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REGISTERED NUMBER: 02942765 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 30th June 2024

for

Motorsport Commercials Limited

Motorsport Commercials Limited (Registered number: 02942765)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Motorsport Commercials Limited

Company Information
for the Year Ended 30th June 2024







DIRECTOR: Mr S R Nield





SECRETARY: Mr M R Nield





REGISTERED OFFICE: Brooklands
Uttoxeter Road
Tythe Barn
Alton
Staffordshire
ST10 4AT





REGISTERED NUMBER: 02942765 (England and Wales)





ACCOUNTANTS: Rice & Co Limited
Chartered Accountants
14a Market Place
Uttoxeter
Staffordshire
ST14 8HP

Motorsport Commercials Limited (Registered number: 02942765)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,044 14,721

CURRENT ASSETS
Debtors 5 2,115 6,043
Cash at bank 1,781 2,063
3,896 8,106
CREDITORS
Amounts falling due within one year 6 65,893 62,758
NET CURRENT LIABILITIES (61,997 ) (54,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(50,953

)

(39,931

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (51,053 ) (40,031 )
SHAREHOLDERS' FUNDS (50,953 ) (39,931 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

Motorsport Commercials Limited (Registered number: 02942765)

Balance Sheet - continued
30th June 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3rd March 2025 and were signed by:





Mr S R Nield - Director


Motorsport Commercials Limited (Registered number: 02942765)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

Motorsport Commercials 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 and value added tax. Turnover in respect of plant hire is recognised over the period to which rental charges relate. Turnover in respect of sales of goods is recognsied when the goods have been despatched.

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 - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Motorsport Commercials Limited (Registered number: 02942765)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st July 2023
and 30th June 2024 16,860 1,045 10,222 28,127
DEPRECIATION
At 1st July 2023 7,173 997 5,236 13,406
Charge for year 2,422 8 1,247 3,677
At 30th June 2024 9,595 1,005 6,483 17,083
NET BOOK VALUE
At 30th June 2024 7,265 40 3,739 11,044
At 30th June 2023 9,687 48 4,986 14,721

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,159 4,486
Other debtors 956 1,557
2,115 6,043

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 192 -
Taxation and social security - 564
Other creditors 65,701 62,194
65,893 62,758

7. RELATED PARTY DISCLOSURES

Included in creditors due within one year is £61,272 (2023 - £58,989) owed to the director of the company.