Registration number:
J W Bird Motorsport Ltd
for the Year Ended 29 February 2024
J W Bird Motorsport Ltd
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
J W Bird Motorsport Ltd
(Registration number: 08902111)
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net liabilities |
( |
( |
|
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 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
......................................... |
J W Bird Motorsport Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
J W Bird Motorsport Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 March 2023 |
|
|
|
Additions |
|
|
|
At 29 February 2024 |
|
|
|
Depreciation |
|||
At 1 March 2023 |
|
|
|
Charge for the year |
|
|
|
At 29 February 2024 |
|
|
|
Carrying amount |
|||
At 29 February 2024 |
|
|
|
At 28 February 2023 |
|
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
|
|
J W Bird Motorsport Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
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 |
|
- |
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
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
- |
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
- |
Other loans |
|
|
|
|
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 £