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Registration number: 02539886

Formula One Designs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Formula One Designs Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Formula One Designs Limited

Company Information

Director

Peter Michael Lowen

Registered office

33 Tempest Avenue
Potters Bar
Herts
EN6 5JU

Accountants

Re:Accounts Limited
Chartered AccountantsSuite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Formula One Designs Limited

(Registration number: 02539886)
Balance Sheet as at 30 September 2024

Note

30 September
2024
£

30 September
2023
£

Fixed assets

 

Tangible assets

4

1,961

2,979

Current assets

 

Debtors

5

5,313

-

Cash at bank and in hand

 

112,652

96,325

 

117,965

96,325

Creditors: Amounts falling due within one year

6

(77,935)

(70,284)

Net current assets

 

40,030

26,041

Net assets

 

41,991

29,020

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

41,891

28,920

Shareholders' funds

 

41,991

29,020

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 June 2025
 

.........................................
Peter Michael Lowen
Director

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
33 Tempest Avenue
Potters Bar
Herts
EN6 5JU
United Kingdom

These financial statements were authorised for issue by the director on 4 June 2025.

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.

The presentation and functional currency is sterling (£)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy 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 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.

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

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

Computer equipment

25% straight line

Office equipment

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

4,621

4,621

At 30 September 2024

4,621

4,621

Depreciation

At 1 October 2023

1,642

1,642

Charge for the year

1,018

1,018

At 30 September 2024

2,660

2,660

Carrying amount

At 30 September 2024

1,961

1,961

At 30 September 2023

2,979

2,979

5

Debtors

Current

30 September
2024
£

30 September
2023
£

Trade debtors

5,313

-

 

5,313

-

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

30 September
2024
£

30 September
2023
£

Due within one year

Trade creditors

2,016

2,015

Taxation and social security

17,426

4,737

Accruals and deferred income

1,900

1,800

Other creditors

56,593

61,732

77,935

70,284

7

Share capital

Allotted, called up and fully paid shares

30 September
2024

30 September
2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Dividends

Final dividends paid

30 September
2024
£

30 September
2023
£

Final dividend of £200.00 (2023 - £150.00) per each Ordinary

20,000

15,000

 

 

Interim dividends paid

30 September
2024
£

30 September
2023
£

Interim dividend of £200.00 (2023 - £300.00) per each Ordinary

20,000

30,000

 

 
 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Related party transactions

At the year end the company owed the director £56,593 (2023; £61,732) The loan was interest free with no fixed date for repayment. The director confirms that he does not intend to withdraw the loans unless the company has sufficient funds to survive without them.

 

Formula One Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,480

12,480

Contributions paid to money purchase schemes

24,000

60,308

36,480

72,788