Silverstone Sports Engineering Hub Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11232449 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

Silverstone Sports Engineering Hub Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R W Lewis

REGISTERED OFFICE:

c/o TotalSim Limited

Top Station Road

Brackley

Northamptonshire

NN13 7UG

REGISTERED NUMBER:

11232449 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

18 Market Place

Brackley

Northamptonshire

NN13 7DP

FIXED ASSETS

Tangible assets

4

70,788

46,712

CURRENT ASSETS

Debtors

5

44,958

56,316

Cash at bank

84,442

37,148

129,400

93,464

CREDITORS

Amounts falling due within one year

6

109,469

136,176

NET CURRENT ASSETS/(LIABILITIES)

19,931

(42,712

)

TOTAL ASSETS LESS CURRENT LIABILITIES

90,719

4,000

CREDITORS

Amounts falling due after more than one year

7

673,900

354,900

NET LIABILITIES

(583,181

)

(350,900

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(583,281

)

(351,000

)

SHAREHOLDERS' FUNDS

(583,181

)

(350,900

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 November 2021 and were signed by:

R W Lewis - Director

1.	STATUTORY INFORMATION

Silverstone Sports Engineering Hub Ltd 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.

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.

Tangible fixed assets

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

Technical equipment

-

Straight line over 3 years

Fixtures and fittings

-

Straight line over 3 years

Computer equipment

-

Straight line over 2 years

Government grants

Covid-19 related grants are recognised using the accrual model. Grants related to revenue are included in the 'other operating income' line item and are recognised on a systematic basis over the same period as the related costs for which the grant is intended to compensate.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The accounts have been prepared on the going concern basis. This is reliant upon the continued support of the ultimate parent company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2020

57,174

Additions

51,009

Disposals

(2,400

)

At 28 February 2021

105,783

DEPRECIATION

At 1 March 2020

10,462

Charge for year

25,903

Eliminated on disposal

(1,370

)

At 28 February 2021

34,995

NET BOOK VALUE

At 28 February 2021

70,788

At 29 February 2020

46,712

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

11,795

3,068

Other debtors

33,163

53,248

44,958

56,316

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

40,481

123,428

Taxation and social security

5,448

1,557

Other creditors

63,540

11,191

109,469

136,176

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

673,900

354,900

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Totalsim Ltd.