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REGISTERED NUMBER: 03479790 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

ISLAND SPEEDWAY (IOW) LIMITED

ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


ISLAND SPEEDWAY (IOW) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025







DIRECTORS: Mr B J Bishop
Mr M Widman
S L Green





REGISTERED OFFICE: Smallbrook Stadium
Ashey Road
Ryde
Isle of Wight
PO33 4BH





REGISTERED NUMBER: 03479790 (England and Wales)





ACCOUNTANTS: Garbetts (IOW) Limited
Exchange House
St Cross Lane
Newport
Isle of Wight
PO30 5BZ

ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

BALANCE SHEET
28 FEBRUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 7,122 9,053

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 5 2,642 60
Cash at bank and in hand 52,010 45,708
56,652 47,768
CREDITORS
Amounts falling due within one year 6 28,737 25,358
NET CURRENT ASSETS 27,915 22,410
TOTAL ASSETS LESS CURRENT LIABILITIES 35,037 31,463

CREDITORS
Amounts falling due after more than one
year

7

11,357

14,292
NET ASSETS 23,680 17,171

CAPITAL AND RESERVES
Called up share capital 98,925 98,925
Retained earnings (75,245 ) (81,754 )
SHAREHOLDERS' FUNDS 23,680 17,171

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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.

ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

BALANCE SHEET - continued
28 FEBRUARY 2025


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 1 July 2025 and were signed on its behalf by:





Mr M Widman - Director


ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


1. STATUTORY INFORMATION

Island Speedway (IOW) 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.

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 represents net bar sales and rent income, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on reducing balance
Plant and machinery etc - 25% on 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.

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.

ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 1 ).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2024 48,500 86,478 134,978
Disposals - (805 ) (805 )
At 28 February 2025 48,500 85,673 134,173
DEPRECIATION
At 1 March 2024 41,424 84,501 125,925
Charge for year 1,416 486 1,902
Eliminated on disposal - (776 ) (776 )
At 28 February 2025 42,840 84,211 127,051
NET BOOK VALUE
At 28 February 2025 5,660 1,462 7,122
At 29 February 2024 7,076 1,977 9,053

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Other debtors 2,642 60

ISLAND SPEEDWAY (IOW) LIMITED (REGISTERED NUMBER: 03479790)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 2,722 2,722
Trade creditors 78 247
Taxation and social security 475 -
Other creditors 25,462 22,389
28,737 25,358

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans 11,357 14,292