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REGISTERED NUMBER: 02287227 (England and Wales)










Tir Prince Raceway Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 29 February 2024






Tir Prince Raceway Limited (Registered number: 02287227)






Contents of the Consolidated Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Tir Prince Raceway Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: Mr A J Williams
Mrs A Williams





SECRETARY: Mr A J Williams





REGISTERED OFFICE: Towyn Road
Towyn
Abergele
LL22 9NW





REGISTERED NUMBER: 02287227 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Tir Prince Raceway Limited (Registered number: 02287227)

Group Strategic Report
for the year ended 29 February 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.

The Group consists of several leisure and tourism offerings across the North Wales Coast, to include a pleasure Pier, a racetrack, a fair ground, a market and family entertainment centres. The offerings are split between being directly operated and sub -let to third parties whereby the income is derived from rent. The offering is a mixture of indoor and outdoor family entertainment.

REVIEW OF BUSINESS
Group turnover increased to over £8.7 Million for the period,. The result is a gross profit of £7,062,041 an increase from £6,885,030.

The Group has continued to invest in fixed assets through the year, with the most notable addition being the carousel which was sent to London’s Winter Wonderland. As well as this, the company continues to invest in upgraded equipment in the family entertainment centres.


The business has traded very well and taken full advantage of the staycation boom caused by the reopening of the United Kingdom and restrictions on travel out of the UK.


Sending our Ferris Wheel and Carousel to major cities like Sheffield and London showcases the group’s ability to make a travelling revenue round the UK in addition to revenue at our fixed sites.

PRINCIPAL RISKS AND UNCERTAINTIES
As is the nature of the industry, there is always an inherent risk. However the group aims to minimise its exposure by a diversification of activity and a spread amongst customers

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group uses various financial instruments including loans, cash and various items, such as trade creditors that arise directly from its operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the group's financial instruments are liquidity risk, interest rate risk & cash flow. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest Rate risk
The companies within the group finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuations is negligible given its surplus of cash.

KEY PERFORMANCE INDICATORS
The company's key performance indicators are gross profit and profit after tax.

Gross profit for the year has increased to £7,062,041 (2023: £6,885,031) an increase of £177,010 from 2023.

Gross profit margin for the year is at 81% (2023: 81%)

Profit after tax for the year was £363,794 (2023: £754,934) a decrease of £391,140 from 2023

ENVIRONMENTAL IMPACT
The group is making continued efforts to reduce it's carbon footprint and is dedicated to recycling all recyclable materials.


Tir Prince Raceway Limited (Registered number: 02287227)

Group Strategic Report
for the year ended 29 February 2024

FUTURE PLANS
The group are looking to develop the land at the former Llandudno Pier Pavilion which is adjacent to Llandudno Pier. The group is also looking towards 2027 as a big year for Llandudno Pier, which will be celebrating its 150th anniversary as well as other important anniversaries in the local town, all of which should contribute towards an increase in activity, and hopefully, in trade. The group are also looking forward to future opportunities that will arise from the purchase of the Tir Prince site. The group look forward to sending attractions round the country again in the coming year.

ON BEHALF OF THE BOARD:





Mr A J Williams - Director


9 January 2025

Tir Prince Raceway Limited (Registered number: 02287227)

Report of the Directors
for the year ended 29 February 2024

The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of the operation of amusement parks, arcades, sports facilities and other amusement and recreation activities.

DIVIDENDS
An interim dividend of £40,000 per share was paid on the B Ordinary £1 shares on 31 March 2023. No dividend were paid on the Ordinary £1 shares.

The total distribution of dividend for the year ended 29 February 2024 will be £80,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

Mr A J Williams
Mrs A Williams

EMPLOYEES
The company recognises the benefit of keeping employees informed of the progress of the business and of involving them in the company's performance and accordingly maintains regular communications with employees.

Disabled Employees

The company gives full consideration to applications for employment from disabled persons where requirements of the job can be adequately fulfilled by a disabled person.

