Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312true2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-09-01falseNo description of principal activityfalse 13582014 2023-09-01 2024-08-31 13582014 2022-09-01 2023-08-31 13582014 2024-08-31 13582014 2023-08-31 13582014 c:Director1 2023-09-01 2024-08-31 13582014 c:Director2 2023-09-01 2024-08-31 13582014 c:RegisteredOffice 2023-09-01 2024-08-31 13582014 d:CurrentFinancialInstruments 2024-08-31 13582014 d:CurrentFinancialInstruments 2023-08-31 13582014 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 13582014 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 13582014 d:ShareCapital 2024-08-31 13582014 d:ShareCapital 2023-08-31 13582014 d:RetainedEarningsAccumulatedLosses 2024-08-31 13582014 d:RetainedEarningsAccumulatedLosses 2023-08-31 13582014 c:FRS102 2023-09-01 2024-08-31 13582014 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 13582014 c:FullAccounts 2023-09-01 2024-08-31 13582014 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 13582014 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure
Company registration number: 13582014







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024


SONS OF SPEED LIMITED






































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SONS OF SPEED LIMITED
 


 
COMPANY INFORMATION


Directors
J M Mathews 
K A Siddiqi 




Registered number
13582014



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SONS OF SPEED LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 3


 


SONS OF SPEED LIMITED
REGISTERED NUMBER:13582014



STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,233
233

Cash at bank and in hand
  
2,445
5,530

  
3,678
5,763

Creditors: amounts falling due within one year
 5 
(258,563)
(265,237)

Net current liabilities
  
 
 
(254,885)
 
 
(259,474)

Total assets less current liabilities
  
(254,885)
(259,474)

  

Net liabilities
  
(254,885)
(259,474)


Capital and reserves
  

Called up share capital 
  
333
333

Profit and loss account
  
(255,218)
(259,807)

  
(254,885)
(259,474)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J M Mathews
Director

Date: 3 March 2025

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 


SONS OF SPEED LIMITED
 


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

1.


General information

Sons of Speed 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. There is no principle place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date 31 August 2024, the company shows a deficiency of total assets over total liabilities of £254,885 (2023: £259,474). Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due. The company has prepared its financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is generated via a motor racing documentary being produced and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 2

 


SONS OF SPEED LIMITED
 


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

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Called up share capital not paid
233
233

Prepayments
1,000
-

1,233
233



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
204
-

Other taxation and social security
157
915

Other creditors
254,952
166,107

Accruals
3,250
98,215

258,563
265,237



6.


Related party transactions

Included within other creditors is an amount due to an overseas company with a beneficial owner in common totalling £94,965.

 
Page 3