MTC Motorsport Limited Filleted accounts for Companies House (small and micro)

MTC MOTORSPORT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09379272

MTC MOTORSPORT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2021

MTC MOTORSPORT LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		210,291		216,309

CURRENT ASSETS

Stocks	126,115	58,415
Cash at bank and in hand	314,156	122,203
	---------	---------
	440,271	180,618

CREDITORS: amounts falling due within one year	6	144,849		62,631
		---------		---------
NET CURRENT ASSETS			295,422		117,987
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			505,713		334,296

CREDITORS: amounts falling due after more than one year	7	152,760	118,773
		---------	---------
NET ASSETS		352,953	215,523
		---------	---------

CAPITAL AND RESERVES

Called up share capital	2	1
Profit and loss account	352,951	215,522
	---------	---------
SHAREHOLDERS FUNDS	352,953	215,523
	---------	---------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2021 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 .

MTC MOTORSPORT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2021

These financial statements were approved by the board of directors and authorised for issue on 4 June 2021 , and are signed on behalf of the board by:

M.T. Carter
Director

Company registration number: 09379272

MTC MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11, Twin Brook Business Park, Twin Brook, Clitheroe, Lancashire, BB7 1QX.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Government grants

Government grants or assistance of a revenue nature are recognised in the same period as the related expenditure. Where the grant is for the purpose of giving immediate financial support with no future related costs the income is recognised in the period in which it becomes receivable.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(d) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(e) Taxation

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	`10% per annum reducing balance`

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(i) Financial instruments

Basic financial instruments are recognised at amortised cost.

(j) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. TANGIBLE ASSETS

	Freehold Property	Equipment	Total
	£	£	£
Cost
At 1 February 2020 and 31 January 2021	201,454	24,371	225,825
	---------	--------	---------
Depreciation
At 1 February 2020	5,036	4,480	9,516
Charge for the year	4,029	1,989	6,018
	---------	--------	---------
At 31 January 2021	9,065	6,469	15,534
	---------	--------	---------
Carrying amount
At 31 January 2021	192,389	17,902	210,291
	---------	--------	---------
At 31 January 2020	196,418	19,891	216,309
	---------	--------	---------

6. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	16,180	9,513
Accruals and deferred income	1,988	2,750
Corporation tax	50,185	28,780
Social security and other taxes	27,680	21,033
Director loan accounts	48,816	555
	---------	--------
	144,849	62,631
	---------	--------

The bank borrowings are secured by the company.

7. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	152,760	118,773
	---------	---------

The bank borrowings are secured by the company.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

9. RELATED PARTY TRANSACTIONS

The company was under the control of the director, Mr M.T. Carter , throughout the year. During the year the company paid dividends to the director amounting to £40,500.