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REGISTERED NUMBER: 05200491 (England and Wales)














SHELSLEY WALSH HILL CLIMB PLC

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


SHELSLEY WALSH HILL CLIMB PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: J R Brearley
F Drasar
A G Duncan
D A Grace
J W Moody
A Warburton
S D Morris





SECRETARY: C Rafique





REGISTERED OFFICE: Shelsley Walsh
Worcester
Worcestershire
WR6 6RP





REGISTERED NUMBER: 05200491 (England and Wales)





AUDITORS: BK Plus Audit Limited
Chartered Certified Accountants and Statutory
Auditor
Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the preservation of the historic speed hill climb at Shelsley Walsh, Worcestershire.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

This review is intended to portray a balanced and comprehensive summary of the development and performance of the company, consistent with its size and uncomplicated nature. In doing so, the Directors have taken into account only such facts and circumstances of which we are aware at the date of this report.

There has been no change in the principal activity of the company. The rental income and gate receipts, which is all received from Midland Automobile Club (Est 1901) Limited, has increased during the year in accordance with the agreements with Midland Automobile Club (Est 1901) Limited.

FUTURE DEVELOPMENTS
The directors envisage that the company will continue operating on the same basis as this year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J R Brearley
F Drasar
A G Duncan
D A Grace
J W Moody
A Warburton

Other changes in directors holding office are as follows:

S D Morris - appointed 8th June 2024

COMPANY'S POLICY ON PAYMENT OF CREDITORS
The company agrees payment terms with its suppliers at the time it enters into binding contracts for the supply of goods and services. Its suppliers are, in that way made aware of these terms. The company seeks to abide by these payment terms whenever it is satisfied that the supplier has provided the goods or services in accordance with the agreed terms and conditions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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). 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 of the profit or loss of the company 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.


SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



C Rafique - Secretary


22nd May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHELSLEY WALSH HILL CLIMB PLC

Opinion
We have audited the financial statements of Shelsley Walsh Hill Climb PLC (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2024 and of its 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 company 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHELSLEY WALSH HILL CLIMB PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHELSLEY WALSH HILL CLIMB PLC


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:

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

* Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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
SHELSLEY WALSH HILL CLIMB PLC


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.




Christopher Hession (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited
Chartered Certified Accountants and Statutory
Auditor
Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG

22nd May 2025

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £ £

TURNOVER 3 93,017 90,845

Administrative expenses 17,440 18,370
OPERATING PROFIT 4 75,577 72,475

Interest receivable and similar income 666 685
76,243 73,160

Interest payable and similar expenses 5 16,885 20,111
PROFIT BEFORE TAXATION 59,358 53,049

Tax on profit 6 15,222 13,276
PROFIT FOR THE FINANCIAL YEAR 44,136 39,773

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

44,136

39,773

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 874,324 886,558
Investment property 8 623,973 623,973
1,498,297 1,510,531

CURRENT ASSETS
Debtors 9 42,017 39,845
Cash at bank 44,893 59,264
86,910 99,109
CREDITORS
Amounts falling due within one year 10 43,132 39,164
NET CURRENT ASSETS 43,778 59,945
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,542,075

1,570,476

CREDITORS
Amounts falling due after more than one
year

11

331,470

404,007
NET ASSETS 1,210,605 1,166,469

CAPITAL AND RESERVES
Called up share capital 14 755,920 755,920
Share premium 15 176,480 176,480
Retained earnings 15 278,205 234,069
SHAREHOLDERS' FUNDS 1,210,605 1,166,469

The financial statements were approved by the Board of Directors and authorised for issue on 22nd May 2025 and were signed on its behalf by:




J W Moody - Director



F Drasar - Director


SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1st January 2023 754,320 194,296 176,080 1,124,696

Changes in equity
Issue of share capital 1,600 - 400 2,000
Total comprehensive income - 39,773 - 39,773
Balance at 31st December 2023 755,920 234,069 176,480 1,166,469

Changes in equity
Total comprehensive income - 44,136 - 44,136
Balance at 31st December 2024 755,920 278,205 176,480 1,210,605

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 85,669 78,498
Interest paid (16,885 ) (20,111 )
Tax paid (13,276 ) (12,064 )
Net cash from operating activities 55,508 46,323

Cash flows from investing activities
Interest received 666 685
Net cash from investing activities 666 685

Cash flows from financing activities
Loan repayments in year (70,545 ) (73,618 )
Share issue - 2,000
Net cash from financing activities (70,545 ) (71,618 )

