Fox Motorsport Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 06619809 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2013

for

Fox Motorsport Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C R Fox

P McNeilly

SECRETARY:

P McNeilly

REGISTERED OFFICE:

Great Tomkyns

Tomkyns Lane

Upminster

Essex

RM14 1TP

REGISTERED NUMBER:

06619809 (England and Wales)

ACCOUNTANTS:

Tile & Co

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

FIXED ASSETS

Tangible assets

2

98,924

211,515

CURRENT ASSETS

Debtors

140,082

232,635

Cash at bank

38,323

5,845

178,405

238,480

CREDITORS

Amounts falling due within one year

3

740,379

789,705

NET CURRENT LIABILITIES

(561,974

)

(551,225

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(463,050

)

(339,710

)

CREDITORS

Amounts falling due after more than one year

3

-

87,084

NET LIABILITIES

(463,050

)

(426,794

)

CAPITAL AND RESERVES

Called up share capital

4

10,000

10,000

Profit and loss account

(473,050

)

(436,794

)

SHAREHOLDERS' FUNDS

(463,050

)

(426,794

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2014 and were signed on its behalf by:

P McNeilly - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

399,178

Additions

100,000

Disposals

(391,816

)

At 31 December 2013

107,362

DEPRECIATION

At 1 January 2013

187,663

Charge for year

28,513

Eliminated on disposal

(207,738

)

At 31 December 2013

8,438

NET BOOK VALUE

At 31 December 2013

98,924

At 31 December 2012

211,515

3.

CREDITORS

Creditors include an amount of £ 0 (2012 - £ 116,663 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

10,000

Ordinary

£1

10,000

10,000

5.	ULTIMATE CONTROLLING PARTY

The controlling party is P McNeilly.