Ikon Motorsports Limited - Accounts to registrar (filleted) - small 18.2

Ikon Motorsports Limited - Accounts to registrar (filleted) - small 18.2

IKON MOTORSPORTS LIMITED - Company Information

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REGISTERED NUMBER: 10308018 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

IKON MOTORSPORTS LIMITED
IKON MOTORSPORTS LIMITED (REGISTERED NUMBER: 10308018)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


IKON MOTORSPORTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2019







DIRECTORS: Mr A J Gibb
Mr C J Stevenson





REGISTERED OFFICE: Unit 2
Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH





REGISTERED NUMBER: 10308018 (England and Wales)





ACCOUNTANTS: Bishops
Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
BB1 5BG
Page 1
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
IKON MOTORSPORTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain
other primary statements and the Report of the Directors are not required to be filed with the
Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval
the financial statements of Ikon Motorsports Limited for the year ended 31 August 2019 which comprise the
Income Statement, Balance Sheet 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ikon Motorsports Limited, as a body, in accordance with the terms of our engagement letter dated 18 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Ikon Motorsports Limited and state those matters that we have agreed to state to the Board of Directors of Ikon Motorsports Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ikon Motorsports Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ikon Motorsports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ikon Motorsports Limited. You consider that Ikon Motorsports 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 financial statements of Ikon Motorsports 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 financial statements.






Bishops
Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
BB1 5BG


20 December 2019

This page does not form part of the statutory financial statements

Page 2
IKON MOTORSPORTS LIMITED (REGISTERED NUMBER: 10308018)

BALANCE SHEET
31 AUGUST 2019

2019 2018
Notes £    £   
CURRENT ASSETS
Stocks 18,810 15,000
Debtors 4 96 4,041
Cash at bank 4,298 6,877
23,204 25,918
CREDITORS
Amounts falling due within one year 5 2,269 4,438
NET CURRENT ASSETS 20,935 21,480
TOTAL ASSETS LESS CURRENT
LIABILITIES
20,935
21,480

CAPITAL AND RESERVES
Called up share capital 6 100 1
Retained earnings 20,835 21,479
SHAREHOLDERS' FUNDS 20,935 21,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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 20 December 2019 and were signed on
its behalf by:





Mr C J Stevenson - Director


The notes form part of these financial statements

Page 3
IKON MOTORSPORTS LIMITED (REGISTERED NUMBER: 10308018)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

1. STATUTORY INFORMATION

Ikon Motorsports 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 is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Other debtors - 4,040
Directors' current accounts - 1
Prepayments 96 -
96 4,041

Page 4 continued...
IKON MOTORSPORTS LIMITED (REGISTERED NUMBER: 10308018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2019

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Tax 1,549 3,938
Accruals and deferred income 720 500
2,269 4,438

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £    £   
100 Ordinary £1 100 1

Page 5