Company No:
Contents
DIRECTORS | Mr C Graham |
Mr D Lee |
SECRETARY | Mr D Lee |
REGISTERED OFFICE | C/O Daytona Sandown Park Limited |
More Lane | |
Esher | |
KT10 8AN | |
United Kingdom |
COMPANY NUMBER | 04710314 (England and Wales) |
CHARTERED ACCOUNTANTS | Gravita III LLP |
Aldgate Tower, | |
2 Leman Street | |
London | |
E1 8FA | |
United Kingdom |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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77,043 | 34,486 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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560,153 | 578,913 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (118,954) | (83,693) | ||
Total assets less current liabilities | (41,911) | (49,207) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Daytona Milton Keynes Limited (registered number:
Mr D Lee
Director |
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.
Daytona Milton Keynes 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 C/O Daytona Sandown Park Limited, More Lane, Esher, KT10 8AN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
The company has net current liabilities of £118,954 (2022: £83,693) at the reporting date which suggests that the going concern basis may not be appropriate. However, the directors have given assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Goodwill |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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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.
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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
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Cost | |||
At 01 January 2023 |
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Disposals | (
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At 31 December 2023 |
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Accumulated amortisation | |||
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Disposals | (
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
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Cost | |||||||||
At 01 January 2023 |
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Additions |
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Disposals |
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At 31 December 2023 |
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At 01 January 2023 |
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Charge for the financial year |
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Disposals |
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At 31 December 2023 |
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Net book value | |||||||||
At 31 December 2023 |
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At 31 December 2022 |
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Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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within one year |
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between one and five years |
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after five years |
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Daytona Group Holdings Limited is the ultimate parent company, all the intercompany transactions/balances are with wholly-owned members. These transactions have been concluded under normal market conditions and as such are exempt from disclosure. Accounts are being prepared under FRS 102 Section 1A Small Entities Regime.