J W Bird Motorsport Ltd 08902111 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of a motorsport car racing team. Digita Accounts Production Advanced 6.30.9574.0 true true 08902111 2023-03-01 2024-02-29 08902111 2024-02-29 08902111 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 08902111 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 08902111 core:CurrentFinancialInstruments 2024-02-29 08902111 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 08902111 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 08902111 core:FurnitureFittingsToolsEquipment 2024-02-29 08902111 core:MotorVehicles 2024-02-29 08902111 bus:SmallEntities 2023-03-01 2024-02-29 08902111 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 08902111 bus:FilletedAccounts 2023-03-01 2024-02-29 08902111 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08902111 bus:RegisteredOffice 2023-03-01 2024-02-29 08902111 bus:Director1 2023-03-01 2024-02-29 08902111 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08902111 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 08902111 core:MotorVehicles 2023-03-01 2024-02-29 08902111 core:OfficeEquipment 2023-03-01 2024-02-29 08902111 core:PlantMachinery 2023-03-01 2024-02-29 08902111 countries:EnglandWales 2023-03-01 2024-02-29 08902111 2023-02-28 08902111 core:FurnitureFittingsToolsEquipment 2023-02-28 08902111 core:MotorVehicles 2023-02-28 08902111 2022-03-01 2023-02-28 08902111 2023-02-28 08902111 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 08902111 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 08902111 core:CurrentFinancialInstruments 2023-02-28 08902111 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 08902111 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 08902111 core:FurnitureFittingsToolsEquipment 2023-02-28 08902111 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 08902111

J W Bird Motorsport Ltd

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

J W Bird Motorsport Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

J W Bird Motorsport Ltd

(Registration number: 08902111)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

306,175

302,447

Current assets

 

Stocks

72,495

76,370

Debtors

5

29,537

78,309

Cash at bank and in hand

 

58,763

28,303

 

160,795

182,982

Creditors: Amounts falling due within one year

6

(488,524)

(497,813)

Net current liabilities

 

(327,729)

(314,831)

Total assets less current liabilities

 

(21,554)

(12,384)

Creditors: Amounts falling due after more than one year

6

(61,799)

-

Net liabilities

 

(83,353)

(12,384)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(83,453)

(12,484)

Shareholders' deficit

 

(83,353)

(12,384)

 

J W Bird Motorsport Ltd

(Registration number: 08902111)
Statement of Financial Position 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 29 November 2024
 

.........................................
Mr N P Beaumont
Director

   
     
 

J W Bird Motorsport 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:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

These financial statements were authorised for issue by the director on 29 November 2024.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the director that he will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

 

J W Bird Motorsport Ltd

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

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.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of an asset, less its residual value over the estimated useful life of that asset, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

25% reducing balance

Office equipment

33.33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

J W Bird Motorsport Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases and hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments.The corresponding liability is included in the statement of financial position as a finance lease obligation or hire purchase obligation.

Lease and hire purchase payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

J W Bird Motorsport Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

78,765

398,428

477,193

Additions

83

101,200

101,283

At 29 February 2024

78,848

499,628

578,476

Depreciation

At 1 March 2023

68,733

106,013

174,746

Charge for the year

3,368

94,187

97,555

At 29 February 2024

72,101

200,200

272,301

Carrying amount

At 29 February 2024

6,747

299,428

306,175

At 28 February 2023

10,032

292,415

302,447

5

Debtors

Current

2024
£

2023
£

Trade debtors

29,537

78,309

 

29,537

78,309

 

J W Bird Motorsport Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

124,090

105,147

Trade creditors

 

-

216

Taxation and social security

 

14,202

6,064

Accruals and deferred income

 

13,498

12,371

Other creditors

 

336,734

374,015

 

488,524

497,813

Creditors falling due within one year include loans which are secured by a debenture totalling £105,147 (2023 - £105,147).


Creditors falling due within one year include hire purchase agreements of £18,943 (2023 - £Nil) which are secured on the underlying assets.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

61,799

-


Creditors falling due after more than one year include hire purchase agreements of £61,799 (2023 - £Nil) which are secured on the underlying assets.

 

J W Bird Motorsport Ltd

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

61,799

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

18,943

-

Other loans

105,147

105,147

124,090

105,147

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £70,028 (2023 - £7,000).