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Registration number: 08782383

Nomadic Speed Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Nomadic Speed Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Nomadic Speed Limited

Company Information

Directors

G Martin

S C Comiskey

Registered office

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Nomadic Speed Limited

(Registration number: 08782383)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,668

3,500

Tangible assets

5

1,189,336

1,210,168

Other financial assets

6

344,378

324,469

 

1,536,382

1,538,137

Current assets

 

Debtors

7

106,548

103,615

Cash at bank and in hand

 

909,371

512,218

 

1,015,919

615,833

Creditors: Amounts falling due within one year

8

(203,978)

(78,401)

Net current assets

 

811,941

537,432

Total assets less current liabilities

 

2,348,323

2,075,569

Provisions for liabilities

(206,253)

(206,537)

Net assets

 

2,142,070

1,869,032

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

2,142,069

1,869,031

Shareholders' funds

 

2,142,070

1,869,032

For the financial year ending 31 December 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.

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.

 

Nomadic Speed Limited

(Registration number: 08782383)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 5 August 2025 and signed on its behalf by:
 

.........................................
G Martin
Director

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

These financial statements were authorised for issue by the Board on 5 August 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 financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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 statement of financial position 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

Plant and machinery

25% reducing balance

Classic cars and bikes

10% straight line

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Land and buildings

0% and 10% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks & Website

5/10 years

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.

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 2).

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Trademarks
 £

Total
£

Cost or valuation

At 1 January 2024

30,000

30,000

Additions acquired separately

2,425

2,425

At 31 December 2024

32,425

32,425

Amortisation

At 1 January 2024

26,500

26,500

Amortisation charge

3,257

3,257

At 31 December 2024

29,757

29,757

Carrying amount

At 31 December 2024

2,668

2,668

At 31 December 2023

3,500

3,500

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

480,869

2,017

826,673

184,879

118,771

1,613,209

Additions

54,640

1,350

50,942

4,947

21,100

132,979

Disposals

-

-

(9,788)

-

-

(9,788)

At 31 December 2024

535,509

3,367

867,827

189,826

139,871

1,736,400

Depreciation

At 1 January 2024

155,248

588

97,121

112,423

37,661

403,041

Charge for the year

28,791

613

79,292

11,533

23,794

144,023

At 31 December 2024

184,039

1,201

176,413

123,956

61,455

547,064

Carrying amount

At 31 December 2024

351,470

2,166

691,414

65,870

78,416

1,189,336

At 31 December 2023

325,621

1,429

729,552

72,456

81,110

1,210,168

Included within the net book value of land and buildings above is £351,470 (2023 - £325,621) in respect of freehold land and buildings.
 

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Investments

Financial assets at fair value through profit and loss
£

Total
£

Cost or valuation

At 1 January 2024

324,469

324,469

Fair value adjustments

19,909

19,909

At 31 December 2024

344,378

344,378

Carrying amount

At 31 December 2024

344,378

344,378

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,487

58,488

Prepayments

5,082

4,105

Other debtors

98,979

41,022

 

106,548

103,615

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

42,562

14,864

Trade creditors

 

30,042

33,916

Taxation and social security

 

127,489

23,336

Accruals and deferred income

 

3,600

6,000

Other creditors

 

285

285

 

203,978

78,401

 

Nomadic Speed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

42,562

14,864