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Registered Number: 05500174
England and Wales

 

 

 

SPEED ENTERPRISE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
Accountants report on the unaudited financial statements to the board directors of Speed Enterprise Ltd
You consider that the company is exempt from an audit for the year ended 31 July 2024 .
You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently, we do not express any opinion on these accounts. 



Accountancy Enterprise Limited

71-75 Shelton Street
Covent Garden
WC2H 9JQ
03 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 120,600   
Tangible fixed assets 4 575    2,977 
121,175    2,977 
Current assets      
Debtors 9,652    4,692 
Investments 3,500   
Cash at bank and in hand 130,242    24,748 
143,394    29,440 
Creditors: amount falling due within one year (46,283)   (3,880)
Net current assets 97,111    25,560 
 
Total assets less current liabilities 218,286    28,537 
Creditors: amount falling due after more than one year (150,662)  
Net assets 67,624    28,537 
 

Capital and reserves
     
Called up share capital 5 150,000    16,000 
Special Reserves 6 1,163    1,163 
Profit and loss account (83,539)   11,374 
Shareholders' funds 67,624    28,537 
 


For the year to 31 July 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 03 March 2025 and were signed by:


-------------------------------
Halimat DARBOE
Director
2
General Information
Speed Enterprise 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's Information page.
The financial statements are prepared in sterling which is the functional currency of the company. 
1.

Accounting policies

Significant accounting policies
These financial statements have been prepared in compliance with FRS 102.
The Financial Reporting Standard applicable in the UK and Republic of Ireland 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, rebates, value added tax and other sales taxes.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the Balance sheet date.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included in the Profit and Loss Account.
Taxation
Taxation for the period 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 balance sheet date.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Straight Line -  over 3 years
Plant and machinery etc 3 years
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2023  
Additions 134,000    134,000 
Disposals  
At 31 July 2024 134,000    134,000 
Amortisation
At 01 August 2023  
Charge for year 13,400    13,400 
On disposals  
At 31 July 2024 13,400    13,400 
Net book values
At 31 July 2024 120,600    120,600 
At 31 July 2023  


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 August 2023 5,952    5,952 
Additions 862    862 
Disposals  
At 31 July 2024 6,814    6,814 
Depreciation
At 01 August 2023 2,975    2,975 
Charge for year 3,264    3,264 
On disposals  
At 31 July 2024 6,239    6,239 
Net book values
Closing balance as at 31 July 2024 575    575 
Opening balance as at 01 August 2023 2,977    2,977 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1,000 Class A shares of £16.00 each 16,000    16,000 
16,000    16,000 

6.

Special Reserves

2024
£
  2023
£
Special reserves b/fwd 1,163    1,163 
1,163    1,163 

3