Tolman Motorsport Limited - Accounts to registrar (filleted) - small 23.2.5
Tolman Motorsport Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| FOR |
| TOLMAN MOTORSPORT LIMITED |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| TOLMAN MOTORSPORT LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Bank Gallery |
| High Street |
| Kenilworth |
| Warwickshire |
| CV8 1LY |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| BALANCE SHEET |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| BALANCE SHEET - continued |
| 31 December 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Tolman Motorsport Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) |
| Transfer to ownership | (27,455 | ) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer to ownership | (27,455 | ) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2022 |
| Transfer to ownership | (27,455 | ) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Transfer to ownership | (27,455 | ) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 8,185 | 8,169 |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to participating interests | - | 10,000 |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| TOLMAN MOTORSPORT LIMITED (REGISTERED NUMBER: 07325940) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 15,076 | 19,907 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank overdraft |
| Hire purchase contracts | - | 3,850 |
| 9. | RELATED PARTY DISCLOSURES |
| C Tolman (director) is also a director of the JFT Limited and Tolman engineering Ltd, D R Pattison (former director) is also the director of Nineteen56 Limited. All these companies are registered in England. |
| During the year the company made the following transactions with these companies: |
| JFT Limited |
| Rent payments made £12,874 (2021 £12,874) |
| Trade creditors include £1,225 (2021 (£nil) |
| Management charge receivable £3,000 (2021 £1,000) |
| Trade debtors include £3,000 (2021 £nil) |
| Loan debtor at the balance sheet date £8,169 (£2021 £8,169) |
| Tolman Engineering Limited |
| Loan debtor at the balance sheet date £16 (£2021 £nil) |
| Nineteen56 Limited |
| Rent payments made £7,080 (2021 £7,080) |
| Loan creditor at the balance sheet date £nil (2021 £10,000). |
| The loan was written off during the year. |
| 10. | CONTROLLING PARTY |
| The controlling party is C Tolman. |