REGISTERED NUMBER: 07404652 (England and Wales)

LONDON SPEED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

I D Taylor

REGISTERED OFFICE:

255 Green Lanes

Palmers Green

London

N13 4XE

REGISTERED NUMBER:

07404652 (England and Wales)

ACCOUNTANTS:

John Crook & Partners

Chartered Accountants

255 Green Lanes

Palmers Green

London

N13 4XE

FIXED ASSETS

Intangible assets

4

90,000

105,000

Tangible assets

5

88,796

75,497

178,796

180,497

CURRENT ASSETS

Stocks

1,230,000

1,320,000

Debtors

6

168,435

199,420

Cash at bank and in hand

605,186

456,224

2,003,621

1,975,644

CREDITORS

Amounts falling due within one year

7

391,817

214,557

NET CURRENT ASSETS

1,611,804

1,761,087

TOTAL ASSETS LESS CURRENT LIABILITIES

1,790,600

1,941,584

PROVISIONS FOR LIABILITIES

16,839

14,305

NET ASSETS

1,773,761

1,927,279

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

8

1,773,760

1,927,278

SHAREHOLDERS' FUNDS

1,773,761

1,927,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 December 2025 and were signed by:

I D Taylor - Director

1.	STATUTORY INFORMATION

London Speed Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

300,000

AMORTISATION

At 1 June 2024

195,000

Charge for year

15,000

At 31 May 2025

210,000

NET BOOK VALUE

At 31 May 2025

90,000

At 31 May 2024

105,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2024

7,661

11,511

107,210

65,833

192,215

Additions

-

-

28,094

-

28,094

At 31 May 2025

7,661

11,511

135,304

65,833

220,309

DEPRECIATION

At 1 June 2024

-

7,640

68,946

40,132

116,718

Charge for year

-

581

7,789

6,425

14,795

At 31 May 2025

-

8,221

76,735

46,557

131,513

NET BOOK VALUE

At 31 May 2025

7,661

3,290

58,569

19,276

88,796

At 31 May 2024

7,661

3,871

38,264

25,701

75,497

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

48,400

-

Other debtors

703

703

Loan

32,000

32,000

Directors' current accounts

70,913

87,132

Tax

12,183

75,801

Prepayments

4,236

3,784

168,435

199,420

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

331,136

95,326

Tax

(6,942

)

6,942

Social security and other taxes

2,460

5,504

Value added tax

54,801

96,116

Sundry creditors and accruals

10,362

10,669

391,817

214,557

8.

RESERVES

Retained

earnings

£

At 1 June 2024

1,927,278

Deficit for the year

(78,518

)

Dividends

(75,000

)

At 31 May 2025

1,773,760

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2025 and 31 May 2024:

2025

2024

£

£

I D Taylor

Balance outstanding at start of year

87,132

87,550

Amounts repaid

(16,219

)

(418

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

70,913

87,132

10.	RELATED PARTY DISCLOSURES

I D Taylor is a director and shareholder of the company. Mr Taylor is also a director and shareholder of Nice One Centurion Limited

During the year the company paid rent of £34,000 (2024 - £12,000) to Nice One Centurion Limited on an arms length basis.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is I D Taylor.