Hunts Kart Racing Club Limited - Filleted accounts

Hunts Kart Racing Club Limited - Filleted accounts

HUNTS KART RACING CLUB LIMITED - Company Information

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Registered number
01597143
Hunts Kart Racing Club Limited
Report and Accounts
31 December 2016
Hunts Kart Racing Club Limited
Registered number: 01597143
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 195,048 216,443
Current assets
Debtors 4 10,355 4,927
Cash at bank and in hand 135,300 141,270
145,655 146,197
Creditors: amounts falling due within one year 5 (13,728) (19,970)
Net current assets 131,927 126,227
Net assets 326,975 342,670
Capital and reserves
Profit and loss account 326,975 342,670
326,975 342,670
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Chesterman
Director
Approved by the board on 10 September 2017
Hunts Kart Racing Club Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

These financial statements for the year ended 31 December 2016 are the first financial statements prepared under FRS 102 Section 1A small entities.. The date of transition is 1 January 2014.
.
Turnover
Turnover represents the value of goods and services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 5% to 10% straight line
Plant and machinery etc 25% straight line
Motor vehicles 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2016 387,989 213,206 4,500 605,695
Additions 2,099 10,993 - 13,092
At 31 December 2016 390,088 224,199 4,500 618,787
Depreciation
At 1 January 2016 208,208 176,544 4,500 389,252
Charge for the year 15,716 18,771 - 34,487
At 31 December 2016 223,924 195,315 4,500 423,739
Net book value
At 31 December 2016 166,164 28,884 - 195,048
At 31 December 2015 179,781 36,662 - 216,443
4 Debtors 2016 2015
£ £
Other debtors 10,355 4,927
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 10,544 9,000
Corporation tax 20 206
Other creditors 3,164 10,764
13,728 19,970
6 Other information
Hunts Kart Racing Club Limited is a private company limited by guarantee and incorporated in England. Its registered office is:
2 Water End Barns
Eversholt
Milton Keynes
MK17 9EA
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