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REGISTERED NUMBER: 10790645 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

ELITE MOTORSPORT LTD

ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 625,248 752,152
625,248 752,152

CURRENT ASSETS
Debtors 6 499,795 119,091
Cash at bank 6,862 72,818
506,657 191,909
CREDITORS
Amounts falling due within one year 7 (405,928 ) (294,433 )
NET CURRENT ASSETS/(LIABILITIES) 100,729 (102,524 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

725,977

649,628

CREDITORS
Amounts falling due after more than one
year

8

(1,159,277

)

(901,475

)
NET LIABILITIES (433,300 ) (251,847 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (433,400 ) (251,947 )
(433,300 ) (251,847 )

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.

ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

STATEMENT OF FINANCIAL POSITION - 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 13 February 2025 and were signed by:





E A Ives - Director


ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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


1. STATUTORY INFORMATION

ELITE MOTORSPORT LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10790645

Registered office: 16 Bradenham Road
Shipdham
Thetford
Norfolk
IP25 7PH

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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.

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

INTANGIBLE ASSETS
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follow:

Website - 3 years straight line

ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Property improvements - 50 years straight line

Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.


ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


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 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 June 2023
and 31 May 2024 1,100
AMORTISATION
At 1 June 2023
and 31 May 2024 1,100
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 74,376 40,329 73,400
Additions - - -
At 31 May 2024 74,376 40,329 73,400
DEPRECIATION
At 1 June 2023 4,872 14,817 32,667
Charge for year 1,487 6,378 8,147
At 31 May 2024 6,359 21,195 40,814
NET BOOK VALUE
At 31 May 2024 68,017 19,134 32,586
At 31 May 2023 69,504 25,512 40,733

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 935,312 14,614 1,138,031
Additions 47,500 3,757 51,257
At 31 May 2024 982,812 18,371 1,189,288
DEPRECIATION
At 1 June 2023 326,576 6,947 385,879
Charge for year 159,864 2,285 178,161
At 31 May 2024 486,440 9,232 564,040
NET BOOK VALUE
At 31 May 2024 496,372 9,139 625,248
At 31 May 2023 608,736 7,667 752,152

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 107,129 83,637
Amounts owed by group undertakings 10,548 -
Other debtors 382,118 35,454
499,795 119,091

ELITE MOTORSPORT LTD (REGISTERED NUMBER: 10790645)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 44,278 47,959
Trade creditors 321,442 219,290
Amounts owed to group undertakings - 6,480
Taxation and social security 36,423 17,099
Other creditors 3,785 3,605
405,928 294,433

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 29,202 73,479
Other creditors 1,130,075 827,996
1,159,277 901,475

9. RELATED PARTY DISCLOSURES

Transactions with directors are under normal market conditions and/or not material.

10. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the board.