REGISTERED NUMBER: 07325940 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2013

FOR

TOLMAN MOTORSPORT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C Tolman

D R 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

2

41,666

61,102

CURRENT ASSETS

Stocks

49,712

48,649

Debtors

40,648

23,377

90,360

72,026

CREDITORS

Amounts falling due within one year

68,272

73,692

NET CURRENT ASSETS/(LIABILITIES)

22,088

(1,666

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,754

59,436

CREDITORS

Amounts falling due after more than one year

40,000

-

NET ASSETS

23,754

59,436

CAPITAL AND RESERVES

Called up share capital

3

1,428

1,428

Share premium

59,572

59,572

Profit and loss account

(37,246

)

(1,564

)

SHAREHOLDERS' FUNDS

23,754

59,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 March 2014 and were signed on its behalf by:

C Tolman - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

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 etc

-

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.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the Balance Sheet date to

pay more tax, or a right to pay less tax, at a future date at rates expected to apply when they crystallise based on

current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in

taxation computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2012

96,236

Additions

6,166

At 31 August 2013

102,402

DEPRECIATION

At 1 September 2012

35,134

Charge for year

25,602

At 31 August 2013

60,736

NET BOOK VALUE

At 31 August 2013

41,666

At 31 August 2012

61,102

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

1,428

Ordinary

£1

1,428

1,428

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the director's current account became overdrawn, the maximum amount and the year end

balance was £20,643 (2012 £nil). This has subsequently cleared.