Company registration number: 12697634
Unaudited financial statements
for the year ended 30 June 2024
for
Ftp Motorsport Ltd
Pages for filing with the Registrar
Ftp Motorsport Ltd
Accountants' Report to the Director for the preparation of the unaudited financial
statements
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ftp Motorsport Ltd for the year ended 30 June 2024 which comprise the Profit and loss account, Balance sheet and the notes to the financial statements from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Director of Ftp Motorsport Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ftp Motorsport Ltd and state those matters that we have agreed to state to them in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ftp Motorsport Ltd and its Director for our work, or for this report.
It is your duty to ensure that Ftp Motorsport Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ftp Motorsport Ltd. You consider that Ftp Motorsport Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ftp Motorsport Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Prime Financial Advisory Ltd
4 IMPERIAL PLACE
MAXWELL ROAD
BOREHAMWOOD
Uk
WD6 1JN
United Kingdom
Date: 4 March 2025
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Company registration number: 12697634
Ftp Motorsport Ltd
Balance sheet
as at 30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 6,092 12,185
6,092 12,185
Current assets
Stocks 16,500 15,000
Debtors - 1,629
Cash at bank and in hand 1,136 -
17,636 16,629
Creditors: amounts falling due within one
year
(62,167) (47,114)
Net current liabilities (44,531) (30,485)
Total assets less current liabilities (38,439) (18,300)
NET LIABILITIES (38,439) (18,300)
Capital and reserves
Called up share capital 100 100
Profit and loss account (38,539) (18,400)
TOTAL EQUITY (38,439) (18,300)
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 June 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 12697634
Ftp Motorsport Ltd
Balance sheet - continued
as at 30 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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr M Issa Al-Aride, Director
4 March 2025
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Ftp Motorsport Ltd
Notes to the financial statements
for the year ended 30 June 2024
1 Company information
Ftp Motorsport Ltd is a private company registered in England and Wales. Its registered number is 12697634. The company is limited by shares. Its registered office is Full Throttle Performance, Unit 1a Watling Street, LONDON, LU6 3QL.
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 historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Fixtures & fittings - 20% straight line
Motor vehicles - 20% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
3 Average number of employees
During the year the average number of employees was 2 (2023 - 2).
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Ftp Motorsport Ltd
Notes to the financial statements - continued
for the year ended 30 June 2024
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 July 2023 30,464
At 30 June 2024 30,464
Depreciation
At 1 July 2023 18,279
Charge for year 6,093
At 30 June 2024 24,372
Net book value
At 30 June 2024 6,092
At 30 June 2023 12,185
If Fixture & Fittings had not been revalued, Equipment, Machinery & Vehicle would have been included at the following historical cost:
2024 2023
£ £
Cost 30,464 30,464
Accumulated depreciation 24,372 18,279
5 Related party transactions
Mr Maher Al-aride (Director) runs the loan account and in that loan account FTP Motor Sports Ltd owes its director £27,212
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