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REGISTERED NUMBER: 04422490 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 June 2024

for

G.Y.G. Karting Limited

G.Y.G. Karting Limited (Registered number: 04422490)






Contents of the Financial Statements
for the Year Ended 29 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


G.Y.G. Karting Limited

Company Information
for the Year Ended 29 June 2024







DIRECTORS: Mr E G Davies
Mrs T K Davies





SECRETARY: Mrs T K Davies





REGISTERED OFFICE: Glan Y Gors Park
Cerrigydrudion
CORWEN
Denbighshire
LL21 0RU





REGISTERED NUMBER: 04422490 (England and Wales)





ACCOUNTANTS: Cyfrifwyr Hill & Roberts
8a Chester Street
Mold
Flintshire
CH7 1EG

G.Y.G. Karting Limited (Registered number: 04422490)

Statement of Financial Position
29 June 2024

29.6.24 29.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 733,610 754,524
733,610 754,524

CURRENT ASSETS
Stocks 19,840 19,750
Debtors 6 8,156 17,164
Cash at bank and in hand 50,566 26,316
78,562 63,230
CREDITORS
Amounts falling due within one year 7 199,196 123,980
NET CURRENT LIABILITIES (120,634 ) (60,750 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

612,976

693,774

CREDITORS
Amounts falling due after more than
one year

8

(303,738

)

(383,115

)

PROVISIONS FOR LIABILITIES (41,176 ) (42,224 )
NET ASSETS 268,062 268,435

G.Y.G. Karting Limited (Registered number: 04422490)

Statement of Financial Position - continued
29 June 2024

29.6.24 29.6.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 268,060 268,433
SHAREHOLDERS' FUNDS 268,062 268,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





Mr E G Davies - Director


G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements
for the Year Ended 29 June 2024

1. STATUTORY INFORMATION

G.Y.G. Karting 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.

Turnover
Turnover is recognised when and to the extent that the company obtains the right to consideration, which is either the date the company raises an invoice or when a self billing invoice is received.Turnover excludes the effects of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

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 - 2% on cost
Plant and machinery - 15% on cost and 12.5% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

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 Statement of Income and Retained Earnings, 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 statement of financial position date.


G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

Going concern
The directors are satisfied that they can continue to meet the day to day funding requirements of the company with the continuing support of the company bankers. The directors consider that it is appropriate to prepare the financial statements on a going concern basis and so the financial statements do not include any adjustments that would result if the financial support were withdrawn.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 30 June 2023
and 29 June 2024 18,000 2,250 20,250
AMORTISATION
At 30 June 2023
and 29 June 2024 18,000 2,250 20,250
NET BOOK VALUE
At 29 June 2024 - - -
At 29 June 2023 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 30 June 2023 662,411 629,197 92,809
Additions - 37,678 1,740
At 29 June 2024 662,411 666,875 94,549
DEPRECIATION
At 30 June 2023 170,368 411,333 51,348
Charge for year 8,156 44,607 6,037
At 29 June 2024 178,524 455,940 57,385
NET BOOK VALUE
At 29 June 2024 483,887 210,935 37,164
At 29 June 2023 492,043 217,864 41,461

G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 30 June 2023 25,466 23,437 1,433,320
Additions - - 39,418
At 29 June 2024 25,466 23,437 1,472,738
DEPRECIATION
At 30 June 2023 25,466 20,281 678,796
Charge for year - 1,532 60,332
At 29 June 2024 25,466 21,813 739,128
NET BOOK VALUE
At 29 June 2024 - 1,624 733,610
At 29 June 2023 - 3,156 754,524

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 30 June 2023
and 29 June 2024 164,250
DEPRECIATION
At 30 June 2023 33,000
Charge for year 14,813
At 29 June 2024 47,813
NET BOOK VALUE
At 29 June 2024 116,437
At 29 June 2023 131,250

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.24 29.6.23
£    £   
Trade debtors 4,906 115
Other debtors 3,250 17,049
8,156 17,164

G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.24 29.6.23
£    £   
Bank loans and overdrafts 23,000 23,000
Hire purchase contracts 25,215 10,000
Trade creditors 28,628 46,761
Taxation and social security 16,812 15,186
Other creditors 105,541 29,033
199,196 123,980

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.6.24 29.6.23
£    £   
Bank loans 248,097 271,615
Hire purchase contracts 55,641 111,500
303,738 383,115

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 163,345 176,868

9. SECURED DEBTS

The following secured debts are included within creditors:

29.6.24 29.6.23
£    £   
Bank loans 271,097 294,615

£250,345 Loans (2023 - £263,868) are secured by a fixed and floating charge over the company and its property including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant & machinery.

G.Y.G. Karting Limited (Registered number: 04422490)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 June 2024 and 29 June 2023:

29.6.24 29.6.23
£    £   
Mr E G Davies
Balance outstanding at start of year (1,129 ) 40,436
Amounts advanced 9,714 24,030
Amounts repaid (17,153 ) (65,595 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,568 ) (1,129 )

11. RELATED PARTY DISCLOSURES

During the year ended 29 June 2024 circuit hire to the value of £136,500 (£159,000 - 2023) was invoiced to Dragon Kart Club Ltd, a company which is under common control, and which was paid in the year.
In the year ended 29 June 2021, Dragon Kart Club Limited extended a short term interest free loan of £40,876 the balance at 29 June 2024 was £20,376.