FORMULA KARTING LIMITED

FORMULA KARTING LIMITED

FORMULA KARTING LIMITED - Company Information

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FORMULA KARTING LIMITED

Company Registration Number:
NI025871 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 December 2017

Period of accounts

Start date: 01 January 2017

End date: 31 December 2017

FORMULA KARTING LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2017

Balance sheet
Notes

FORMULA KARTING LIMITED

Balance sheet

As at 31 December 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 3 765,039 742,851
Total fixed assets: 765,039 742,851
Current assets
Stocks: 3,200 8,200
Debtors:   89,785 113,544
Cash at bank and in hand: 920 7,850
Total current assets: 93,905 129,594
Creditors: amounts falling due within one year:   (180,254) (180,197)
Net current assets (liabilities): (86,349) (50,603)
Total assets less current liabilities: 678,690 692,248
Creditors: amounts falling due after more than one year:   (144,867) (203,146)
Total net assets (liabilities): 533,823 489,102
Capital and reserves
Called up share capital: 100 100
Revaluation reserve:4510,357510,357
Profit and loss account: 23,366 (21,355)
Shareholders funds: 533,823 489,102

The notes form part of these financial statements

FORMULA KARTING LIMITED

Balance sheet statements

For the year ending 31 December 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 18 June 2018
and signed on behalf of the board by:

Name: JIM FEENAN
Status: Director

The notes form part of these financial statements

FORMULA KARTING LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

FORMULA KARTING LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

2. Employees

2017 2016
Average number of employees during the period 24 23

FORMULA KARTING LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

3. Tangible Assets

Total
Cost £
At 01 January 2017 2,000,220
Additions 49,342
At 31 December 2017 2,049,562
Depreciation
At 01 January 2017 1,257,369
Charge for year 27,154
At 31 December 2017 1,284,523
Net book value
At 31 December 2017 765,039
At 31 December 2016 742,851

FORMULA KARTING LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

4. Revaluation reserve

2017
£
Balance at 01 January 2017 510,357
Surplus or deficit after revaluation 0
Balance at 31 December 2017 510,357