Abbreviated Company Accounts - MOTORSPORT MUNDIAL LIMITED

MOTORSPORT MUNDIAL LIMITED - Company Information

Registered Number 03494352

MOTORSPORT MUNDIAL LIMITED

Abbreviated Accounts

31 December 2015

MOTORSPORT MUNDIAL LIMITED Registered Number 03494352

Abbreviated Balance Sheet as at 31 December 2015

	2015	2014
	£	£
Current assets
Debtors	102,898	86,908
Cash at bank and in hand	12,463	9,003
	115,361	95,911
Creditors: amounts falling due within one year	(128,270)	(111,742)
Net current assets (liabilities)	(12,909)	(15,831)
Total assets less current liabilities	(12,909)	(15,831)
Accruals and deferred income	(81,627)	(37,790)
Total net assets (liabilities)	(94,536)	(53,621)
Capital and reserves
Called up share capital	100	100
Profit and loss account	(94,636)	(53,721)
Shareholders' funds	(94,536)	(53,621)

For the year ending 31 December 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 30 September 2016

And signed on their behalf by:
David Beynon, Director

MOTORSPORT MUNDIAL LIMITED Registered Number 03494352

Notes to the Abbreviated Accounts for the period ended 31 December 2015

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 January 2015.

The balance sheet shows that liabilities exceed assets by £94,536. The shareholders have confirmed that they will continue to provide financial support to the company for the foreseeable future to enable the company to continue normal activities. For this reason, the directors continue to adopt the going concern basis in producing the financial statements.

Should these funds not be available, the going concern basis would be invalid and adjustments would have to be made to revise the value of assets to their realisable amount and to provide for any further liabilities which may arise.

Other accounting policies
Prior year adjustment
On reviewing the terms of the company’s sales contracts, it was noted that a proportion of the sales invoices raised each year covered a period post year end. Subsequently, this represents income that should have been deferred but wasn’t. The effect of the adjustments were as follows:

Income increased by £10,928
Deferred income creditor added of £36,890
P&L reserve decreased by £47,818