Triking Sports Cars Limited - Accounts to registrar (filleted) - small 17.3

Triking Sports Cars Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: 06900993 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2017

for

Triking Sports Cars Limited

Triking Sports Cars Limited (Registered number: 06900993)






Contents of the Financial Statements
for the Year Ended 31 May 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Triking Sports Cars Limited

Company Information
for the Year Ended 31 May 2017







DIRECTOR: Mr A Layzell





REGISTERED OFFICE: 8 Seamere Road
Hingham
Norwich
Norfolk
NR9 4LW





REGISTERED NUMBER: 06900993 (England and Wales)





ACCOUNTANTS: Farnell Clarke Limited
Evolution House
Delft Way
Norwich Airport
Norwich
Norfolk
NR6 6BB

Triking Sports Cars Limited (Registered number: 06900993)

Statement of Financial Position
31 May 2017

31.5.17 31.5.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,000 4,000
Property, plant and equipment 5 29,071 30,080
32,071 34,080

CURRENT ASSETS
Inventories 45,500 47,000
Debtors 6 23,585 16,252
Cash at bank 6,274 30,262
75,359 93,514
CREDITORS
Amounts falling due within one year 7 228,717 204,418
NET CURRENT LIABILITIES (153,358 ) (110,904 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(121,287

)

(76,824

)

PROVISIONS FOR LIABILITIES - 5,462
NET LIABILITIES (121,287 ) (82,286 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (121,387 ) (82,386 )
SHAREHOLDERS' FUNDS (121,287 ) (82,286 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Triking Sports Cars Limited (Registered number: 06900993)

Statement of Financial Position - continued
31 May 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 February 2018 and were signed by:





Mr A Layzell - Director


Triking Sports Cars Limited (Registered number: 06900993)

Notes to the Financial Statements
for the Year Ended 31 May 2017

1. STATUTORY INFORMATION

Triking Sports Cars Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts have been prepared on the going concern basis, on the understanding that the directors and
shareholders will continue to financially support the company.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 30 April 2017 are the first that are prepared in accordance with
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of
transition to FRS 102 Section 1A is 1 May 2016. No adjustments were required to the 2016 accounts to meet the
new standards.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due
allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.


Triking Sports Cars Limited (Registered number: 06900993)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2017

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2016
and 31 May 2017 10,000
AMORTISATION
At 1 June 2016 6,000
Amortisation for year 1,000
At 31 May 2017 7,000
NET BOOK VALUE
At 31 May 2017 3,000
At 31 May 2016 4,000

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2016 49,884 - 435 50,319
Additions - 7,000 845 7,845
At 31 May 2017 49,884 7,000 1,280 58,164
DEPRECIATION
At 1 June 2016 20,230 - 9 20,239
Charge for year 6,449 2,208 197 8,854
At 31 May 2017 26,679 2,208 206 29,093
NET BOOK VALUE
At 31 May 2017 23,205 4,792 1,074 29,071
At 31 May 2016 29,654 - 426 30,080

Triking Sports Cars Limited (Registered number: 06900993)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2017

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.17 31.5.16
£    £   
Trade debtors 13,317 15,359
Tax 7,197 -
VAT 2,639 629
Prepayments 432 264
23,585 16,252

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.17 31.5.16
£    £   
Trade creditors 4,814 1,894
Directors' current accounts 223,603 202,224
Accrued expenses 300 300
228,717 204,418

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.17 31.5.16
value: £    £   
100 Ordinary £1 100 100

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date Mr Layzell had made a loan to the company of £223,603. This loan is interest free and
has no fixed repayment terms.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Layzell.