Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3099falseMaintenance of a rally team and car repairs2023-05-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07549953 2023-05-01 2024-04-30 07549953 2022-05-01 2023-04-30 07549953 2024-04-30 07549953 2023-04-30 07549953 c:Director1 2023-05-01 2024-04-30 07549953 d:PlantMachinery 2023-05-01 2024-04-30 07549953 d:PlantMachinery 2024-04-30 07549953 d:PlantMachinery 2023-04-30 07549953 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07549953 d:MotorVehicles 2023-05-01 2024-04-30 07549953 d:MotorVehicles 2024-04-30 07549953 d:MotorVehicles 2023-04-30 07549953 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07549953 d:OfficeEquipment 2023-05-01 2024-04-30 07549953 d:OfficeEquipment 2024-04-30 07549953 d:OfficeEquipment 2023-04-30 07549953 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07549953 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 07549953 d:OtherPropertyPlantEquipment 2024-04-30 07549953 d:OtherPropertyPlantEquipment 2023-04-30 07549953 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07549953 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07549953 d:Goodwill 2024-04-30 07549953 d:Goodwill 2023-04-30 07549953 d:CurrentFinancialInstruments 2024-04-30 07549953 d:CurrentFinancialInstruments 2023-04-30 07549953 d:Non-currentFinancialInstruments 2024-04-30 07549953 d:Non-currentFinancialInstruments 2023-04-30 07549953 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 07549953 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 07549953 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 07549953 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 07549953 d:ShareCapital 2024-04-30 07549953 d:ShareCapital 2023-04-30 07549953 d:RetainedEarningsAccumulatedLosses 2024-04-30 07549953 d:RetainedEarningsAccumulatedLosses 2023-04-30 07549953 c:FRS102 2023-05-01 2024-04-30 07549953 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 07549953 c:FullAccounts 2023-05-01 2024-04-30 07549953 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07549953 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 07549953 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 07549953










MELLORS ELLIOT MOTORSPORT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MELLORS ELLIOT MOTORSPORT LIMITED
REGISTERED NUMBER: 07549953

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
420,000
480,000

Tangible assets
 5 
229,548
276,879

  
649,548
756,879

Current assets
  

Stocks
  
331,263
357,729

Debtors: amounts falling due within one year
 6 
87,328
240,817

Cash at bank and in hand
  
5,404
101

  
423,995
598,647

Creditors: amounts falling due within one year
 7 
(1,302,370)
(1,437,774)

Net current liabilities
  
 
 
(878,375)
 
 
(839,127)

Total assets less current liabilities
  
(228,827)
(82,248)

Creditors: amounts falling due after more than one year
 8 
(97,718)
(107,718)

Provisions for liabilities
  

Deferred tax
  
(32,308)
(48,088)

Net liabilities
  
(358,853)
(238,054)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(358,953)
(238,154)

  
(358,853)
(238,054)


Page 1

 
MELLORS ELLIOT MOTORSPORT LIMITED
REGISTERED NUMBER: 07549953
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 January 2025.




C J Mellors
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Mellors Elliot Motorsport Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 07549953). Its registered office is Milford Garage, Milford, Bakewell, Derbyshire, DE45 1DX. The prinicipal activity of the Company throughout the year continued to be that of maintenance of a rally team and car repairs.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the ability of the company to generate profits in the future. The directors believe this to be well founded, based on current and expected future levels of activity. The financial statements do not include any adjustments that would result if sufficient profits were not generated.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

Page 5

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
15%
reducing balance
Tools and equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid
or received. However, if the arrangements of a short-term instrument constitute a financing
transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a
rate of interest that is not a market rate or in the case of an out-right short-term loan not at market
rate, the financial asset or liability is measured, initially, at the present value of the future cash flow
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised
cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 7

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
1,200,000



At 30 April 2024

1,200,000



Amortisation


At 1 May 2023
720,000


Charge for the year on owned assets
60,000



At 30 April 2024

780,000



Net book value



At 30 April 2024
420,000



At 30 April 2023
480,000



Page 8

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
104,308
207,850
39,771
261,858
613,787


Additions
-
-
962
440
1,402



At 30 April 2024

104,308
207,850
40,733
262,298
615,189



Depreciation


At 1 May 2023
64,820
131,049
25,277
115,762
336,908


Charge for the year on owned assets
5,310
19,200
2,250
21,973
48,733



At 30 April 2024

70,130
150,249
27,527
137,735
385,641



Net book value



At 30 April 2024
34,178
57,601
13,206
124,563
229,548



At 30 April 2023
39,488
76,801
14,494
146,096
276,879

Page 9

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
79,810
210,688

Amounts owed by joint ventures and associated undertakings
3,299
-

Other debtors
1,555
30,129

Prepayments and accrued income
2,664
-

87,328
240,817



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
52,754
63,261

Bank loans
10,000
10,000

Trade creditors
122,379
143,013

Other taxation and social security
39,927
61,343

Other creditors
1,071,926
1,146,906

Accruals and deferred income
5,384
13,251

1,302,370
1,437,774





8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,833
20,833

Other loans
86,885
86,885

97,718
107,718



9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,730 (2023 - £5,694). Contributions totalling £329 (2023 - £404) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
MELLORS ELLIOT MOTORSPORT LIMITED
 
 
Page 11
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