Norris Motor Sports Limited - Abbreviated accounts

Norris Motor Sports Limited - Abbreviated accounts


Registered number
05730152
Norris Motor Sports Limited
Abbreviated Accounts
31 May 2014
Norris Motor Sports Limited
Registered number: 05730152
Abbreviated Balance Sheet
as at 31 May 2014
Notes 2014 2013
£ £
Fixed assets
Intangible assets 2 - -
Tangible assets 3 5,387 5,496
Investments 4 - -
5,387 5,496
Current assets
Stocks - -
Debtors 5 816 1,460
Investments held as current assets - -
Cash at bank and in hand 2,962 5,126
3,778 6,586
Creditors: amounts falling due within one year (29,028) (37,905)
Net current liabilities (25,250) (31,319)
Total assets less current liabilities (19,863) (25,823)
Creditors: amounts falling due after more than one year - -
Provisions for liabilities - -
Net liabilities (19,863) (25,823)
Capital and reserves
Called up share capital 7 4 4
Share premium - -
Revaluation reserve - -
Capital redemption reserve - -
Profit and loss account (19,867) (25,827)
Shareholders' funds (19,863) (25,823)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Karl Norris
Director
Approved by the board on 24 November 2014
Norris Motor Sports Limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2014
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
2 Intangible fixed assets £
Cost
At 1 June 2013 -
Additions -
Disposals -
At 31 May 2014 -
Amortisation
At 1 June 2013 -
Provided during the year -
On disposals -
At 31 May 2014 -
Net book value
At 31 May 2014 -
At 31 May 2013 -
3 Tangible fixed assets £
Cost
At 1 June 2013 17,499
Additions 1,155
Surplus on revaluation -
Disposals -
At 31 May 2014 18,654
Depreciation
At 1 June 2013 12,003
Charge for the year 1,264
Surplus on revaluation -
On disposals -
At 31 May 2014 13,267
Net book value
At 31 May 2014 5,387
At 31 May 2013 5,496
4 Investments £
Cost
At 1 June 2013 -
Additions -
Disposals -
At 31 May 2014 -
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
[Company name 1] Ordinary - - -
[Company name 2] Ordinary - - -
[Company name 3] Ordinary - - -
[Company name 4] Ordinary - - -
5 Debtors 2014 2013
£ £
Debtors include:
Amounts due after more than one year - -
6 Loans 2014 2013
£ £
Creditors include:
Amounts falling due for payment after more than five years - -
Secured bank loans - -
7 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 4 4
B Ordinary shares £1 each - - -
4 4
? Preference shares £1 each - - -
4 4
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each - -
B Ordinary shares £1 each - -
-
? Preference shares £1 each - -
-
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Karl Norris
[Loan 1] - - - -
[Loan 2] - - - -
Oliver Meredith
[Loan 1] - - - -
[Loan 2] - - - -
[Director 3]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 4]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 5]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 6]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 7]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 8]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 9]
[Loan 1] - - - -
[Loan 2] - - - -
- - - -
9 Guarantees made by the company on behalf of directors
Description and terms Maximum Amount paid
liability and incurred
£ £
Karl Norris
[Guarantee 1] - -
[Guarantee 2] - -
Oliver Meredith
[Guarantee 1] - -
[Guarantee 2] - -
[Director 3]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 4]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 5]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 6]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 7]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 8]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 9]
[Guarantee 1] - -
[Guarantee 2] - -
- -
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