ONE_SHOT_MOTOR_SPORT_LIMI - Accounts

ONE-SHOT MOTOR SPORT LIMITED - Company Information

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Company Registration No. 02202045 (England and Wales)

ONE SHOT MOTOR SPORT LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2014

ONE SHOT MOTOR SPORT LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ONE SHOT MOTOR SPORT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

451

902

Current assets

Debtors

3,101

11,409

Cash at bank and in hand

3,160

11,423

Creditors: amounts falling due within one year

(69,704)

(87,095)

Net current liabilities

(66,544)

(75,672)

Total assets less current liabilities

(66,093)

(74,770)

Capital and reserves

Called up share capital

Profit and loss account

(66,095)

(74,772)

Shareholders' funds

(66,093)

(74,770)

For the financial year ended 31 October 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 July 2015

A N Britnell

Director

Company Registration No. 02202045

ONE SHOT MOTOR SPORT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The accounts have been prepared on the going concern basis which is deemed appropriate in light of the continuing financial support of the director, A N Britnell.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

fully depreciated

Computer equipment

25% straight line

Motor vehicles

fully depreciated

1.5

Deferred taxation

Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and legislation. Timing differences arise from the inclusion of items of income and expenditure in taxation computation in periods different from those in which they are included in the accounts.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. On the ground of immateriality deferred tax assets and liabilities are not discounted.

ONE SHOT MOTOR SPORT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 November 2013 & at 31 October 2014

11,141

Depreciation

At 1 November 2013

10,239

Charge for the year

451

At 31 October 2014

10,690

Net book value

At 31 October 2014

451

At 31 October 2013

902

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary shares of £1 each