Tolman Motorsport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07325940 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 SEPTEMBER 2016 TO 31 DECEMBER 2017

FOR

TOLMAN MOTORSPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Tolman

DR Pattison

SECRETARY:

Miss K Mustill

REGISTERED OFFICE:

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

REGISTERED NUMBER:

07325940 (England and Wales)

ACCOUNTANTS:

Bernard Rogers & Co

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

FIXED ASSETS

Tangible assets

4

15,764

17,952

CURRENT ASSETS

Stocks

62,421

48,262

Debtors

5

25,493

74,405

Cash at bank and in hand

2

1,793

87,916

124,460

CREDITORS

Amounts falling due within one year

6

93,039

99,917

NET CURRENT (LIABILITIES)/ASSETS

(5,123

)

24,543

TOTAL ASSETS LESS CURRENT LIABILITIES

10,641

42,495

CREDITORS

Amounts falling due after more than one year

7

17,924

52,313

NET LIABILITIES

(7,283

)

(9,818

)

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

99,999

99,999

Retained earnings

(107,284

)

(109,819

)

SHAREHOLDERS' FUNDS

(7,283

)

(9,818

)

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

The members have not required the company to obtain an audit of its financial statements for the period 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 3 August 2018 and were signed on its behalf by:

C Tolman - Director

1.	STATUTORY INFORMATION

Tolman Motorsport 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.

Turnover

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

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

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

at varying rates on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

123,277

Additions

8,945

At 31 December 2017

132,222

DEPRECIATION

At 1 September 2016

105,325

Charge for period

11,133

At 31 December 2017

116,458

NET BOOK VALUE

At 31 December 2017

15,764

At 31 August 2016

17,952

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,113

46,461

Other debtors

21,380

27,944

25,493

74,405

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

37,591

12,500

Hire purchase contracts

5,471

8,008

Trade creditors

27,030

57,101

Taxation and social security

15,997

14,038

Other creditors

6,950

8,270

93,039

99,917

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

16,667

33,333

Hire purchase contracts

-

4,722

Other creditors

1,257

14,258

17,924

52,313

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

25,091

-

Bank loans

29,167

45,833

Hire purchase contracts

5,471

12,730

Loan for purchase of Ginetta

-

20,257

59,729

78,820

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2017 and the

year ended 31 August 2016:

2017

2016

£

£

C Tolman

Balance outstanding at start of period

-

-

Amounts advanced

14,500

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

14,500

-

10.	RELATED PARTY DISCLOSURES

D R Pattison (director) has made the following transactions with the company during the period:

Sales to director £320,925 (2016 £144,295 includes sale of Ginetta car £10,000)

Loan made to the company outstanding at 31 December 2017 £6,257 (31 August 2016 £20,257)

Amounts owed by the director included in trade debtors at 31 December 2017 £nil (31 August 2016 £nil)

D R Pattison (director) is also the director of Nineteen56 Limited a company registered in England. During the

period the company made the following transactions with Nineteen56 Limited:

Rent payments made £8,800 (2016 £6,600)

Truck hire payments made £13,000 (2016 £13,000)

No amounts are outstanding at the 31 December 2017 nor at 31 August 2016.

11.	CONTROLLING PARTY

The controlling party is C Tolman.