Registration number:
Status Grand Prix Engineering Limited
for the Year Ended 31 December 2018
Status Grand Prix Engineering Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Status Grand Prix Engineering Limited
Company Information
Directors |
David Kennedy Teddy Yip |
Company secretary |
Lynda Sotham |
Registered office |
|
Accountants |
|
Page 1 |
Status Grand Prix Engineering Limited
Directors' Report for the Year Ended 31 December 2018
The directors present their report and the financial statements for the year ended 31 December 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is motorsport and related activities
Directors Responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern
The Directors consider the company to be entitled to have its accounts prepared on a going concern basis given the continued financial support of its directors.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
David Kennedy
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Status Grand Prix Engineering Limited
for the Year Ended 31 December 2018
We report on the accounts for the year ended 31 December 2018 set out on pages 4 to 9
As a member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at rulebook.accaglobal.com/ .
Responsibilities of Directors
As described on page 2, the company's directors are responsible for the preparation of the accounts, and they consider that the company is exempt from an audit.
Basis of Opinion
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www. accaglobal.com/factsheet163.
Without performing an audit or detailed verification work our procedures consisted of comparing the accounts with the accounting records kept by the company, and making such limited enquiries of the officers of the company as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion:
• |
the Accounts are in agreement with the accounting records kept by the Company under the Companies Act 2006 and generally accepted accounting principles. |
• |
having regard only to, and on the basis of, the information contained in those accounting records, the Accounts have been drawn up in a manner consistent with the accounting requirements specified in the Companies Act 2006; and the Financial Reporting Standard 102A - Small Entities and the company satisfied the conditions for exemption from an audit of the accounts for the year specified in 476 of the Act and did not at any time within that year, fall within any of the categories of companies not entitled to the exemption. |
......................................
Chartered Certified Accountants
Northwood
Middlesex
HA6 2TR
Page 3 |
Status Grand Prix Engineering Limited
(Registration number:
07037962
)
Balance Sheet as at 31 December 2018
2018 |
2017 |
|||
Fixed assets |
||||
Tangible assets |
|
|
||
Current assets |
||||
Stocks |
- |
|
||
Debtors |
|
|
||
Cash at bank and in hand |
|
|
||
|
|
|||
Creditors: Amounts falling due within one year |
( |
( |
||
Net current liabilities |
( |
( |
||
Net liabilities |
( |
( |
||
Capital and reserves |
||||
Called up share capital |
|
|
||
Profit and loss account |
( |
( |
||
Total equity |
( |
( |
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Teddy Yip
Director
Page 4 |
Status Grand Prix Engineering Limited
Statement of Changes in Equity for the Year Ended 31 December 2018
Share capital |
Profit and loss account |
Total |
|
At 1 January 2018 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2018 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 January 2017 |
|
( |
( |
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2017 |
|
( |
( |
Page 5 |
Status Grand Prix Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 6 |
Status Grand Prix Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
Five and eight years on cost |
Furniture fixtures and equipment |
Three and five years |
Motor vehicles |
Five years on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 7 |
Status Grand Prix Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2018 |
|
|
At 31 December 2018 |
|
|
Depreciation |
||
At 1 January 2018 |
|
|
Charge for the year |
|
|
At 31 December 2018 |
|
|
Carrying amount |
||
At 31 December 2018 |
|
|
At 31 December 2017 |
|
|
Stocks |
2018 |
2017 |
|
Finished goods and goods for resale |
- |
|
Debtors |
2018 |
2017 |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 8 |
Status Grand Prix Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
2018 |
2017 |
|
Due within one year |
||
Other creditors |
|
|
Page 9 |