845
250,174
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,200
10,200
Corporation tax
16,334
12,829
Social security and other taxes
1,782
961
Other creditors
764,304
332,533
---------
---------
792,620
356,523
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,176
29,571
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
11. Transactions with the director
The company is owned by the director. At the end of the year, the company was due to repay the director £73,839 (2022 - £89,979). The loan is interest free with no set repayment terms and is repayable when the company has sufficient funds.