Company Registration No. 02762671 (England and Wales)
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
337,973
590,736
Current assets
Debtors
5
192,912
336,735
Cash at bank and in hand
46,983
180,404
239,895
517,139
Creditors: amounts falling due within one year
6
(66,977)
(99,320)
Net current assets
172,918
417,819
Total assets less current liabilities
510,891
1,008,555
Provisions for liabilities
(79,689)
(146,359)
Net assets
431,202
862,196
Capital and reserves
Called up share capital
7
2,000,100
2,000,100
Profit and loss reserves
(1,568,898)
(1,137,904)
Total equity
431,202
862,196
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
R Morgan
Director
Company registration number 02762671 (England and Wales)
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2,000,100
(819,458)
1,180,642
Year ended 31 December 2022:
Loss and total comprehensive income
-
(318,446)
(318,446)
Balance at 31 December 2022
2,000,100
(1,137,904)
862,196
Year ended 31 December 2023:
Loss and total comprehensive income
-
(430,994)
(430,994)
Balance at 31 December 2023
2,000,100
(1,568,898)
431,202
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ciceley Continental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ciceley Lane, Blackburn, Lancashire, BB1 1HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Ciceley Limited. These consolidated financial statements are available from its registered office, Ciceley Lane, Blackburn, Lancashire, BB1 1HQ.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Based on the strong relationship between the company and its parent, the directors have sought and have received an expression of intention to provide such support as may be necessary for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services in relation to sponsorship 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete. The stage of completion is calculated and recognised based on the dates per a signed agreement.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% - 33% straight line
Motor vehicles
5% - 20% straight line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Motor vehicles
Management provide for depreciation on the cost of motor vehicles over the assets' lives after taking their residual value into account.
Management estimate the residual values as the amount currently obtainable from disposal of the asset, after deducting the estimated disposal costs, if the asset were already of the age and in the condition expected at the end of its useful life.
Management estimate the useful lives of assets based on past experience with similar assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 7)
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
53,513
1,092,984
1,146,497
Disposals
(1,150)
(204,864)
(206,014)
At 31 December 2023
52,363
888,120
940,483
Depreciation and impairment
At 1 January 2023
52,318
503,443
555,761
Depreciation charged in the year
923
213,840
214,763
Eliminated in respect of disposals
(1,150)
(166,864)
(168,014)
At 31 December 2023
52,091
550,419
602,510
Carrying amount
At 31 December 2023
272
337,701
337,973
At 31 December 2022
1,195
589,541
590,736
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,000
Amounts owed by group undertakings
73,303
221,927
Other debtors
119,609
110,023
192,912
332,950
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
3,785
Total debtors
192,912
336,735
Amounts owed by group are interest free and repayable on demand.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,430
16,651
Amounts owed to group undertakings
882
Taxation and social security
12,365
Accruals and deferred income
61,547
69,422
66,977
99,320
Amounts owed to group are interest free and repayable on demand.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,100
2,000,100
2,000,100
2,000,100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
CICELEY CONTINENTAL LIMITED
T/A CICELEY MOTORSPORT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Nigel Wright BSc FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
15 August 2024
9
Parent company
The company’s ultimate parent is Ciceley Limited, incorporated in England and Wales. The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is Ciceley Limited. Consolidated financial statements of the group can be requested from Ciceley Limited’s registered office.
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