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
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
24-7 Motorsport Limited
Statement of financial position
as at 31 October 2024
Tangible assets
15,882
44,194
Cash at bank and in hand
25,312
40,643
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)
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
24-7 Motorsport Limited
Notes to the Accounts
for the year ended 31 October 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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:
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 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.
Expenditure on research and development is written off in the year in which it is incurred.
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
Disposals
-
(36,000)
(36,000)
At 31 October 2024
37,337
5,000
42,337
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
At 31 October 2024
12,835
3,047
15,882
At 31 October 2023
14,819
29,375
44,194
Amounts falling due within one year
Trade debtors
13,457
2,840
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
27,257
23,755
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
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
38
14,348
24-7 Motorsport Limited
Notes to the Accounts
for the year ended 31 October 2024
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
Average number of employees
During the year the average number of employees was 4 (2023: 2).