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REGISTERED NUMBER: 09147044 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Grimley Oval Raceway Ltd

Grimley Oval Raceway Ltd (Registered number: 09147044)

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 4


Grimley Oval Raceway Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: A Tidmarsh





REGISTERED OFFICE: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
GL3 3RS





REGISTERED NUMBER: 09147044 (England and Wales)





ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS

Grimley Oval Raceway Ltd (Registered number: 09147044)

Statement of Financial Position
31 July 2023

31/7/23 31/7/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,673 2,654

CURRENT ASSETS
Stocks 200 200
Debtors 5 5,702 7,100
Cash at bank and in hand 3,491 2,386
9,393 9,686
CREDITORS
Amounts falling due within one year 6 4,938 5,452
NET CURRENT ASSETS 4,455 4,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,128

6,888

CREDITORS
Amounts falling due after more than one
year

7

3,667

5,667
NET ASSETS 4,461 1,221

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,361 1,121
SHAREHOLDERS' FUNDS 4,461 1,221

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 director acknowledges his 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.

Grimley Oval Raceway Ltd (Registered number: 09147044)

Statement of Financial Position - continued
31 July 2023


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 director and authorised for issue on 23 April 2024 and were signed by:





A Tidmarsh - Director


Grimley Oval Raceway Ltd (Registered number: 09147044)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Grimley Oval Raceway Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 reducing balance
Computer equipment - 33% 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.

Taxation
Taxation for the year comprises current 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the amount receivable. Grants relating to revenue are recognised in income over the period in which the income is receivable.

The company received a £2,667 Omicron Hospitality and Leisure grant in the previous period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Grimley Oval Raceway Ltd (Registered number: 09147044)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 August 2022 8,187 1,851 10,038
Additions 2,286 - 2,286
At 31 July 2023 10,473 1,851 12,324
Depreciation
At 1 August 2022 5,659 1,725 7,384
Charge for year 1,204 63 1,267
At 31 July 2023 6,863 1,788 8,651
Net book value
At 31 July 2023 3,610 63 3,673
At 31 July 2022 2,528 126 2,654

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Other debtors 5,702 7,100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans and overdrafts 2,000 2,000
Trade creditors 201 195
Taxation and social security (72 ) 148
Other creditors 2,809 3,109
4,938 5,452

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/7/23 31/7/22
£    £   
Bank loans 3,667 5,667

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/7/23 31/7/22
£    £   
Within one year 5,200 2,167
Between one and five years 17,767 -
22,967 2,167

Grimley Oval Raceway Ltd (Registered number: 09147044)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


9. RELATED PARTY DISCLOSURES

At 31 July 2023, the company owed the director Mr A Tidmarsh £1,416 (2022 - £1,416). The balance owed, included within other creditors, is made of business expenses not yet reimbursed. The loan balance is repayable to the director on demand.