Registered number
06365302
SPEEDWAY LIMITED
Filleted Accounts
For the year ended
31 July 2024
KHMM
CHARTERED MANAGEMENT ACCOUNTANTS
7-8 WING YIP BUSINESS CENTRE
395 EDGWARE ROAD
LONDON
NW2 6LN
Tel: 0208 208 2085
SPEEDWAY LIMITED
Registered number: 06365302
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 256,159 304,292
Current assets
Debtors 4 42,716 27,989
Cash at bank and in hand 339,227 125,773
381,943 153,762
Creditors: amounts falling due within one year 5 (255,727) (306,677)
Net current assets/(liabilities) 126,216 (152,915)
Total assets less current liabilities 382,375 151,377
Creditors: amounts falling due after more than one year 6 (27,317) (31,839)
Net assets 355,058 119,538
Capital and reserves
Called up share capital 200,100 200,100
Profit and loss account 154,958 (80,562)
Shareholders' funds 355,058 119,538
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 2024 the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Director's responsibilities:
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss Katie Kit Man Tang
Director
Approved by the board on 12 March 2025
SPEEDWAY LIMITED
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Leasehold land and buildings straightline over the length of the lease
Fixtures, fittings, tools and equipment 15% per annum on reducing balance
Computer equipment 33.33% per annum on reducing balance
Motor vehicle 25% per annum on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 22
3 Tangible fixed assets
Short Leasehold Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 322,754 927,256 57,635 1,307,645
Disposals - - (8,000) (8,000)
At 31 July 2024 322,754 927,256 49,635 1,299,645
Depreciation
At 1 August 2023 208,064 779,386 15,903 1,003,353
Charge for the year 9,953 23,185 8,910 42,048
On disposals - - (1,915) (1,915)
At 31 July 2024 218,017 802,571 22,898 1,043,486
Net book value
At 31 July 2024 104,737 124,685 26,737 256,159
At 31 July 2023 114,690 147,870 41,732 304,292
4 Debtors 2024 2023
£ £
Other debtors 42,716 27,989
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,521 4,521
Taxation and social security costs 87 707
Other creditors 251,119 301,449
255,727 306,677
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 27,317 31,839
7 Events after the reporting date
Further £533,692 of insurance claim received on 03/03/2025.
8 Other information
SPEEDWAY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
8 Wing Yip Business Centre
395 Edgeware Road
London
NW2 6LN
9 Additional information
Trading was suspended pending Insurance Compensation Claim consequent to a fire which took place on the 4th February 2023.
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