Bilsport Limited
Bilsport Limited
Registered number: 10149951
Unaudited Financial Statements
For The Year Ended
31 March 2023
Bilsport Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
Page 1
Bilsport Limited
Accountants' Report
For The Year Ended
31 March 2023
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of
Bilsport Limited
For The Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Bilsport Limited
For The Year Ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Bilsport Limited
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
Bilsport Limited
and state those matters that we have agreed to state to the directors of
Bilsport Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Bilsport Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Bilsport Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Bilsport Limited
. You consider that
Bilsport Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Bilsport Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Bank House, 81 St Judes Road
Englefield Green
Surrey
TW20 0DF
Page 1
Page 2
Bilsport Limited
Balance Sheet
As at
31 March 2023
Balance Sheet
Registered number:
10149951
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
( |
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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 | 5 |
( |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Revaluation reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 520,939 | 390,774 | |||
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Page 3
Bilsport Limited
Balance Sheet (continued)
As at
31 March 2023
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 Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Bilsport Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2022: 3)
3.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost or Valuation | |
| As at
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| Disposals |
( |
| Revaluation | 2,362 |
| As at
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| Net Book Value | |
| As at
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In the opinion of the directors, the fair value of the investment properties is considered to be £1,500,000 as at 31 March 2023.
Page 4
Page 5
Bilsport Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
4.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Corporation tax |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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5.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Other creditors |
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| Loan - For Extensions |
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6.
Share Capital
| 2023 | 2022 | ||
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| Allotted, Called up and fully paid |
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| Value | Number | 2023 | 2022 | ||
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| Allotted, called up and fully paid | £ | £ | £ | ||
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100 | 100 | |
7.
General Information
Bilsport Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10149951
. The registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.
Page 5