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Registered Number: 02773485
England and Wales

 

 

 

LARKSPEED LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 178,844    180,168 
178,844    180,168 
Current assets      
Stocks 4 12,750    10,674 
Debtors 5 237,817    237,672 
Cash at bank and in hand 128,408    92,910 
378,975    341,256 
Creditors: amount falling due within one year 6 (178,870)   (168,425)
Net current assets 200,105    172,831 
 
Total assets less current liabilities 378,949    352,999 
Provisions for liabilities 7 (321)   (763)
Net assets 378,628    352,236 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 378,528    352,136 
Shareholders' funds 378,628    352,236 
 


For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 April 2025 and were signed on its behalf by:


-------------------------------
R Sowerby
Director
1
General Information
Larkspeed Limited is a private company, limited by shares, registered in England and Wales, registration number 02773485, registration address 6 Back Austhorpe Road, Leeds, West Yorkshire, LS15 8NW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 6).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 January 2024 177,154    3,345    7,345    20,027    207,871 
Additions        
Disposals        
At 31 December 2024 177,154    3,345    7,345    20,027    207,871 
Depreciation
At 01 January 2024   3,263    6,900    17,540    27,703 
Charge for year   13    67    1,244    1,324 
On disposals        
At 31 December 2024   3,276    6,967    18,784    29,027 
Net book values
Closing balance as at 31 December 2024 177,154    69    378    1,243    178,844 
Opening balance as at 01 January 2024 177,154    82    445    2,487    180,168 


4.

Stocks

2024
£
  2023
£
Stocks 12,750    10,674 
12,750    10,674 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 237,817    237,672 
237,817    237,672 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 146,180    147,603 
Taxation and Social Security 28,578    17,155 
Other Creditors 4,112    3,667 
178,870    168,425 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 321    763 
321    763 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
85 A Ordinary shares of £1.00 each 85    85 
15 B Ordinary shares of £1.00 each 15    15 
100    100 

9.

Controlling Party

The company is a 100% subsidiary of Drivetorque Motorsport Limited, a company registered in England and Wales.
2