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REGISTERED NUMBER: 04992264 (England and Wales)















Financial Statements for the Year Ended 31st December 2023

for

Scunthorpe Raceway Limited

Scunthorpe Raceway Limited (Registered number: 04992264)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scunthorpe Raceway Limited

Company Information
for the Year Ended 31st December 2023







DIRECTOR: R F Godfrey





SECRETARY: Mrs G Godfrey





REGISTERED OFFICE: Fairville
Northfield Road
Messingham
Scunthorpe
North Lincolnshire
DN17 3SH





REGISTERED NUMBER: 04992264 (England and Wales)





ACCOUNTANTS: Peter R Burton Accountants
43 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PN

Scunthorpe Raceway Limited (Registered number: 04992264)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 96,360 103,504

CURRENT ASSETS
Stocks 100 100
Debtors 5 14,233 16,375
Cash at bank and in hand 134,178 164,254
148,511 180,729
CREDITORS
Amounts falling due within one year 6 171,618 192,612
NET CURRENT LIABILITIES (23,107 ) (11,883 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,253

91,621

CAPITAL AND RESERVES
Called up share capital 7 99 99
Retained earnings 8 73,154 91,522
SHAREHOLDERS' FUNDS 73,253 91,621

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

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

Scunthorpe Raceway Limited (Registered number: 04992264)

Balance Sheet - continued
31st December 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 16th July 2024 and were signed by:





R F Godfrey - Director


Scunthorpe Raceway Limited (Registered number: 04992264)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Scunthorpe Raceway Limited 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 - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Scunthorpe Raceway Limited (Registered number: 04992264)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2023
and 31st December 2023 68,781 64,459 21,768 155,008
DEPRECIATION
At 1st January 2023 633 30,575 20,296 51,504
Charge for year - 6,776 368 7,144
At 31st December 2023 633 37,351 20,664 58,648
NET BOOK VALUE
At 31st December 2023 68,148 27,108 1,104 96,360
At 31st December 2022 68,148 33,884 1,472 103,504

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 14,233 16,375

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 13,271 17,000
Trade creditors - 16,533
Other creditors 158,347 159,079
171,618 192,612

Scunthorpe Raceway Limited (Registered number: 04992264)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
99 Ordinary £1 99 99

8. RESERVES
Retained
earnings
£   

At 1st January 2023 91,522
Deficit for the year (18,368 )
At 31st December 2023 73,154