Beechdean Motorsport Limited - Accounts to registrar (filleted) - small 18.2
Beechdean Motorsport Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| BEECHDEAN MOTORSPORT LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| BEECHDEAN MOTORSPORT LIMITED (REGISTERED NUMBER: 04134387) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BEECHDEAN MOTORSPORT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| BEECHDEAN MOTORSPORT LIMITED (REGISTERED NUMBER: 04134387) |
| BALANCE SHEET |
| 31 DECEMBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 its behalf by: |
| BEECHDEAN MOTORSPORT LIMITED (REGISTERED NUMBER: 04134387) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 1. | STATUTORY INFORMATION |
| Beechdean Motorsport Limited is a |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| FRS 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial |
| statements, as permitted by FRS 102 including Section 1A: |
| - | the requirements of Section 7 Statement of Cash Flows; and |
| - | the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
| Going concern |
| The directors have reviewed the use of the going concern basis of accounting in preparing these |
| financial statements. The level of liquid assets in the company is less than the current liabilities of the |
| company at the balance sheet date. Having considered this, the directors are confident that in the |
| event of an inability to settle creditors, connected companies under common ownership of the directors |
| have sufficient cash reserves available to meet these liabilities in the short term in order that the |
| company may continue as a going concern for the foreseeable future. As a result, the financial |
| statements are prepared on a going concern basis. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and |
| assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
| sources. The estimates and underlying assumptions are based on historical experience and other |
| factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
| accounting estimates are recognised in the period in which the estimate is revised if the revision |
| affects only that period, or in the period of the revision and future periods if the revision affects both |
| current and future periods. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted |
| for accrued revenue calculated by reference to the fair value of services performed up to the balance |
| sheet date but not invoiced. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| BEECHDEAN MOTORSPORT LIMITED (REGISTERED NUMBER: 04134387) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Trade and other debtors are measured at transaction price less any impairment unless the |
| arrangement constitutes a financing transaction in which case the transaction is measured at the |
| present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
| initially measured at fair value and are subsequently measured at amortised cost using the effective |
| interest method less any impairment. |
| Cash at bank |
| Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with |
| an original maturity date of three months or less. |
| Creditors |
| Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
| financing transaction in which case the transaction is measured at the present value of future |
| payments discounted at the prevailing market rate of interest. Other financial liabilities are initially |
| measured at fair value net of their transaction costs. They are subsequently measured at amortised |
| cost using the effective interest method. |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
| current or past reporting periods using tax rates that have been enacted or substantively enacted by |
| the reporting date. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
| losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
| be recovered against future taxable profits or against the reversal of deferred tax liabilities. |
| Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the |
| reporting date that are expected to apply to the reversal of the timing difference. |
| Employee benefits |
| Short term employee benefits, other non-monetary benefits and contributions to defined contribution |
| plans are recognised as an expense in the period in which they are incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| BEECHDEAN MOTORSPORT LIMITED (REGISTERED NUMBER: 04134387) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by related companies | 188,206 | 187,739 |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |