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Company Registration No. 11614049 (England and Wales)
24-7 Motorsport Limited Unaudited accounts for the year ended 31 October 2024
24-7 Motorsport Limited Unaudited accounts Contents
Page
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24-7 Motorsport Limited Company Information for the year ended 31 October 2024
Directors
Mr Phillip Hurn Phillip Hurn
Company Number
11614049 (England and Wales)
Registered Office
UNIT 5 OAKS FARM BESTHORPE ROAD CARLETON RODE NORWICH NR16 1NF ENGLAND
Accountants
Ace Tax and Accountancy Services Ltd DBH6 Diss Business Hub Diss Business Park Diss Norfolk IP22 4GT
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24-7 Motorsport Limited Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
15,882 
44,194 
Current assets
Inventories
75,000 
63,000 
Debtors
19,457 
2,840 
Cash at bank and in hand
25,312 
40,643 
119,769 
106,483 
Creditors: amounts falling due within one year
(61,653)
(63,123)
Net current assets
58,116 
43,360 
Total assets less current liabilities
73,998 
87,554 
Creditors: amounts falling due after more than one year
(4,424)
(25,607)
Net assets
69,574 
61,947 
Capital and reserves
Called up share capital
10 
10 
Share premium
64,997 
64,997 
Profit and loss account
4,567 
(3,060)
Shareholders' funds
69,574 
61,947 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by
Mr Phillip Hurn Director Company Registration No. 11614049
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24-7 Motorsport Limited Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
24-7 Motorsport Limited is a private company, limited by shares, registered in England and Wales, registration number 11614049. The registered office is UNIT 5 OAKS FARM BESTHORPE ROAD, CARLETON RODE, NORWICH, NR16 1NF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% RB
Motor vehicles
25% RB
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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24-7 Motorsport Limited Notes to the Accounts for the year ended 31 October 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2023
35,352 
41,000 
76,352 
Additions
1,985 
- 
1,985 
Disposals
- 
(36,000)
(36,000)
At 31 October 2024
37,337 
5,000 
42,337 
Depreciation
At 1 November 2023
20,533 
11,625 
32,158 
Charge for the year
3,969 
1,016 
4,985 
On disposals
- 
(10,688)
(10,688)
At 31 October 2024
24,502 
1,953 
26,455 
Net book value
At 31 October 2024
12,835 
3,047 
15,882 
At 31 October 2023
14,819 
29,375 
44,194 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
13,457 
2,840 
Other debtors
6,000 
- 
19,457 
2,840 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
27,257 
23,755 
VAT
14,080 
19,247 
Obligations under finance leases and hire purchase contracts
632 
7,832 
Trade creditors
14,912 
7,764 
Taxes and social security
706 
1,129 
Loans from directors
3,266 
2,646 
Accruals
800 
750 
61,653 
63,123 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
4,386 
11,259 
Obligations under finance leases and hire purchase contracts
38 
14,348 
4,424 
25,607 
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24-7 Motorsport Limited Notes to the Accounts for the year ended 31 October 2024
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
700 A shares of £0.01 each
7.00 
7.00 
286 B Shares of £0.01 each
2.86 
2.86 
9.86 
9.86 
9
Average number of employees
During the year the average number of employees was 4 (2023: 2).
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