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Registration number: 13717916

Select Motorsport Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Select Motorsport Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Select Motorsport Ltd

Company Information

Directors

Isola MT Holdings Ltd

Mr Matthew Thomas Ashmore

Registered office

Unit 14
Bone Lane
Newbury
RG14 5SH

Accountants

River View Portfolio Ltd
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Select Motorsport Ltd

(Registration number: 13717916)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

33,789

2,500

Current assets

 

Debtors

6

48,591

650

Cash at bank and in hand

 

22,475

18,685

 

71,066

19,335

Creditors: Amounts falling due within one year

7

(139,385)

(10,944)

Net current (liabilities)/assets

 

(68,319)

8,391

Net (liabilities)/assets

 

(34,530)

10,891

Capital and reserves

 

Called up share capital

8

1

-

Retained earnings

(34,531)

10,891

Shareholders' (deficit)/funds

 

(34,530)

10,891

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr Matthew Thomas Ashmore
Director

 

Select Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14
Bone Lane
Newbury
RG14 5SH

These financial statements were authorised for issue by the Board on 30 January 2025.

2

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Select Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,055

-

 

Select Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

-

2,500

2,500

Additions

42,344

-

42,344

At 30 April 2024

42,344

2,500

44,844

Depreciation

Charge for the year

10,586

469

11,055

At 30 April 2024

10,586

469

11,055

Carrying amount

At 30 April 2024

31,758

2,031

33,789

At 30 April 2023

-

2,500

2,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

650

Prepayments

(675)

-

Other debtors

49,266

-

 

48,591

650

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,425

-

Taxation and social security

3,131

5,661

Other creditors

131,829

5,283

139,385

10,944

 

Select Motorsport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 (2023 - £0) each

1

1

-

-