MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Company Registration Number:
05032769 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Balance sheet
Notes

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Balance sheet

As at 31 December 2021


Notes

2021

2020


£

£
Fixed assets
Tangible assets: 3 53,490 70,466
Investments: 4 0 2
Total fixed assets: 53,490 70,468
Current assets
Stocks: 9,086 2,984
Debtors: 5 35,538 27,981
Cash at bank and in hand: 231,240 8,194
Total current assets: 275,864 39,159
Creditors: amounts falling due within one year: 6 (838,536) (786,624)
Net current assets (liabilities): (562,672) (747,465)
Total assets less current liabilities: (509,182) (676,997)
Creditors: amounts falling due after more than one year: 7 (50,000)
Total net assets (liabilities): (559,182) (676,997)
Capital and reserves
Called up share capital: 200 200
Share premium account: 650,000 650,000
Profit and loss account: (1,209,382) (1,327,197)
Shareholders funds: (559,182) (676,997)

The notes form part of these financial statements

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 May 2022
and signed on behalf of the board by:

Name: WH Sisley
Status: Director

The notes form part of these financial statements

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents income received for the use of the racing circuit at Three Sisters, along with associated activities and goods and services. Income is recognised on the date the goods or services are provided, stated net of value added tax.

Tangible fixed assets and depreciation policy

Tangible fixed assets held for the company’s own use are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a reducing balance basis at rates of 10-25% per annum.

Intangible fixed assets and amortisation policy

Fixed asset investments are stated at cost less provision for diminution in value.

Other accounting policies

Statutory information. The Company is a private company limited by shares and domiciled in England and Wales. The registered office is Three Sisters Race Circuit, Three Sisters Road, Ashton-In-Makerfield, Wigan, Lancashire, WN4 8DD. Stock. Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock and work-in-progress to its present location and condition. A ‘first-in-first-out’ basis is used. Going Concern. The directors consider the company will continue to trade as a going concern as they believe the shareholders will continue to support the company to enable it to meet its liabilities as they fall due. Taxation. Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted by the end of the reporting period. Deferred tax is recognised in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded as recoverable. Deferred tax is measured using the rate of tax that is expected to apply in the periods in which the timing differences are expected to reverse. Government grants and loans. Government grants are accounted for on a receipts basis and where not repayable are accounted for as a revenue receipt in other income. Grants received for staff costs are accounted for on an accruals basis and matched to the costs they relate to, and disclosed in other income. Government loans are recorded in creditors due after more than one year until converted to commercial bank loans.

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

2. Employees

2021 2020
Average number of employees during the period 10 9

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible Assets

Total
Cost £
At 01 January 2021 202,364
Additions 25,394
At 31 December 2021 227,758
Depreciation
At 01 January 2021 131,898
Charge for year 42,370
At 31 December 2021 174,268
Net book value
At 31 December 2021 53,490
At 31 December 2020 70,466

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Fixed investments

Cost at 31/12/20 £2, Disposals (2), Carried forward at 31/12/21 £Nil.

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Debtors

2021 2020
££
Debtors due after more than one year: 0 0

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Creditors: amounts falling due within one year note

Trade creditors £43,337 (2020-£37,945). Other creditors £112,946 (2020-£103,469). Other taxation £57,235 (2020-£39,337). Amounts owed to group undertakings £625,018 (2020-£605,873). Total £838,536 (2020-£786,624).

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7. Creditors: amounts falling due after more than one year note

Government loans £50,000 (2020-£-).

MOTORSPORT CIRCUIT MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

8. Financial commitments

Other commitments. At 31 December 2021 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £ 250,000 (2020- £275,000).