Registered number
15106861
Speedway Investments Limited
Unaudited Filleted Accounts
31 March 2025
Speedway Investments Limited
Registered number: 15106861
Balance Sheet
as at 31 March 2025
Notes 2025
£
Fixed assets
Investments 3 183,920
Current assets
Cash at bank and in hand 5
Creditors: amounts falling due within one year 4 (88,010)
Net current (liabilities)/assets (88,005)
Total assets less current liabilities 95,915
Creditors: amounts falling due after more than one year 5 (103,498)
Net (liabilities)/assets (7,583)
Capital and reserves
Called up share capital 100
Profit and loss account (7,683)
Shareholders' funds (7,583)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
N C Brown
Director
Approved by the board on 28 April 2025
Speedway Investments Limited
Notes to the Accounts
for the year ended 31 March 2025
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 rents receivable.
Property Investments
Investment property is measured at fair value. Fair value is estimated by the directors after considering previous professional valuations. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2025
Number
Average number of persons employed by the company 1
3 Investments
Freehold
Property
investment
£
Cost
Additions and improvements 183,920
At 31 March 2025 183,920
The cost of the investment property was £155,178 in June 2024, improvements to the property are included at cost. The director considers that the valuation is a fair value of the property at the year end.
4 Creditors: amounts falling due within one year 2025
£
Director's loan account 86,510
Other creditors 1,500
88,010
5 Creditors: amounts falling due after one year 2025
£
Bank loans 103,498
6 Loans 2025
£
Creditors include:
Instalments falling due for payment after more than five years 75,000
Secured bank loans 103,498
The bank loan is secured by a legal mortgage over the freehold property owned by the company.
7 Other information
Speedway Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2, Duke Street Court
Bridge Street
Kingsbridge
Devon
TQ7 1HX
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