Where existing employees become disabled it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions to provide training and career development and promotion wherever appropriate.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Tir Prince Raceway Limited (Registered number: 02287227)

Report of the Directors
for the year ended 29 February 2024


AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A J Williams - Director


9 January 2025

Report of the Independent Auditors to the Members of
Tir Prince Raceway Limited

Opinion
We have audited the financial statements of Tir Prince Raceway Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Tir Prince Raceway Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;
- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;
- Identifying and testing journal entries, in particular manual or unusual entries;
- Obtaining third party confirmations of all the companies banking arrangements;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Tir Prince Raceway Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aled Roberts FCA (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

9 January 2025

Tir Prince Raceway Limited (Registered number: 02287227)

Consolidated
Statement of Comprehensive
Income
for the year ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 8,761,820 8,510,965

Cost of sales (1,699,779 ) (1,625,934 )
GROSS PROFIT 7,062,041 6,885,031

Administrative expenses (6,164,268 ) (5,854,780 )
897,773 1,030,251

Other operating income 195,064 254,081
OPERATING PROFIT 4 1,092,837 1,284,332

Interest receivable and similar income 108 -
1,092,945 1,284,332

Interest payable and similar expenses 5 (406,085 ) (365,424 )
PROFIT BEFORE TAXATION 686,860 918,908

Tax on profit 6 (323,066 ) (163,973 )
PROFIT FOR THE FINANCIAL YEAR 363,794 754,935

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

363,794

754,935

Profit attributable to:
Owners of the parent 363,794 754,935

Total comprehensive income attributable to:
Owners of the parent 363,794 754,935

Tir Prince Raceway Limited (Registered number: 02287227)

Consolidated Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 168,683 180,108
Tangible assets 10 16,225,020 15,988,257
Investments 11 - -
Investment property 12 725,000 725,000
17,118,703 16,893,365

CURRENT ASSETS
Stocks 13 117,792 86,022
Debtors 14 363,773 279,344
Cash at bank and in hand 376,690 1,145,082
858,255 1,510,448
CREDITORS
Amounts falling due within one year 15 3,438,641 3,431,721
NET CURRENT LIABILITIES (2,580,386 ) (1,921,273 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,538,317

14,972,092

CREDITORS
Amounts falling due after more than one
year

16

(4,478,141

)

(5,365,702

)

PROVISIONS FOR LIABILITIES 20 (745,012 ) (575,020 )
NET ASSETS 9,315,164 9,031,370

CAPITAL AND RESERVES
Called up share capital 21 102 102
Revaluation reserve 22 4,152,756 4,017,025
Retained earnings 22 5,162,306 5,014,243
SHAREHOLDERS' FUNDS 9,315,164 9,031,370

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





Mr A J Williams - Director


Tir Prince Raceway Limited (Registered number: 02287227)

Company Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 7,722,674 7,851,823
Investments 11 402 402
Investment property 12 565,000 565,000
8,288,076 8,417,225

CURRENT ASSETS
Stocks 13 79,758 42,688
Debtors 14 1,462,569 1,189,902
Cash in hand 104,499 51,169
1,646,826 1,283,759
CREDITORS
Amounts falling due within one year 15 4,215,803 3,489,872
NET CURRENT LIABILITIES (2,568,977 ) (2,206,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,719,099

6,211,112

CREDITORS
Amounts falling due after more than one
year

16

(875,755

)

(1,087,087

)

PROVISIONS FOR LIABILITIES 20 (299,353 ) (261,818 )
NET ASSETS 4,543,991 4,862,207

CAPITAL AND RESERVES
Called up share capital 21 102 102
Revaluation reserve 22 88,742 -
Revaluation reserve 22 4,017,025 4,017,025
Retained earnings 22 438,122 845,080
SHAREHOLDERS' FUNDS 4,543,991 4,862,207

Company's loss for the financial year (238,216 ) (216,380 )

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





Mr A J Williams - Director


Tir Prince Raceway Limited (Registered number: 02287227)

Consolidated Statement of Changes in Equity
for the year ended 29 February 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 (98 ) 4,355,308 4,017,025 8,372,235

Changes in equity
Issue of share capital 200 - - 200
Dividends - (96,000 ) - (96,000 )
Total comprehensive income - 754,935 - 754,935
Balance at 28 February 2023 102 5,014,243 4,017,025 9,031,370

Changes in equity
Dividends - (80,000 ) - (80,000 )
Total comprehensive income - 228,063 135,731 363,794
Balance at 29 February 2024 102 5,162,306 4,152,756 9,315,164

Tir Prince Raceway Limited (Registered number: 02287227)

Company Statement of Changes in Equity
for the year ended 29 February 2024

Called up
share Retained Revaluation Revaluation Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 March 2022 102 1,157,460 - 4,017,025 5,174,587

