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Company Registration No. 09120380 (England and Wales)
Chiselspeed Tuning Limited Unaudited accounts for the year ended 31 August 2024
Chiselspeed Tuning Limited Unaudited accounts Contents
Page
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Chiselspeed Tuning Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,077 
5,286 
Current assets
Inventories
25,525 
37,800 
Debtors
10,554 
16,683 
Cash at bank and in hand
13,350 
18,928 
49,429 
73,411 
Creditors: amounts falling due within one year
(55,877)
(78,515)
Net current liabilities
(6,448)
(5,104)
Net assets
629 
182 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
529 
82 
Shareholders' funds
629 
182 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2025 and were signed on its behalf by
Martin Cook Director Company Registration No. 09120380
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Chiselspeed Tuning Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Chiselspeed Tuning Limited is a private company, limited by shares, registered in England and Wales, registration number 09120380. The registered office is Enterprise Industrial Estate Aberford Rd, Barwick In Elmet, Leeds, West Yorkshire, LS15 4EF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on Reducing Balance
Motor vehicles
25% on Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Chiselspeed Tuning Limited Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 September 2023
28,841 
8,835 
37,676 
Additions
3,113 
- 
3,113 
At 31 August 2024
31,954 
8,835 
40,789 
Depreciation
At 1 September 2023
24,193 
8,197 
32,390 
Charge for the year
1,162 
160 
1,322 
At 31 August 2024
25,355 
8,357 
33,712 
Net book value
At 31 August 2024
6,599 
478 
7,077 
At 31 August 2023
4,648 
638 
5,286 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,131 
2,709 
Accrued income and prepayments
423 
423 
Other debtors
- 
13,551 
10,554 
16,683 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
10,528 
21,943 
Taxes and social security
17,462 
18,666 
Other creditors
27,887 
37,906 
55,877 
78,515 
7
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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