Decrease in cash and cash equivalents (14,371 ) (24,610 )
Cash and cash equivalents at beginning of
year

2

59,264

83,874

Cash and cash equivalents at end of year 2 44,893 59,264

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

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

2024 2023
£ £
Profit before taxation 59,358 53,049
Depreciation charges 12,234 12,234
Finance costs 16,885 20,111
Finance income (666 ) (685 )
87,811 84,709
Increase in trade and other debtors (2,172 ) (3,938 )
Increase/(decrease) in trade and other creditors 30 (2,273 )
Cash generated from operations 85,669 78,498

2. CASH AND CASH EQUIVALENTS

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 31st December 2024
31/12/24 1/1/24
£ £
Cash and cash equivalents 44,893 59,264
Year ended 31st December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 59,264 83,874


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£ £ £
Net cash
Cash at bank 59,264 (14,371 ) 44,893
59,264 (14,371 ) 44,893
Debt
Debts falling due within 1 year (22,654 ) (1,992 ) (24,646 )
Debts falling due after 1 year (404,007 ) 72,537 (331,470 )
(426,661 ) 70,545 (356,116 )
Total (367,397 ) 56,174 (311,223 )

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Shelsley Walsh Hill Climb PLC is a public company, registered in England and Wales. The Company's registered number and registered office 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents gate receipts and rents receivable, 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.
Long leasehold - Over term of lease
Improvements to property - Over term of lease
Fixtures and fittings - 10% on cost

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

Operating leases
Rentals receivable under operating leases are credited to income as they fall due.

Rentals paid under operating leases are charged to income as incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. OPERATING PROFIT

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

2024 2023
£ £
Operating lease income (93,017 ) (90,845 )
Depreciation - owned assets 12,234 12,234
Auditors' remuneration 2,450 2,400

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 11,885 15,111
Other loan interest 5,000 5,000
16,885 20,111

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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 15,222 13,276
Tax on profit 15,222 13,276

7. TANGIBLE FIXED ASSETS
Fixtures
Long Improvements and
leasehold to property fittings Totals
£ £ £ £
COST
At 1st January 2024
and 31st December 2024 785,320 295,266 20,389 1,100,975
DEPRECIATION
At 1st January 2024 140,804 53,224 20,389 214,417
Charge for year 7,933 4,301 - 12,234
At 31st December 2024 148,737 57,525 20,389 226,651
NET BOOK VALUE
At 31st December 2024 636,583 237,741 - 874,324
At 31st December 2023 644,516 242,042 - 886,558

The above fixed assets are used for operating lease purposes.

8. INVESTMENT PROPERTY
Total
£
COST
At 1st January 2024
and 31st December 2024 623,973
NET BOOK VALUE
At 31st December 2024 623,973
At 31st December 2023 623,973

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Prepayments and accrued income 42,017 39,845

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 12) 24,646 22,654
Trade creditors 14 84
Tax 15,222 13,276
VAT 750 750
Accrued expenses 2,500 2,400
43,132 39,164

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 12) 231,470 304,007
Other loans (see note 12) 100,000 100,000
331,470 404,007

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 24,646 22,654

Amounts falling due between one and two years:
Bank loans - 1-2 years 26,676 23,651
Other loans - 1-2 years 20,000 10,000
46,676 33,651

Amounts falling due between two and five years:
Bank loans - 2-5 years 204,794 280,356
Other loans 2-5 years 30,000 30,000
234,794 310,356

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 50,000 60,000

SHELSLEY WALSH HILL CLIMB PLC (REGISTERED NUMBER: 05200491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 256,116 326,661

The bank loan is secured by way of a charge over the investment property.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
755,920 Ordinary £1 755,920 755,920

15. RESERVES
Retained Share
earnings premium Totals
£ £ £

At 1st January 2024 234,069 176,480 410,549
Profit for the year 44,136 44,136
At 31st December 2024 278,205 176,480 454,685

16. RELATED PARTY DISCLOSURES

Included in the financial statements are the following transactions with Midland Automobile Club (Est 1901) Limited who owns 63,000 ordinary shares in the company.

Rental income and share of gate receipts £93,017 (2023 - £90,845), and administration expenses of £5,000 (2023 - £5,000)

Trade debtors and accrued income £42,017 (2023 - £39,845) and creditors over one year £90,000 (2023 - £100,000).

17. CONTROL

There is no one controlling party.