Ikon Motorsports Limited - Accounts

Ikon Motorsports Limited - Accounts

IKON MOTORSPORTS LIMITED - Company Information

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Registered Number: 10308018
England and Wales

 

 

 

IKON MOTORSPORTS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 September 2021

End date: 31 August 2022

Ikon Motorsports Limited
Contents Page
For the year ended 31 August 2022
 
 		 Notes
 		 2022
£		   2021
£
Current assets      
Stocks 10,540    19,050 
Debtors 2,715    3,468 
Cash at bank and in hand 2,397    16,768 
15,652    39,286 
Creditors: amount falling due within one year (1,592)   (2,305)
Net current assets 14,060    36,981 
 
Total assets less current liabilities 14,060    36,981 
Creditors: amount falling due after more than one year 0    (14,000)
Net assets 14,060    22,981 
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account 14,059    22,980 
Shareholder's funds 14,060    22,981 
 


For the year ended 31 August 2022 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 directors acknowledge 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 05 October 2022 and were signed by:


--------------------------------
Christopher Stevenson
Director
1
General Information
Ikon Motorsports Limited is a private company, limited by shares, registered in England and Wales, registration number 10308018, registration address c/o Rapid IT Tech Warehouse, Wyre Street, Padiham, Lancashire, BB12 8DF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
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.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
3.

Share Capital

Authorised
100 Class A shares of £0.01 each
Allotted, called up and fully paid
2022
£		   2021
£
100 Class A shares of £0.01 each 1    1 
1    1 

2