I have recorded an LP with audacity as one mp3 file, is it possible to create a cue sheet from it, if so would I be able to split it down to the idividual tracks in a cue splitter programme such as medieval cue spiltter or foobar. Am thinking this way as it would be maybe an easy way to do it rather than splitting the track down manually in audacity.

Avoid cuting with Audacity, you would be transcoding the mp3.
mp3Directcut does exactly what you want.

It's a shame that you did not record to a lossless codec and then look to creating MP3s.

foobar will also re-encode the MP3 BTW.

I would personally use pcutmp3, in conjunction with a cue sheet; it won't re-encode the MP3, just split it (as will mp3DirectCut, which I have also used).

It's wasted time to create a cuesheet for Mp3 DirectCut. Use the program directly!