Motorsport World Limited,Ltd - AccountsLtd - Accounts

Motorsport World Limited,Ltd - AccountsLtd - Accounts

MOTORSPORT WORLD LIMITED - Company Information

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2021-07-01 04347720 2022-06-30 04347720 2021-07-01 2022-06-30 04347720 2021-06-30 04347720 2020-07-01 2021-06-30 04347720 uk-core:WithinOneYear 2021-06-30 04347720 uk-core:WithinOneYear 2022-06-30 04347720 uk-core:AfterOneYear 2021-06-30 04347720 uk-core:AfterOneYear 2022-06-30 04347720 uk-core:ShareCapital 2022-06-30 04347720 uk-core:ShareCapital 2021-06-30 04347720 uk-core:SharePremium 2022-06-30 04347720 uk-core:SharePremium 2021-06-30 04347720 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 04347720 uk-core:RetainedEarningsAccumulatedLosses 2021-06-30 04347720 uk-bus:Director1 2021-07-01 2022-06-30 04347720 uk-bus:Director2 2021-07-01 2022-06-30 04347720 uk-core:Buildings 2021-07-01 2022-06-30 04347720 uk-core:PlantMachinery 2021-07-01 2022-06-30 04347720 uk-core:MotorCars 2021-07-01 2022-06-30 04347720 uk-core:FurnitureFittings 2021-07-01 2022-06-30 04347720 uk-core:FurnitureFittings 2021-06-30 04347720 uk-core:MotorCars 2021-06-30 04347720 uk-core:PlantMachinery 2021-06-30 04347720 uk-core:Buildings 2021-06-30 04347720 uk-core:PlantMachinery 2022-06-30 04347720 uk-core:MotorCars 2022-06-30 04347720 uk-core:FurnitureFittings 2022-06-30 04347720 uk-core:Buildings 2022-06-30 04347720 uk-core:WithinOneYear uk-core:Secured 2022-06-30 04347720 uk-core:WithinOneYear uk-core:Secured 2021-06-30 04347720 uk-core:WithinOneYear 2022-06-30 04347720 uk-core:WithinOneYear 2021-06-30 iso4217:GBP xbrli:pure 04347720 uk-bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 04347720 uk-bus:FRS102 2021-07-01 2022-06-30 04347720 uk-bus:FullAccounts 2021-07-01 2022-06-30 04347720 uk-bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30
Motorsport World Limited
Registered Number:04347720
For the year ended 30 June 2022
England and Wales
Unaudited Financial Statements
2
For the year ended 30 June 2022
Motorsport World Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
04347720
As at 30 June 2022
Motorsport World Limited
Statement of Financial Position
£
£
2021
2022
Notes
Fixed assets
Property, plant and equipment
19,453
35,633
2
19,453
35,633
Current assets
Inventories
13,500
22,700
3
Trade and other receivables
809,329
856,671
4
198,483
Cash and cash equivalents
79,809
959,180
1,021,312
Trade and other payables: amounts falling due within one
year
(536,686)
(551,417)
5
484,626
407,763
Net current assets
Total assets less current liabilities
427,216
520,259
Trade and other payables: amounts falling due after more
than one year
(455,355)
(372,947)
6
54,269
Net assets
64,904
Capital and reserves
Called up share capital
150,000
150,000
Share premium account
50,000
50,000
Retained earnings
(145,731)
(135,096)
54,269
64,904
Shareholders' funds
For the year ended 30 June 2022 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 of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
04347720
For the year ended 30 June 2022
Motorsport World Limited
Statement of Financial Position Continued
Mr K O'Malley Director
Mr R Musk Director
These financial statements were approved and authorised for issue by the Board on 30 March 2023 and were signed by:
The notes form part of these financial statements
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5
For the year ended 30 June 2022
Motorsport World Limited
Notes to the Financial Statements
Statutory Information
Motorsport World Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 04347720.
Registered address:
23 Porters Wood
St Albans
Hertfordshire
AL3 6PQ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
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
33% Per annum on cost
Plant and machinery
50% per annum on cost
25% per annum on cost
Motor vehicles
50% per annum on cost
Fixtures and fittings
Inventories
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.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
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6
For the year ended 30 June 2022
Motorsport World Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
Cost or
valuation
At 01 July 2021
560,753
2,653
24,539
358,961
174,600
30,758
881
-
29,877
-
Additions
-
-
(135,182)
-
Disposals
(135,182)
At 30 June 2022
253,656
24,539
3,534
456,329
174,600
Provision for depreciation and impairment
At 01 July 2021
525,120
1,327
19,043
330,151
174,599
Charge for year
46,938
440
2,749
43,749
-
(135,182)
-
-
(135,182)
-
On disposal
At 30 June 2022
436,876
1,767
21,792
238,718
174,599
At 30 June 2022
Net book value
1
14,938
2,747
1,767
19,453
At 30 June 2021
1
28,810
5,496
1,326
35,633
3. Inventories
2021
2022
£
£
Stocks
22,700
13,500
4. Trade and other receivables
2021
2022
£
£
Trade debtors
6,772
4,187
Amounts owed by group undertakings and participating interests
633,714
625,105
Other debtors
216,185
180,037
809,329
856,671
The debtors above include the following amounts falling due after more than one year:
Amounts owed by group undertakings and participating interests
633,714
625,105
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7
For the year ended 30 June 2022
Motorsport World Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2021
2022
£
£
Bank loans and overdraft (secured)
91,636
67,152
Bank loans and overdraft
-
6,335
Trade creditors
74,517
80,393
Taxation and social security
15,313
81,311
Other creditors
369,951
301,495
551,417
536,686
6. Trade and other payables: amounts falling due after more than one year
2021
2022
£
£
Bank loans and overdraft (secured)
372,947
455,355
7. Average number of persons employed
During the year the average number of employees was 52 (2021 : 49)
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