Tornado Motorsport Limited - Accounts

Tornado Motorsport Limited - Accounts

TORNADO MOTORSPORT LIMITED - Company Information

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Registered Number: 07207809
England and Wales

 

 

 

TORNADO MOTORSPORT LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

Tornado Motorsport Limited
Contents Page
For the year ended 31 March 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Tornado Motorsport Limited for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tornado Motorsport Limited for the year ended 31 March 2023 which comprise of 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 company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Tornado Motorsport Limited , as a body, in accordance with the terms of our engagement letter dated 08 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Tornado Motorsport Limited and state those matters that we have agreed to state to the Board of Directors of Tornado Motorsport Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tornado Motorsport Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Tornado Motorsport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tornado Motorsport Limited . You consider that Tornado Motorsport Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Tornado Motorsport Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 March 2023



....................................................
SRB Accountancy Limited
The Lower Stables
Main Road, Sudbury
Ashbourne
Derbyshire
DE6 5HT
08 December 2023
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 36,796    19,936 
36,796    19,936 
Current assets      
Stocks 10,000    10,000 
Debtors: amounts falling due within one year 8,604    31,398 
Cash at bank and in hand 26,707    21,608 
45,311    63,006 
Creditors: amount falling due within one year (129,164)   (165,294)
Net current liabilities (83,853)   (102,288)
 
Total assets less current liabilities (47,057)   (82,352)
Net liabilities (47,057)   (82,352)
 

Capital and reserves 		     
Called up share capital 4 100    100 
Profit and loss account (47,157)   (82,452)
Shareholder's funds (47,057)   (82,352)
 


For the year ended 31 March 2023 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 director acknowledges 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 08 December 2023 and were signed by:


-------------------------------
Mr D I Billings
Director
2
General Information
Tornado Motorsport Limited is a private company, limited by shares, registered in England and Wales, registration number 07207809,registration address The Lower Stables, Main Road, Sudbury, Ashbourne, Derbyshire, DE6 5HT.

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 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 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 April 2022 63,027    68,829    -    131,856 
Additions -    2,624    26,500    29,124 
Disposals -    -    -    - 
At 31 March 2023 63,027    71,453    26,500    160,980 
Depreciation
At 01 April 2022 63,027    48,893    -    111,920 
Charge for year -    5,639    6,625    12,264 
On disposals -    -    -    - 
At 31 March 2023 63,027    54,532    6,625    124,184 
Net book values
Closing balance as at 31 March 2023 -    16,921    19,875    36,796 
Opening balance as at 01 April 2022 -    19,936    -    19,936 


4.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£		   2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3