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REGISTERED NUMBER: 00804350 (England and Wales)















CASTLE COMBE CIRCUIT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


CASTLE COMBE CIRCUIT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs P G M Strawford
Mr G Marshallsay





SECRETARY: Mr G Marshallsay





REGISTERED OFFICE: Castle Combe Circuit
Castle Combe
Chippenham
Wiltshire
SN14 7EY





REGISTERED NUMBER: 00804350 (England and Wales)





ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF

CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,630 4,483
Tangible assets 5 1,897,612 1,928,699
1,906,242 1,933,182

CURRENT ASSETS
Stocks 11,131 -
Debtors 6 401,694 229,048
Cash at bank and in hand 51,208 75,371
464,033 304,419
CREDITORS
Amounts falling due within one year 7 1,088,791 617,460
NET CURRENT LIABILITIES (624,758 ) (313,041 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,281,484

1,620,141

PROVISIONS FOR LIABILITIES 9 - 33,009
NET ASSETS 1,281,484 1,587,132

CAPITAL AND RESERVES
Called up share capital 81 81
Capital redemption reserve 9 9
Retained earnings 1,281,394 1,587,042
SHAREHOLDERS' FUNDS 1,281,484 1,587,132

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 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 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.

CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

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 Board of Directors and authorised for issue on 26th September 2024 and were signed on its behalf by:





Mr G Marshallsay - Director


CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Castle Combe Circuit 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.

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


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.

The accounts have been prepared on a going concern basis.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land - not currently depreciated
Freehold property and improvements -2% straight line.
Fixtures, fittings and equipment - 20% and 25% reducing balance.
Motor vehicles - 25% 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.


CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2023 76,575
Additions 5,910
At 31st December 2023 82,485
AMORTISATION
At 1st January 2023 72,092
Charge for year 1,763
At 31st December 2023 73,855
NET BOOK VALUE
At 31st December 2023 8,630
At 31st December 2022 4,483

CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold & fittings Motor
property and plant vehicles Totals
£    £    £    £   
COST
At 1st January 2023 2,279,105 803,401 154,528 3,237,034
Additions 32,054 19,666 4,999 56,719
Disposals - (87,127 ) (35,356 ) (122,483 )
At 31st December 2023 2,311,159 735,940 124,171 3,171,270
DEPRECIATION
At 1st January 2023 528,256 647,619 132,460 1,308,335
Charge for year 40,565 35,680 6,030 82,275
Eliminated on disposal - (81,628 ) (35,324 ) (116,952 )
At 31st December 2023 568,821 601,671 103,166 1,273,658
NET BOOK VALUE
At 31st December 2023 1,742,338 134,269 21,005 1,897,612
At 31st December 2022 1,750,849 155,782 22,068 1,928,699

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 230,785 77,361
Other debtors 1,531 584
Directors' current accounts 10,488 7,750
VAT 58,092 77,399
Deferred tax asset 23,166 -
Prepayments and other debtors 77,632 65,954
401,694 229,048

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 64,336 49,618
Tax 924 584
Social security and other taxes 19,073 (1,735 )
Other creditors 387,984 148,720
Net Wages 1,101 -
Directors' current accounts 299,274 346,879
Accrued expenses 316,099 73,394
1,088,791 617,460

CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within other creditors are amounts due from an associated company; £261,585 (2022: £130,354) from Castle Combe Racing School Limited, and related parties: £8,845 (2022: 3905) from Castle Combe Racing Club Limited and £112,682 (2022: £nil) from Castle Combe Exhibitions Limited.

These amounts have been arrived at due to items being paid for on behalf of other companies as well as takings to be paid out to the relevant associated companies that have been received by Castle Combe Circuit Limited.

All amounts are repayable upon demand.

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   

Bank borrowings are secured by a first legal mortgage over the freehold property of the company, a fixed charge over all book and other debts, and a floating charge over all assets including goodwill.

9. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 33,009

Deferred
tax
£   
Balance at 1st January 2023 33,009
Credit to Income Statement during year (56,175 )
Balance at 31st December 2023 (23,166 )

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mrs P G M Strawford
Balance outstanding at start of year (346,879 ) (361,560 )
Amounts advanced 61,857 31,199
Amounts repaid (14,251 ) (16,518 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (299,273 ) (346,879 )

CASTLE COMBE CIRCUIT LIMITED (REGISTERED NUMBER: 00804350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr G Marshallsay
Balance outstanding at start of year 7,750 5,953
Amounts advanced 2,738 1,797
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,488 7,750

The loan from P Strawford carries interest at 5% per annum. There is no fixed repayment date.

The loan to G Marshallsay is repayable on demand.

11. RELATED PARTY DISCLOSURES

All transactions between related party entities have been conducted under normal market conditions and therefore details have not been separately disclosed.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs P G M Strawford.