One-Shot Motor Sport Limited 02202045 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is the management of a motor racing team and the marketing of client products. Digita Accounts Production Advanced 6.30.9574.0 true 02202045 2023-11-01 2024-10-31 02202045 2024-10-31 02202045 bus:Director2 1 2024-10-31 02202045 core:RetainedEarningsAccumulatedLosses 2024-10-31 02202045 core:ShareCapital 2024-10-31 02202045 core:CurrentFinancialInstruments 2024-10-31 02202045 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 02202045 core:Non-currentFinancialInstruments 2024-10-31 02202045 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 02202045 core:FurnitureFittingsToolsEquipment 2024-10-31 02202045 core:MotorVehicles 2024-10-31 02202045 bus:SmallEntities 2023-11-01 2024-10-31 02202045 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 02202045 bus:FilletedAccounts 2023-11-01 2024-10-31 02202045 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 02202045 bus:RegisteredOffice 2023-11-01 2024-10-31 02202045 bus:Director1 2023-11-01 2024-10-31 02202045 bus:Director2 2023-11-01 2024-10-31 02202045 bus:Director2 1 2023-11-01 2024-10-31 02202045 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02202045 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 02202045 core:MotorVehicles 2023-11-01 2024-10-31 02202045 core:OfficeEquipment 2023-11-01 2024-10-31 02202045 countries:AllCountries 2023-11-01 2024-10-31 02202045 2023-10-31 02202045 core:FurnitureFittingsToolsEquipment 2023-10-31 02202045 core:MotorVehicles 2023-10-31 02202045 2022-11-01 2023-10-31 02202045 2023-10-31 02202045 core:RetainedEarningsAccumulatedLosses 2023-10-31 02202045 core:ShareCapital 2023-10-31 02202045 core:CurrentFinancialInstruments 2023-10-31 02202045 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02202045 core:Non-currentFinancialInstruments 2023-10-31 02202045 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 02202045 core:FurnitureFittingsToolsEquipment 2023-10-31 02202045 core:MotorVehicles 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 02202045

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Company Information

Directors

Mr A N Britnell

Mr S I Sword

Registered office

Bystock Hayes
Old Bystock Drive
Bystock
Exmouth
Devon
EX8 5EQ

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

(Registration number: 02202045)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,575

29,690

Current assets

 

Debtors

6

55,589

26,121

Cash at bank and in hand

 

679

808

 

56,268

26,929

Creditors: Amounts falling due within one year

7

(46,666)

(46,753)

Net current assets/(liabilities)

 

9,602

(19,824)

Total assets less current liabilities

 

31,177

9,866

Creditors: Amounts falling due after more than one year

7

(10,590)

(14,660)

Provisions for liabilities

(4,099)

-

Net assets/(liabilities)

 

16,488

(4,794)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

16,388

(4,894)

Shareholders' funds/(deficit)

 

16,488

(4,794)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

(Registration number: 02202045)
Balance Sheet as at 31 October 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Mr A N Britnell
Director

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Bystock Hayes
Old Bystock Drive
Bystock
Exmouth
Devon
EX8 5EQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Notes to the Financial Statements for the Year Ended 31 October 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,115

4,417

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

2,216

32,458

34,674

At 31 October 2024

2,216

32,458

34,674

Depreciation

At 1 November 2023

2,216

2,768

4,984

Charge for the year

-

8,115

8,115

At 31 October 2024

2,216

10,883

13,099

Carrying amount

At 31 October 2024

-

21,575

21,575

At 31 October 2023

-

29,690

29,690

6

Debtors

2024
£

2023
£

Trade debtors

5,400

1,320

Other debtors

14,829

4,426

Prepayments and accrued income

35,360

20,375

Total current trade and other debtors

55,589

26,121

 

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Notes to the Financial Statements for the Year Ended 31 October 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,354

5,354

Taxation and social security

 

8,320

1,479

Other creditors

 

31,492

38,224

Accrued expenses

 

1,500

1,696

 

46,666

46,753

Due after one year

 

Loans and borrowings

8

10,590

14,660

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

10,590

14,660

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

5,354

5,354

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

10,590

14,660

9

Related party transactions

Transactions with directors

2024

Advances to directors
£

Repayments by director
£

At 31 October 2024
£

Interest free loan repayable on demand

30,480

(20,480)

10,000