Tolman Motorsport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07325940 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

TOLMAN MOTORSPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Tolman

DR Pattison

SECRETARY:

Miss K Mustill

REGISTERED OFFICE:

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

REGISTERED NUMBER:

07325940 (England and Wales)

ACCOUNTANTS:

Bernard Rogers & Co

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

FIXED ASSETS

Tangible assets

4

76,610

15,764

CURRENT ASSETS

Stocks

67,380

62,421

Debtors

5

282,470

25,493

Cash at bank and in hand

47,641

2

397,491

87,916

CREDITORS

Amounts falling due within one year

6

310,612

93,039

NET CURRENT ASSETS/(LIABILITIES)

86,879

(5,123

)

TOTAL ASSETS LESS CURRENT LIABILITIES

163,489

10,641

CREDITORS

Amounts falling due after more than one year

7

19,586

17,924

NET ASSETS/(LIABILITIES)

143,903

(7,283

)

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

99,999

99,999

Retained earnings

43,902

(107,284

)

SHAREHOLDERS' FUNDS

143,903

(7,283

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 6 August 2019 and were signed on its behalf by:

C Tolman - Director

1.	STATUTORY INFORMATION

Tolman Motorsport 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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

at varying rates on cost

Computer equipment

-

25% on cost

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 Income Statement, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 9 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

132,222

Additions

91,968

At 31 December 2018

224,190

DEPRECIATION

At 1 January 2018

116,458

Charge for year

31,122

At 31 December 2018

147,580

NET BOOK VALUE

At 31 December 2018

76,610

At 31 December 2017

15,764

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

27,455

At 31 December 2018

27,455

DEPRECIATION

Charge for year

6,864

At 31 December 2018

6,864

NET BOOK VALUE

At 31 December 2018

20,591

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

66,383

4,113

Other debtors

216,087

21,380

282,470

25,493

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

12,500

37,591

Hire purchase contracts

5,968

5,471

Trade creditors

21,736

27,030

Taxation and social security

24,145

15,997

Other creditors

246,263

6,950

310,612

93,039

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

4,167

16,667

Hire purchase contracts

15,419

-

Other creditors

-

1,257

19,586

17,924

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

25,091

Bank loans

16,667

29,167

Hire purchase contracts

21,387

5,471

38,054

59,729

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2018 and the

period ended 31 December 2017:

2018

2017

£

£

C Tolman

Balance outstanding at start of year

14,500

-

Amounts advanced

-

14,500

Amounts repaid

(14,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

14,500

10.	RELATED PARTY DISCLOSURES

D R Pattison (director) has made the following transactions with the company during the period:

Sales to director £283,654 (2017 320,925)

Loan made to the company outstanding at 31 December 2018 £nil (2017 £6,257)

Amounts owed by the director included in trade debtors at 31 December 2018 £42,383 (2017 £nil)

D R Pattison (director) is also the director of Nineteen56 Limited a company registered in England. During the

period the company made the following transactions with Nineteen56 Limited:

Rent payments made £6,840 (2017 £8,800)

Truck hire payments made £8,000 (2017 £13,000)

Race car hire payments made £4,639 (2017 £nil)

No amounts are outstanding at the 31 December 2018 nor at 31 December 2017.

Recharges made to for truck respray £13,000 (2017 £nil)

Amounts included in trade debtors at 31 December 2018 £15,600 (2017 £nil)

At 31 December 2018 other creditors include loans made to the company by C Tolman (director) amounting to

£4,407 (2017 £nil). The loans are interest free with no fixed date for repayment.

11.	CONTROLLING PARTY

The controlling party is C Tolman.