MGT Motorsport Limited - Period Ending 2015-03-31

Registration number: 08972672

MGT Motorsport Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Sheridan Accounting Solutions Limited
Accountants
Enterprise House
Tenlons Road
Nuneaton
Warwickshire
CV10 7HR

MGT Motorsport Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

MGT Motorsport Limited
(Registration number: 08972672)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £
Fixed assets
Tangible fixed assets					148,516
Current assets
Debtors					18,470
Cash at bank and in hand					60,320
					78,790
Creditors: Amounts falling due within one year					(114,045)
Net current liabilities					(35,255)
Total assets less current liabilities					113,261
Creditors: Amounts falling due after more than one year					(82,672)
Net assets					30,589
Capital and reserves
Called up share capital		4			2
Profit and loss account					30,587
Shareholders' funds					30,589

For the year ending 31 March 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 February 2016 and signed on its behalf by:

.........................................
Mr Mark Anthony Biggers
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

MGT Motorsport Limited
(Registration number: 08972672)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Mr Garth Wong
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

MGT Motorsport Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and Buildings
Plant and machinery	20.0% reducing balance
Office equipment	33.3% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		155,773			155,773
At 31 March 2015		155,773			155,773
Depreciation
Charge for the year		7,257			7,257
At 31 March 2015		7,257			7,257
Net book value
At 31 March 2015		148,516			148,516

Page 3

MGT Motorsport Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2015 £
After more than five years by instalments		25,108

4	Share capital

Allotted, called up and fully paid shares

	2015
		No.			£
Ordinary Shares of £1 each		2			2

New shares allotted

During the year 2 Ordinary Shares having an aggregate nominal value of £nil were allotted for an aggregate consideration of £nil. New Company.

Page 4