Abbreviated Company Accounts - FORMULA KARTING LIMITED

Abbreviated Company Accounts - FORMULA KARTING LIMITED

FORMULA KARTING LIMITED - Company Information

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Registered Number NI025871

FORMULA KARTING LIMITED

Abbreviated Accounts

31 December 2013

FORMULA KARTING LIMITED Registered Number NI025871

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 950,718 1,032,796
950,718 1,032,796
Current assets
Stocks 5,000 5,000
Debtors 28,650 22,296
Cash at bank and in hand 10,686 610
44,336 27,906
Creditors: amounts falling due within one year (303,625) (272,567)
Net current assets (liabilities) (259,289) (244,661)
Total assets less current liabilities 691,429 788,135
Creditors: amounts falling due after more than one year (258,289) (279,298)
Total net assets (liabilities) 433,140 508,837
Capital and reserves
Called up share capital 100 100
Revaluation reserve 510,357 510,357
Profit and loss account (77,317) (1,620)
Shareholders' funds 433,140 508,837
  • For the year ending 31 December 2013 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 7 July 2014

And signed on their behalf by:
JIM FEENAN, Director

FORMULA KARTING LIMITED Registered Number NI025871

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year,exclusive of VAT

2Tangible fixed assets
£
Cost
At 1 January 2013 2,144,067
Additions -
Disposals -
Revaluations -
Transfers 25,116
At 31 December 2013 2,169,183
Depreciation
At 1 January 2013 1,111,271
Charge for the year 107,194
On disposals -
At 31 December 2013 1,218,465
Net book values
At 31 December 2013 950,718
At 31 December 2012 1,032,796