REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Balmoral Road Races Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Balmoral Road Races Limited |
Balmoral Road Races Limited (Registered number: SC284040) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Balmoral Road Races Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
BANKERS: |
9 Bridge Street |
Ballater |
Aberdeenshire |
AB35 5QP |
SOLICITORS: |
20 Bon Accord Square |
Aberdeen |
AB11 6DJ |
Balmoral Road Races Limited (Registered number: SC284040) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
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 surplus or deficit 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 and authorised for issue on |
Balmoral Road Races Limited (Registered number: SC284040) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Balmoral Road Races Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Income represents the total income derived from entrance fees, sponsorship, marketing, grants, charitable contributions and trade stands. Grant income which has been received as a result of a claim against specific expenditure has been set against that expenditure. |
Tangible fixed assets |
Plant and machinery | - |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors. |
Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Balmoral Road Races Limited (Registered number: SC284040) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | ACCOUNTING POLICIES - continued |
Grants receivable |
Grants receivable are included in the period to which the relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
8. | ULTIMATE CONTROLLING PARTY |
The company has no ultimate controlling party. |
9. | GOING CONCERN |
The company was forced to cancel the Run Balmoral event in April 2021 due to the Covid-19 global pandemic. The event has taken place in 2022 and 2023. The directors feel that should another unforeseen event occur that does not allow the event to run in future years the company has adequate resources to continue in operational existence for the foreseeable future. |