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

REGISTERED NUMBER: 04134387 (England and Wales)

BEECHDEAN MOTORSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Howard

Mrs S H Howard

SECRETARY:

Mrs S H Howard

REGISTERED OFFICE:

Old House Farm

North Dean

High Wycombe

Buckinghamshire

HP14 4NL

REGISTERED NUMBER:

04134387 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,379,480

1,004,827

CURRENT ASSETS

Stocks

546,819

505,844

Debtors

5

312,056

199,707

858,875

705,551

CREDITORS

Amounts falling due within one year

6

(397,064

)

(396,159

)

NET CURRENT ASSETS

461,811

309,392

TOTAL ASSETS LESS CURRENT LIABILITIES

1,841,291

1,314,219

CREDITORS

Amounts falling due after more than one year

7

(343,525

)

-

NET ASSETS

1,497,766

1,314,219

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,497,666

1,314,119

SHAREHOLDERS' FUNDS

1,497,766

1,314,219

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 applicable to companies subject to the small companies regime.

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 27 September 2019 and were signed on its behalf by:

Mrs S H Howard - Director

1.	STATUTORY INFORMATION

Beechdean 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have reviewed the use of the going concern basis of accounting in preparing these

financial statements. The level of liquid assets in the company is less than the current liabilities of the

company at the balance sheet date. Having considered this, the directors are confident that in the

event of an inability to settle creditors, connected companies under common ownership of the directors

have sufficient cash reserves available to meet these liabilities in the short term in order that the

company may continue as a going concern for the foreseeable future. As a result, the financial

statements are prepared on a going concern basis.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted

for accrued revenue calculated by reference to the fair value of services performed up to the balance

sheet date but not invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

100% Straight line, 50% Straight line and 20% Straight Line

Motor vehicles

-

33% Straight line and 25% Straight line

Stocks

Stocks are valued at the lower of cost and net realisable value on a first-in first-out basis, after making

due allowance for obsolete and slow moving items.

Debtors

Trade and other debtors are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest. Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Cash at bank

Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with

an original maturity date of three months or less.

Creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at the present value of future

payments discounted at the prevailing market rate of interest. Other financial liabilities are initially

measured at fair value net of their transaction costs. They are subsequently measured at amortised

cost using the effective interest method.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the

current or past reporting periods using tax rates that have been enacted or substantively enacted by

the reporting date.

Current or deferred taxation assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

Employee benefits

Short term employee benefits, other non-monetary benefits and contributions to defined contribution

plans are recognised as an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2018

136,884

1,650,151

1,787,035

Additions

-

502,299

502,299

Disposals

-

(65,000

)

(65,000

)

At 31 December 2018

136,884

2,087,450

2,224,334

DEPRECIATION

At 1 January 2018

99,959

682,249

782,208

Charge for year

4,299

75,872

80,171

Eliminated on disposal

-

(17,525

)

(17,525

)

At 31 December 2018

104,258

740,596

844,854

NET BOOK VALUE

At 31 December 2018

32,626

1,346,854

1,379,480

At 31 December 2017

36,925

967,902

1,004,827

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

30,000

-

Amounts owed by related companies

143,977

188,206

Other debtors

138,079

11,501

312,056

199,707

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

121,482

177,861

Trade creditors

217,231

214,924

Taxation and social security

534

534

Other creditors

57,817

2,840

397,064

396,159

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

343,525

-

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

117,777

-

8.	SECURED DEBTS

Loans of £400,000 included within Other Creditors are secured against Motor Vehicles owned by the

company.