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COMPANY REGISTRATION NUMBER: 04577649
Dominant Motorsport Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Dominant Motorsport Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
12,927
35,802
Current assets
Debtors
6
1,379
12,558
Cash at bank and in hand
46,442
39,307
--------
--------
47,821
51,865
Creditors: amounts falling due within one year
7
3,888
3,578
--------
--------
Net current assets
43,933
48,287
--------
--------
Total assets less current liabilities
56,860
84,089
--------
--------
Net assets
56,860
84,089
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
56,760
83,989
--------
--------
Shareholders funds
56,860
84,089
--------
--------
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 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dominant Motorsport Limited
Statement of Financial Position (continued)
31 March 2024
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:
D R Lakeman-Pettit
Director
Company registration number: 04577649
Dominant Motorsport Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the forseeable future such that these financial statements have been prepared on a going concern basis.
Taxation
The taxation expense represents the 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.
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
4. Employees numbers
The average number of persons employed by the company (including directors) during the year was 2 (2023: 2).
5. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
25,000
46,899
35,000
5,029
111,928
Disposals
( 25,000)
( 2,387)
( 18,000)
( 45,387)
--------
--------
--------
-------
---------
At 31 March 2024
44,512
17,000
5,029
66,541
--------
--------
--------
-------
---------
Depreciation
At 1 April 2023
6,499
32,686
32,963
3,978
76,126
Charge for the year
2,094
60
159
2,313
Disposals
( 6,499)
( 2,127)
( 16,199)
( 24,825)
--------
--------
--------
-------
---------
At 31 March 2024
32,653
16,824
4,137
53,614
--------
--------
--------
-------
---------
Carrying amount
At 31 March 2024
11,859
176
892
12,927
--------
--------
--------
-------
---------
At 31 March 2023
18,501
14,213
2,037
1,051
35,802
--------
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Other debtors
1,379
12,558
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
3,888
3,578
-------
-------
8. Directors' advances, credits and guarantees
2024 2023
£ £
Director A
Balance brought forward 11,424 9,091
Advances 993 2,333
Repayments (11,684)
-------- --------
Balance outstanding 733 11,424
-------- --------
Interest at 2.25% per annum was charged to loan accounts that were overdrawn during the year. Loans to the directors are unsecured and repayable on demand.