Motorsport At The Palace Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06823072 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Motorsport At The Palace Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Cooke

A Elcomb

M Chinnery

REGISTERED OFFICE:

The Cottage

Deans Hill

Bredgar

Sittingbourne

Kent

ME9 8BB

REGISTERED NUMBER:

06823072 (England and Wales)

ACCOUNTANTS:

Sinden Thackeray Partnership

Stirling House

Sunderland Quay

Culpeper Close

Rochester

Kent

ME2 4HN

CURRENT ASSETS

Debtors

3

29,629

30,418

Cash at bank

-

226

29,629

30,644

CREDITORS

Amounts falling due within one year

4

300

968

NET CURRENT ASSETS

29,329

29,676

TOTAL ASSETS LESS CURRENT LIABILITIES

29,329

29,676

CAPITAL AND RESERVES

Called up share capital

5

1

1

Retained earnings

6

29,328

29,675

SHAREHOLDERS' FUNDS

29,329

29,676

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 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 Board of Directors on 28 March 2018 and were signed on its behalf by:

C Cooke - Director

1.	STATUTORY INFORMATION

Motorsport At The Palace Ltd. 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.

Preparation of consolidated financial statements

The financial statements contain information about Motorsport At The Palace Ltd. as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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 balance sheet date.

Deferred tax

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

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

29,629

30,418

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

VAT

-

368

Accrued expenses

300

600

300

968

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

1

Ordinary

1

1

1

6.

RESERVES

Retained

earnings

£

At 1 January 2017

29,675

Deficit for the year

(347

)

At 31 December 2017

29,328

7.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sevenoaks & District Motor Club Ltd, a company limited by

guarantee.