Company Registration No. 10655146 (England and Wales)
Funk Motorsport Limited
Unaudited accounts
for the year ended 31 March 2024
Funk Motorsport Limited
Unaudited accounts
Contents
Funk Motorsport Limited
Company Information
for the year ended 31 March 2024
Directors
Mr Ryan Brock
Mr Stephen Hodges
Company Number
10655146 (England and Wales)
Registered Office
UNIT 1 TEMPLE HOUSE ESTATE
6 WEST ROAD
HARLOW
ESSEX
CM20 2DU
ENGLAND
Accountants
Mrs Pamela Bodell
19
The Springs
Broxbourne
Hertfordshire
EN10 6EW
Funk Motorsport Limited
Statement of financial position
as at 31 March 2024
Tangible assets
559,526
536,890
Cash at bank and in hand
148,653
91,367
Creditors: amounts falling due within one year
(80,248)
(44,902)
Net current assets
145,782
109,739
Total assets less current liabilities
705,308
646,629
Creditors: amounts falling due after more than one year
(304,398)
(312,320)
Net assets
400,910
334,309
Called up share capital
100
100
Profit and loss account
400,810
334,209
Shareholders' funds
400,910
334,309
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by
Mr Ryan Brock
Director
Company Registration No. 10655146
Funk Motorsport Limited
Notes to the Accounts
for the year ended 31 March 2024
Funk Motorsport Limited is a private company, limited by shares, registered in England and Wales, registration number 10655146. The registered office is UNIT 1 TEMPLE HOUSE ESTATE, 6 WEST ROAD, HARLOW, ESSEX, CM20 2DU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
depreciated over the length of the lease
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
545,725
4,137
-
-
6,161
556,023
Additions
-
1,140
35,202
17,458
604
54,404
At 31 March 2024
545,725
5,277
35,202
17,458
6,765
610,427
At 1 April 2023
15,159
1,034
-
-
2,940
19,133
Charge for the year
15,592
1,319
8,801
4,365
1,691
31,768
At 31 March 2024
30,751
2,353
8,801
4,365
4,631
50,901
At 31 March 2024
514,974
2,924
26,401
13,093
2,134
559,526
At 31 March 2023
530,566
3,103
-
-
3,221
536,890
Funk Motorsport Limited
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
7,638
8,143
Taxes and social security
63,582
14,179
Proposed dividends
41,000
28,000
Loans from directors
(40,893)
(15,702)
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
304,398
312,416
Taxes and social security
-
(96)
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).