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - (216,380 ) - - (216,380 )
Balance at 28 February 2023 102 845,080 - 4,017,025 4,862,207

Changes in equity
Dividends - (80,000 ) - - (80,000 )
Total comprehensive income - (326,958 ) 88,742 - (238,216 )
Balance at 29 February 2024 102 438,122 88,742 4,017,025 4,543,991

Tir Prince Raceway Limited (Registered number: 02287227)

Consolidated Cash Flow Statement
for the year ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,852,809 1,981,172
Interest paid (383,349 ) (356,868 )
Interest element of hire purchase payments
paid

(22,736

)

(8,556

)
Tax paid (297,681 ) (96,408 )
Net cash from operating activities 1,149,043 1,519,340

Cash flows from investing activities
Purchase of tangible fixed assets (1,070,918 ) (2,027,162 )
Sale of tangible fixed assets 12,995 32,001
Sale of investment property - 197,000
Interest received 108 -
Net cash from investing activities (1,057,815 ) (1,798,161 )

Cash flows from financing activities
New loans in year - 1,179,331
Loan repayments in year (564,123 ) -
Capital repayments in year (49,184 ) 291,652
Amount introduced by directors 40,000 142,740
Amount withdrawn by directors (206,313 ) (500,000 )
Share issue - 200
Equity dividends paid (80,000 ) (96,000 )
Net cash from financing activities (859,620 ) 1,017,923

(Decrease)/increase in cash at bank (768,392 ) 739,102
Cash at bank at beginning of year 2 1,145,082 405,980

Cash at bank at end of year 2 376,690 1,145,082

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Cash Flow Statement
for the year ended 29 February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 686,860 918,908
Depreciation charges 832,488 758,366
Loss/(profit) on disposal of fixed assets 98 (17,323 )
Loss on revaluation of fixed assets - 15,000
Government grants (1 ) -
Finance costs 406,085 365,424
Finance income (108 ) -
1,925,422 2,040,375
(Increase)/decrease in stocks (31,770 ) 19,812
Increase in trade and other debtors (84,429 ) (199,395 )
Increase in trade and other creditors 43,586 120,380
Cash generated from operations 1,852,809 1,981,172

2. CASH AT BANK

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29/2/24 1/3/23
£    £   
Cash at bank 376,690 1,145,082
Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash at bank 1,145,082 405,980


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 1,145,082 (768,392 ) 376,690
1,145,082 (768,392 ) 376,690
Debt
Finance leases (296,069 ) 49,184 (246,885 )
Debts falling due within 1 year (813,585 ) (125,271 ) (938,856 )
Debts falling due after 1 year (4,834,135 ) 689,394 (4,144,741 )
(5,943,789 ) 613,307 (5,330,482 )
Total (4,798,707 ) (155,085 ) (4,953,792 )

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Tir Prince 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Basis of preparing the company individual financial statements
The individual company financial statements have been prepared under Section 1A for small companies and 409 of the Companies Regime.

Basis of consolidation
The financial statements consolidate the accounts of Tir Prince Raceway Limited and all of its subsidiary undertakings. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

Fairground income, market income and bar income is recognised in the period to which the income relates. Car park, arcade and other income is recognised on a daily basis when the income is received.

Funland and arcade income is recognised instantly when the income is received.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Amortisation 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:

Goodwill5 to 10 years straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost, 5% on cost and 2% on cost
Plant and machinery - 33% on cost, 33% on reducing balance, 25% on cost, 20% on cost, 20% on reducing balance, 15% on cost, 15% on reducing balance, 5% on cost and Straight line over 15 years
Fixtures and fittings - 50% on cost, 50% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

Freehold property is held at cost and reviewed annually for impairment. Land in relation to freehold property is held at cost and not depreciated.

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is measured at fair value and is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are included at cost less any provision for impairment.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities.

Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. The carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability. Finance costs are calculated so as to produce a constant rate of charge on the outstanding liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to reserves.

