One-Shot Motor Sport Limited - Period Ending 2016-10-31

Registration number: 02202045

One-Shot Motor Sport Limited

trading as Britnell Team Racing

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

One-Shot Motor Sport Limited
trading as Britnell Team Racing
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

One-Shot Motor Sport Limited
trading as Britnell Team Racing
(Registration number: 02202045)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			-			-
					-			-
Current assets
Debtors					85			263
Cash at bank and in hand					16			2
					101			265
Creditors: Amounts falling due within one year					(74,350)			(73,959)
Net liabilities					(74,249)			(73,694)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(74,251)			(73,696)
Shareholders' deficit					(74,249)			(73,694)

For the year ending 31 October 2016 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the director on 21 July 2017

Mr A N Britnell
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

One-Shot Motor Sport Limited
trading as Britnell Team Racing
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... 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 January 2015).

Going concern

The company has net liabilities and included within creditors falling due within one year is the amount owed to the director. The director will continue to support the company and allow it to pay its other liabilities as they fall due in preference to his loan. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

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

Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its anticipated useful life, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

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.

Page 2

One-Shot Motor Sport Limited
trading as Britnell Team Racing
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		1,804			1,804
At 31 October 2016		1,804			1,804
Depreciation
At 1 November 2015		1,804			1,804
At 31 October 2016		1,804			1,804
Net book value
At 31 October 2016		-			-
At 31 October 2015		-			-

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 3