Company Registration No. 01766377 (England and Wales)
YEOVIL CIRCUITS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
YEOVIL CIRCUITS LIMITED
COMPANY INFORMATION
Director
Mrs C Burnett
Company number
01766377
Registered office
1 Armoury Road
Lufton Trading Estate
Yeovil
Somerset
BA22 8RL
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
YEOVIL CIRCUITS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
YEOVIL CIRCUITS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,355
6,213
Current assets
Stocks
111,156
79,711
Debtors
4
138,176
224,457
Cash at bank and in hand
53,397
159,597
302,729
463,765
Creditors: amounts falling due within one year
5
(145,636)
(259,877)
Net current assets
157,093
203,888
Total assets less current liabilities
160,448
210,101
Capital and reserves
Called up share capital
6
2,000
2,000
Profit and loss reserves
158,448
208,101
Total equity
160,448
210,101

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 3 January 2025
Mrs C Burnett
Director
Company Registration No. 01766377
YEOVIL CIRCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Yeovil Circuits Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold property improvements
Over life of lease
Plant and machinery
15% straight line
Fixtures, fittings & equipment
10% straight line
Motor vehicles
25% Reducing balance

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.

1.4
Stocks

Stocks represent stocks and work in progress which are stated at the lower of cost and net realisable value.

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.

1.5
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.

YEOVIL CIRCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 11).

YEOVIL CIRCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Leasehold property improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
65,932
417,196
33,447
13,975
530,550
Depreciation and impairment
At 1 May 2023
65,932
416,373
32,864
9,168
524,337
Depreciation charged in the year
-
0
280
178
2,400
2,858
At 30 April 2024
65,932
416,653
33,042
11,568
527,195
Carrying amount
At 30 April 2024
-
0
543
405
2,407
3,355
At 30 April 2023
-
0
823
583
4,807
6,213
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
125,747
215,340
Prepayments and accrued income
12,429
9,117
138,176
224,457
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,621
93,935
Corporation tax
11,286
45,731
Other taxation and social security
18,925
23,380
Other creditors
44,979
94,496
Accruals and deferred income
2,825
2,335
145,636
259,877
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,000 Ordinary shares of £1 each
2,000
2,000
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