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REGISTERED NUMBER: 07404652 (England and Wales)













LONDON SPEED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


LONDON SPEED LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: I D Taylor





REGISTERED OFFICE: 255 Green Lanes
Palmers Green
London
N13 4XE





REGISTERED NUMBER: 07404652 (England and Wales)





ACCOUNTANTS: John Crook & Partners
Chartered Accountants
255 Green Lanes
Palmers Green
London
N13 4XE

LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 105,000 120,000
Tangible assets 5 75,497 85,136
180,497 205,136

CURRENT ASSETS
Stocks 1,320,000 1,410,000
Debtors 6 199,420 281,178
Cash at bank and in hand 456,224 660,576
1,975,644 2,351,754
CREDITORS
Amounts falling due within one year 7 214,557 541,803
NET CURRENT ASSETS 1,761,087 1,809,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,941,584

2,015,087

PROVISIONS FOR LIABILITIES 14,305 16,977
NET ASSETS 1,927,279 1,998,110

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8 1,927,278 1,998,109
SHAREHOLDERS' FUNDS 1,927,279 1,998,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 January 2025 and were signed by:





I D Taylor - Director


LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

London Speed Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 300,000
AMORTISATION
At 1 June 2023 180,000
Charge for year 15,000
At 31 May 2024 195,000
NET BOOK VALUE
At 31 May 2024 105,000
At 31 May 2023 120,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 7,661 11,511 101,630 65,833 186,635
Additions - - 5,580 - 5,580
At 31 May 2024 7,661 11,511 107,210 65,833 192,215
DEPRECIATION
At 1 June 2023 - 6,957 62,978 31,564 101,499
Charge for year - 683 5,968 8,568 15,219
At 31 May 2024 - 7,640 68,946 40,132 116,718
NET BOOK VALUE
At 31 May 2024 7,661 3,871 38,264 25,701 75,497
At 31 May 2023 7,661 4,554 38,652 34,269 85,136

LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 78,767
Other debtors 703 703
Loan 32,000 32,000
Directors' current accounts 87,132 87,550
Tax 75,801 75,137
Prepayments 3,784 7,021
199,420 281,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 95,326 296,204
Tax 6,942 79,298
Social security and other taxes 5,504 3,752
Value added tax 96,116 150,889
Sundry creditors and accruals 10,669 11,660
214,557 541,803

8. RESERVES
Retained
earnings
£   

At 1 June 2023 1,998,109
Deficit for the year (831 )
Dividends (70,000 )
At 31 May 2024 1,927,278

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
I D Taylor
Balance outstanding at start of year 87,550 85,583
Amounts advanced - 1,967
Amounts repaid (418 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87,132 87,550

LONDON SPEED LIMITED (REGISTERED NUMBER: 07404652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. RELATED PARTY DISCLOSURES

I D Taylor is a director and shareholder of the company. Mr Taylor is also a director and shareholder of Nice One Centurion Limited

During the year the company paid rent of £12,000 (2023 - £12,000) to Nice One Centurion Limited on an arms length basis.

11. ULTIMATE CONTROLLING PARTY

The controlling party is I D Taylor.