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and re subsequently measured at amortised cost.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,635,395 2,516,651
Social security costs 159,900 178,097
Other pension costs 38,541 88,041
2,833,836 2,782,789

The average number of employees during the year was as follows:
2024 2023

Staff members 162 162

2024 2023
£    £   
Directors' remuneration 49,200 49,200

2024 2023
Directors' pension contributions 48,000 48,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 219,041 223,598
Other operating leases 30,000 -
Depreciation - owned assets 795,669 734,413
Depreciation - assets on hire purchase contracts 25,393 12,530
Loss/(profit) on disposal of fixed assets 98 (17,323 )
Goodwill amortisation 11,425 11,425

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 360,792 242,903
Fines & penalties 4,643 34,993
Other interest 17,914 78,972
Hire purchase 22,736 8,556
406,085 365,424

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 153,074 110,900

Deferred tax 169,992 53,073
Tax on profit 323,066 163,973

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 686,860 918,908
Profit multiplied by the standard rate of corporation tax in the UK of 24.490
% (2023 - 19 %)

168,212

174,593

Effects of:
Expenses not deductible for tax purposes 3,720 4,750
Income not taxable for tax purposes - (3,291 )
Capital allowances in excess of depreciation (18,858 ) (65,150 )

Provision for deferred tax 169,992 53,071
Total tax charge 323,066 163,973

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
B Ordinary shares of £1 each
Interim 80,000 96,000

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 530,740
AMORTISATION
At 1 March 2023 350,632
Amortisation for year 11,425
At 29 February 2024 362,057
NET BOOK VALUE
At 29 February 2024 168,683
At 28 February 2023 180,108

Company
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 302,240
AMORTISATION
At 1 March 2023
and 29 February 2024 302,240
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 15,724,605 3,187,415 3,573,568 204,476 22,690,064
Additions 98,620 632,852 259,130 80,316 1,070,918
Disposals - - (13,245 ) - (13,245 )
At 29 February 2024 15,823,225 3,820,267 3,819,453 284,792 23,747,737
DEPRECIATION
At 1 March 2023 2,565,702 1,607,244 2,354,953 173,908 6,701,807
Charge for year 297,419 257,968 243,693 21,982 821,062
Eliminated on disposal - - (152 ) - (152 )
At 29 February 2024 2,863,121 1,865,212 2,598,494 195,890 7,522,717
NET BOOK VALUE
At 29 February 2024 12,960,104 1,955,055 1,220,959 88,902 16,225,020
At 28 February 2023 13,158,903 1,580,171 1,218,615 30,568 15,988,257

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 140,810 69,855 210,665
Additions - 80,316 80,316
At 29 February 2024 140,810 150,171 290,981
DEPRECIATION
At 1 March 2023 86,160 48,546 134,706
Charge for year 8,197 17,196 25,393
At 29 February 2024 94,357 65,742 160,099
NET BOOK VALUE
At 29 February 2024 46,453 84,429 130,882
At 28 February 2023 54,650 21,309 75,959

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 8,155,901 2,071,019 2,264,523 162,297 12,653,740
Additions 98,620 94,448 89,981 - 283,049
At 29 February 2024 8,254,521 2,165,467 2,354,504 162,297 12,936,789
DEPRECIATION
At 1 March 2023 1,796,442 1,228,753 1,636,337 140,385 4,801,917
Charge for year 146,045 123,258 138,109 4,786 412,198
At 29 February 2024 1,942,487 1,352,011 1,774,446 145,171 5,214,115
NET BOOK VALUE
At 29 February 2024 6,312,034 813,456 580,058 17,126 7,722,674
At 28 February 2023 6,359,459 842,266 628,186 21,912 7,851,823

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 27,676
DEPRECIATION
At 1 March 2023
and 29 February 2024 15,023
NET BOOK VALUE
At 29 February 2024 12,653
At 28 February 2023 12,653

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 402
NET BOOK VALUE
At 29 February 2024 402
At 28 February 2023 402


SUBSIDIARIES

Llandudno Pier Limited (09509212)
Class of Shares Held: 100% Ordinary
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN

Llandudno Pier Trading Limited (09526601)
Class of Shares Held: 100% Ordinary
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN

Tir Prince Properties Limited (10458481)
Class of Shares Held: 100% Ordinary
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN

Kinmel Arms Ltd (11711959)
Class of Shares Held: 100% Ordinary
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW

Rhos Point Ltd (12819689)
Class of Shares Held: 100% Ordinary
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW

Rhos Point Trading Ltd (12819665)
Class of Shares Held: 100% Ordinary
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 725,000
NET BOOK VALUE
At 29 February 2024 725,000
At 28 February 2023 725,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2022 187,100
Valuation in 2023 (212,000 )
Cost 749,900
725,000

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

12. INVESTMENT PROPERTY - continued

Group

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 749,900 749,900

Investment property was valued on an open market basis on 28 November 2023 by the directors .

