KG Motorsport Limited
KG Motorsport Limited
Registered number: NI051990
ABRIDGED Financial Statements
For The Year Ended
31 March 2022
J.A.McNicholl & Company Ltd
KG Motorsport Limited
Financial Statements
For The Year Ended
31 March 2022
Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Statement of Financial Position | 1—2 |
| Notes to the Abridged Financial Statements | 3—4 |
Page 1
KG Motorsport Limited
Abridged Statement of Financial Position
As at
31 March 2022
Abridged Statement of Financial Position
Registered number:
NI051990
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
All of the company's members have consented to the preparation of an Abridged Statement of Financial Position for the year end 31 March 2022 in accordance with section 444(2A) of the Companies Act 2006.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (218,421) | (94,105) | |||
| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 4 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 2,002,261 | 1,523,671 | |||
Page 1
Page 2
KG Motorsport Limited
Abridged Statement of Financial Position (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
KG Motorsport Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 March 2022
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2021: 4)
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
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| Additions |
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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Page 3
Page 4
KG Motorsport Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2022
4.
Share Capital
| 2022 | 2021 | ||
|---|---|---|---|
| Allotted, Called up and fully paid |
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5.
General Information
KG Motorsport Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI051990
. The registered office is 18 Market Road, Ballymena, Co Antrim, BT43 6EL.
Page 4