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REGISTERED NUMBER: SC284040 (Scotland)















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: Mr James Knowles
Mr Richard Gledson



SECRETARY: Ms Jane Elizabeth Fedo



REGISTERED OFFICE: The Estates Office
Balmoral
Ballater
Aberdeenshire
AB35 5TB



REGISTERED NUMBER: SC284040 (Scotland)



ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR



BANKERS: Bank of Scotland plc
9 Bridge Street
Ballater
Aberdeenshire
AB35 5QP



SOLICITORS: Taggart Meil Mathers
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 22,951 25,856
Cash at bank 57,897 82,534
80,848 108,390
CREDITORS
Amounts falling due within one year 7 10,917 12,481
NET CURRENT ASSETS 69,931 95,909
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,931

95,909

RESERVES
Income and expenditure account 69,931 95,909
69,931 95,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2024 and were signed on its behalf by:





Mr James Knowles - Director


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 private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost

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 15,087
DEPRECIATION
At 1 August 2022
and 31 July 2023 15,087
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,951 19,779
Other debtors - 6,077
22,951 25,856

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,565 6,038
Other creditors 8,352 6,443
10,917 12,481

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.