Speedshop Automotive Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04671511 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2020

for

Speedshop Automotive Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Jebson

Mrs R Jebson

REGISTERED OFFICE:

Tandem Industrial Estate

Waterloo

Huddersfield

HD5 0AL

REGISTERED NUMBER:

04671511 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

21,749

23,036

21,749

23,036

CURRENT ASSETS

Stocks

9,719

-

Debtors

6

13,685

27,529

Cash at bank and in hand

8,395

7,570

31,799

35,099

CREDITORS

Amounts falling due within one year

7

33,094

37,110

NET CURRENT LIABILITIES

(1,295

)

(2,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,454

21,025

CREDITORS

Amounts falling due after more than one year

8

17,500

-

NET ASSETS

2,954

21,025

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

1,954

20,025

SHAREHOLDERS' FUNDS

2,954

21,025

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2020 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 and authorised for issue on 24th September 2021 and were signed on its behalf by:

J D Jebson - Director

1.	STATUTORY INFORMATION

Speedshop Automotive 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003 has been fully amortised.

Tangible fixed assets

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

Plant and machinery

-

33.3% Straight Line Basis, 20% Straight Line Basis and 10% on Reducing Balance

Fixtures and fittings

-

25% on Reducing Balance and 10% Straight Line Basis

Motor vehicles

-

20% Straight Line Basis

Computer equipment

-

33.3% Straight Line Basis

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instrument' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statements of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statements.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Other operating leases are charged to the profit and loss account as the expenditure is incurred.

The hire purchase interest charged to the Profit and Loss Account is calculated using the straight line method.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2020

and 31st December 2020

47,400

AMORTISATION

At 1st January 2020

and 31st December 2020

47,400

NET BOOK VALUE

At 31st December 2020

-

At 31st December 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2020

45,061

Additions

1,577

At 31st December 2020

46,638

DEPRECIATION

At 1st January 2020

22,025

Charge for year

2,864

At 31st December 2020

24,889

NET BOOK VALUE

At 31st December 2020

21,749

At 31st December 2019

23,036

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

12,329

27,520

Other debtors

1,356

9

13,685

27,529

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

2,500

-

Trade creditors

14,084

8,919

Taxation and social security

3,214

8,499

Other creditors

13,296

19,692

33,094

37,110

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

17,500

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1,000

Ordinary

£1

1,000

1,000