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COMPANY REGISTRATION NUMBER: 03576116
Phil Stott Motor Sport Limited
Filleted Unaudited Financial Statements
31 October 2024
Phil Stott Motor Sport Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
420,323
447,970
Current assets
Stocks
18,090
18,090
Debtors
5
42,195
36,110
Cash at bank and in hand
331,463
317,491
--------
--------
391,748
371,691
Prepayments and accrued income
6,704
8,461
Creditors: amounts falling due within one year
6
402,772
515,235
--------
--------
Net current liabilities
4,320
135,083
--------
--------
Total assets less current liabilities
416,003
312,887
Creditors: amounts falling due after more than one year
7
10,333
Accruals and deferred income
4,870
3,918
--------
--------
Net assets
411,133
298,636
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
411,131
298,634
--------
--------
Shareholders funds
411,133
298,636
--------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phil Stott Motor Sport Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
P.A. Stott
Director
Company registration number: 03576116
Phil Stott Motor Sport Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, incorporated and registered in England and Wales with company number 03576116 . The address of the registered office is Unit 1a Marchington Industrial Estate, Stubby Lane, Marchington, Uttoxeter, Staffordshire, ST14 8LP.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the director has had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
409,500
45,934
4,700
78,799
1,995
540,928
Additions
560
560
Disposals
( 28,099)
( 28,099)
--------
-------
------
-------
------
--------
At 31 Oct 2024
409,500
45,934
5,260
50,700
1,995
513,389
--------
-------
------
-------
------
--------
Depreciation
At 1 Nov 2023
39,928
4,692
46,624
1,714
92,958
Charge for the year
1,201
13
1,751
70
3,035
Disposals
( 2,927)
( 2,927)
--------
-------
------
-------
------
--------
At 31 Oct 2024
41,129
4,705
45,448
1,784
93,066
--------
-------
------
-------
------
--------
Carrying amount
At 31 Oct 2024
409,500
4,805
555
5,252
211
420,323
--------
-------
------
-------
------
--------
At 31 Oct 2023
409,500
6,006
8
32,175
281
447,970
--------
-------
------
-------
------
--------
5. Debtors
2024
2023
£
£
Trade debtors
32,521
36,110
Other debtors
9,674
-------
-------
42,195
36,110
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
86,450
27,273
Social security and other taxes
45,942
3,872
Other creditors
270,380
484,090
--------
--------
402,772
515,235
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,333
----
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Director's advances, credits and guarantees
At the reporting date the directors loan account was in credit by £42,941 (2023: £42,873). There is no fixed term for repayment and no interest is charged.