Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C M D Haynes 01/08/2011 J H C Haynes 31/10/2016 H James 30/06/2016 01 August 2024 The principal activity of the Company during the financial year was hosting racing tournaments. 06437078 2023-12-31 06437078 bus:Director1 2023-12-31 06437078 bus:Director2 2023-12-31 06437078 bus:Director3 2023-12-31 06437078 2022-12-31 06437078 core:CurrentFinancialInstruments 2023-12-31 06437078 core:CurrentFinancialInstruments 2022-12-31 06437078 core:ShareCapital 2023-12-31 06437078 core:ShareCapital 2022-12-31 06437078 core:SharePremium 2023-12-31 06437078 core:SharePremium 2022-12-31 06437078 core:RetainedEarningsAccumulatedLosses 2023-12-31 06437078 core:RetainedEarningsAccumulatedLosses 2022-12-31 06437078 core:PlantMachinery 2022-12-31 06437078 core:Vehicles 2022-12-31 06437078 core:FurnitureFittings 2022-12-31 06437078 core:ComputerEquipment 2022-12-31 06437078 core:PlantMachinery 2023-12-31 06437078 core:Vehicles 2023-12-31 06437078 core:FurnitureFittings 2023-12-31 06437078 core:ComputerEquipment 2023-12-31 06437078 2023-01-01 2023-12-31 06437078 bus:FilletedAccounts 2023-01-01 2023-12-31 06437078 bus:SmallEntities 2023-01-01 2023-12-31 06437078 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06437078 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06437078 bus:Director1 2023-01-01 2023-12-31 06437078 bus:Director2 2023-01-01 2023-12-31 06437078 bus:Director3 2023-01-01 2023-12-31 06437078 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 06437078 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 06437078 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 06437078 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 06437078 2022-01-01 2022-12-31 06437078 core:PlantMachinery 2023-01-01 2023-12-31 06437078 core:Vehicles 2023-01-01 2023-12-31 06437078 core:FurnitureFittings 2023-01-01 2023-12-31 06437078 core:ComputerEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 06437078 (England and Wales)

BUTE MOTORSPORT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BUTE MOTORSPORT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BUTE MOTORSPORT LIMITED

BALANCE SHEET

As at 31 December 2023
BUTE MOTORSPORT LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 144,229 261,729
144,229 261,729
Current assets
Debtors 4 133,127 187,144
Cash at bank and in hand 320,637 232,722
453,764 419,866
Creditors: amounts falling due within one year 5 ( 206,853) ( 295,274)
Net current assets 246,911 124,592
Total assets less current liabilities 391,140 386,321
Provision for liabilities 6 ( 36,057) ( 46,871)
Net assets 355,083 339,450
Capital and reserves
Called-up share capital 210 210
Share premium account 199,980 199,980
Profit and loss account 154,893 139,260
Total shareholders' funds 355,083 339,450

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Bute Motorsport Limited (registered number: 06437078) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

C M D Haynes
Director
J H C Haynes
Director
H James
Director
BUTE MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BUTE MOTORSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bute Motorsport Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Castle Cary Road, Sparkford, Yeovil, Somerset, BA22 7LH.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Where income is received or receivable in advance of the period to which it relates, this is included as deferred income within other creditors on the balance sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 10 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 92,399 275,367 47,824 7,472 423,062
Disposals 0 ( 114,500) 0 0 ( 114,500)
At 31 December 2023 92,399 160,867 47,824 7,472 308,562
Accumulated depreciation
At 01 January 2023 89,863 38,027 30,362 3,081 161,333
Charge for the financial year 1,133 26,582 5,853 1,868 35,436
Disposals 0 ( 32,436) 0 0 ( 32,436)
At 31 December 2023 90,996 32,173 36,215 4,949 164,333
Net book value
At 31 December 2023 1,403 128,694 11,609 2,523 144,229
At 31 December 2022 2,536 237,340 17,462 4,391 261,729

4. Debtors

2023 2022
£ £
Trade debtors 119,194 183,390
Other debtors 13,933 3,754
133,127 187,144

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 250 228
Taxation and social security 81,252 14,902
Other creditors 125,351 280,144
206,853 295,274

6. Provision for liabilities

2023 2022
£ £
Deferred tax 36,057 46,871