Company
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 565,000
NET BOOK VALUE
At 29 February 2024 565,000
At 28 February 2023 565,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2022 88,742
Cost 476,258
565,000

If Investment Properties had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 476,258 476,258

Investment property was valued on an open market basis on 28 October 2022 by the directors .

13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 117,792 86,022 79,758 42,688

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 13,008 - 13,008 -
Amounts owed by group undertakings - - 1,307,434 1,121,222
Other debtors 63,463 162,141 63,463 35,064
VAT 38,317 - 47,378 19,855
Prepayments and accrued income 248,641 117,203 31,286 13,761
Prepayments 344 - - -
363,773 279,344 1,462,569 1,189,902

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 938,856 813,585 373,571 394,896
Hire purchase contracts (see note 18) 76,383 77,271 76,383 76,387
Trade creditors 531,281 307,764 169,161 134,152
Amounts owed to group undertakings - - 2,251,095 1,537,404
Tax 199,925 344,532 32,762 108,298
Social security and other taxes 50,960 53,527 14,855 15,877
VAT - 35,187 - -
Other creditors 213,035 224,272 149,610 178,001
Company credit card 799 10,151 - -
Directors' current accounts 1,168,839 1,335,152 1,058,495 926,733
Deferred income - 337 - -
Accrued expenses 258,563 229,943 89,871 118,124
3,438,641 3,431,721 4,215,803 3,489,872

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 4,144,741 4,834,135 645,683 798,207
Hire purchase contracts (see note 18) 170,502 218,798 170,502 218,798
Deferred government grants 162,898 312,769 59,570 70,082
4,478,141 5,365,702 875,755 1,087,087

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - 178,379 213,242
Bank loans 938,856 813,585 195,192 181,654
938,856 813,585 373,571 394,896
Amounts falling due between one and two years:
Bank loans - 1-2 years 195,192 181,654 195,192 181,654
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,943,014 4,617,991 443,956 582,063
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 6,535 34,490 6,535 34,490

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 76,383 77,271
Between one and five years 170,502 218,798
246,885 296,069

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 76,383 76,387
Between one and five years 170,502 218,798
246,885 295,185

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 5,083,597 5,647,720
Hire purchase contracts 246,885 296,069
5,330,482 5,943,789

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 745,012 575,020 299,353 261,818

Group
Deferred
tax
£   
Balance at 1 March 2023 575,020
Provided during year 169,992
Balance at 29 February 2024 745,012

Company
Deferred
tax
£   
Balance at 1 March 2023 261,818
Provided during year 37,535
Balance at 29 February 2024 299,353

Tir Prince Raceway Limited (Registered number: 02287227)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
2 B Ordinary £1 2 2
102 102

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 5,014,243 4,017,025 9,031,268
Profit for the year 363,794 363,794
Dividends (80,000 ) (80,000 )
Revaluation (135,731 ) 135,731 -
At 29 February 2024 5,162,306 4,152,756 9,315,062

Company
Retained Revaluation Revaluation
earnings reserve reserve Totals
£    £    £    £   

At 1 March 2023 845,080 - 4,017,025 4,862,105
Deficit for the year (238,216 ) (238,216 )
Dividends (80,000 ) (80,000 )
Revaluation (88,742 ) 88,742 - -
At 29 February 2024 438,122 88,742 4,017,025 4,543,889

The retained value reserve includes any fair value adjustments recognised for current and prior years, which are unavailable for distribution.

23. RELATED PARTY DISCLOSURES

During the year directors received total remuneration totalling £97,200 (2023: £97,200). See note 3 for more details.

During the year expenses totalling £4,868 (2023: £8,595) were paid on behalf of the directors.

During the year repayments totalling £300,000 (2023: £500,000) were repaid to directors.

During the year capital totalling £NIL (2023: £109,784) was introduced into the group on behalf of the directors.

During the year interest of £56,630 (2023: £41,671) was credited to the directors loan account.

During the year dividends totalling £80,000 (2023: £96,000) were paid to the directors.

At the year end directors loan accounts were in credit of £1,168,839 (2023: £1,335,152).

During the year rent of £3,167 was received from an employee of Tir Prince Raceway Ltd and £10,000 of rent was received by a close family member.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A J Williams.