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REGISTERED NUMBER: 09334229 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Telescope Motorsport Limited

Telescope Motorsport Limited (Registered number: 09334229)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Telescope Motorsport Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C J Garnett





REGISTERED OFFICE: Fairview
Old Byland
York
North Yorkshire
YO62 5LG





REGISTERED NUMBER: 09334229 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Telescope Motorsport Limited (Registered number: 09334229)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 197,467 134,055

CURRENT ASSETS
Debtors 5 3,000 -
Cash at bank 525 31,038
3,525 31,038
CREDITORS
Amounts falling due within one year 6 283,364 149,485
NET CURRENT LIABILITIES (279,839 ) (118,447 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(82,372

)

15,608

CREDITORS
Amounts falling due after more than one year 7 (12,360 ) (24,538 )

PROVISIONS FOR LIABILITIES (3,569 ) (4,928 )
NET LIABILITIES (98,301 ) (13,858 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (98,311 ) (13,868 )
SHAREHOLDERS' FUNDS (98,301 ) (13,858 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Telescope Motorsport Limited (Registered number: 09334229)

Balance Sheet - continued
31 March 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 29 August 2024 and were signed by:





C J Garnett - Director


Telescope Motorsport Limited (Registered number: 09334229)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Telescope Motorsport 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.

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.

The accounts are prepared on a going concern basis due to the continued support of the shareholders and directors.

Turnover
Turnover represents net invoiced advertising revenue, excluding any value added tax. The company obtains the right to consideration once the sponsorship agreement has been signed.

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.
Improvements to property - 10% on cost
Tools & equipment - 25% on cost
Drivers equipment - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance and 10% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

Telescope Motorsport Limited (Registered number: 09334229)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements
to Tools & Drivers Motor
property equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 34,708 6,060 4,893 101,828 147,489
Additions 84,887 - - 2,320 87,207
At 31 March 2024 119,595 6,060 4,893 104,148 234,696
DEPRECIATION
At 1 April 2023 - 5,660 1,897 5,877 13,434
Charge for year 11,959 400 1,223 10,213 23,795
At 31 March 2024 11,959 6,060 3,120 16,090 37,229
NET BOOK VALUE
At 31 March 2024 107,636 - 1,773 88,058 197,467
At 31 March 2023 34,708 400 2,996 95,951 134,055

Telescope Motorsport Limited (Registered number: 09334229)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 99,000
DEPRECIATION
At 1 April 2023 3,300
Charge for year 9,570
At 31 March 2024 12,870
NET BOOK VALUE
At 31 March 2024 86,130
At 31 March 2023 95,700

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 3,000 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 12,178 10,949
Trade creditors 19,038 -
Taxation and social security 2,711 3,918
Other creditors 249,437 134,618
283,364 149,485

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 12,360 24,538

8. SECURED DEBTS

The director has provided a personal guarantee for the hire purchase agreement.