ACCOUNTS - Final Accounts preparation

Company registration number: 13804524

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JANUARY 2025

	APEX MOTORSPORT LIMITED


APEX MOTORSPORT LIMITED

COMPANY INFORMATION

Director	M J Price


Registered number	13804524


Registered office	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


APEX MOTORSPORT LIMITED REGISTERED NUMBER:13804524

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		193,793		193,793
			193,793		193,793
Current assets
Debtors: amounts falling due within one year	5	368		24,636
Cash at bank and in hand		2,399		62,432
		2,767		87,068
Creditors: amounts falling due within one year	6	(302,156)		(602,051)
Net current liabilities			(299,389)		(514,983)
Total assets less current liabilities			(105,596)		(321,190)

Net liabilities			(105,596)		(321,190)

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APEX MOTORSPORT LIMITED REGISTERED NUMBER:13804524

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JANUARY 2025

		2025		2024
Note		£		£

Capital and reserves
Profit and loss account	(105,596)	(321,190)
	(105,596)	(321,190)

The director considers 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 director acknowledges his 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:

M J Price

Director

Date: 1 April 2025

The notes on pages 3 to 6 form part of these financial statements.

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APEX MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

1.	General information

Apex Motorsport Limited is a private company limited by shares, registered in England and Wales. The
company's trading address is Elscott House, Arcadia Avene, London, N3 2JU.
The presentation currency is GBP rounded to the nearest £1.

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 year end the company's liabilities exceeed its assets. As a result the company is reliant on the continued financial support provided by a company connected to the director.
The director has confirmed that this support will continue to be provided until the company is in a suitable financal postion to support repayment of the loan provided.
As a result the director is confident that the company has adequate financial resources to continue trading for the foreseeable future and therefore it is deemed appropriate for the accounts to be prepared on a going concern basis.

2.3

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 measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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APEX MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

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.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes

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APEX MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

2.10

Financial instruments (continued)

a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

4.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 February 2024	193,793
	At 31 January 2025	193,793

	Net book value
	At 31 January 2025	193,793
	At 31 January 2024	193,793

Given the nature of the assets held and the the directors assessment of the residual value it was deemed appropriate to apply a depreciation rate of 0%.

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APEX MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Debtors

					2025	2024
					£	£


Other debtors	368	24,636
	368	24,636

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Other loans	300,000	600,000
Accruals and deferred income	2,156	2,051
	302,156	602,051

During the year there was an amount of £310,000 (2024 - £Nil) written off in relation to other loans with an associated company.

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