Tornado Motorsport Ltd - Accounts

Tornado Motorsport Ltd - Accounts

TORNADO MOTORSPORT LIMITED - Company Information

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Registered Number: 07207809
England and Wales

 

 

 

TORNADO MOTORSPORT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2020

End date: 31 March 2021

Tornado Motorsport Ltd
Contents Page
For the year ended 31 March 2021
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
SRB Accountancy Limited
31 March 2021



....................................................
SRB Accountancy Limited
Compton Offices
King Edward Street
Ashbourne
Derbyshire
DE6 1BW
22 December 2021
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 28,123    18,997 
28,123    18,997 
Current assets      
Stocks 10,000    10,000 
Debtors: amounts falling due within one year 9,974    4,660 
Cash at bank and in hand 2,740    213 
22,714    14,873 
Creditors: amount falling due within one year (171,168)   (176,603)
Net current liabilities (148,454)   (161,730)
 
Total assets less current liabilities (120,331)   (142,733)
Net liabilities (120,331)   (142,733)
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account (120,431)   (142,833)
Shareholder's funds (120,331)   (142,733)
 


For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 22 December 2021 and were signed by:


--------------------------------
Mr D I Billings
Director
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General Information
Tornado Motorsport Ltd is a private company, limited by shares, registered in England and Wales, registration number 07207809,registration address Compton Offices, King Edward Street, Ashbourne, Derbyshire, DE6 1BW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 20% Straight Line
Plant and Machinery 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 0 (2020 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 April 2020 63,027    50,329    113,356 
Additions -    18,500    18,500 
Disposals -    -    - 
At 31 March 2021 63,027    68,829    131,856 
Depreciation
At 01 April 2020 63,027    31,332    94,359 
Charge for year -    9,374    9,374 
On disposals -    -    - 
At 31 March 2021 63,027    40,706    103,733 
Net book values
Closing balance as at 31 March 2021 -    28,123    28,123 
Opening balance as at 01 April 2020 -    18,997    18,997 


4.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2021
£		   2020
£
100 Class A shares of £1.00 each 100    100 
100    100 

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