REGISTERED NUMBER: SC197100 (Scotland)

Financial Statements For The Year Ended 31 December 2024

for

European Circuits Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs P A Briscoe

M S Briscoe

REGISTERED OFFICE:

2 Beardmore Way

Clydebank Industrial Estate

Clydebank

West Dunbartonshire

G81 4HT

REGISTERED NUMBER:

SC197100 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

1,338,772

1,386,529

Investments

5

167,354

-

1,506,126

1,386,529

CURRENT ASSETS

Stocks

363,703

500,817

Debtors

6

1,549,822

1,415,750

Cash at bank and in hand

2,977,206

2,596,139

4,890,731

4,512,706

CREDITORS

Amounts falling due within one year

7

1,135,398

1,223,634

NET CURRENT ASSETS

3,755,333

3,289,072

TOTAL ASSETS LESS CURRENT LIABILITIES

5,261,459

4,675,601

CREDITORS

Amounts falling due after more than one year

8

(370,020

)

(392,997

)

PROVISIONS FOR LIABILITIES

(348,591

)

(360,531

)

NET ASSETS

4,542,848

3,922,073

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

4,512,848

3,892,073

4,542,848

3,922,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

M S Briscoe - Director

1.	STATUTORY INFORMATION

European Circuits Limited is a private company, limited by shares , registered in Scotland. 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Fixed plant and equipment

-

20% on reducing balance

Computer equipment

-

25% on cost

Motor vehicles

-

20% 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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixed

Freehold

to

plant and

property

property

equipment

£

£

£

COST

At 1 January 2024

420,781

132,110

2,231,480

Additions

-

-

167,322

At 31 December 2024

420,781

132,110

2,398,802

DEPRECIATION

At 1 January 2024

-

132,110

1,305,584

Charge for year

-

-

206,458

At 31 December 2024

-

132,110

1,512,042

NET BOOK VALUE

At 31 December 2024

420,781

-

886,760

At 31 December 2023

420,781

-

925,896

Computer

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 January 2024

53,637

97,000

2,935,008

Additions

360

-

167,682

At 31 December 2024

53,997

97,000

3,102,690

DEPRECIATION

At 1 January 2024

50,667

60,118

1,548,479

Charge for year

1,605

7,376

215,439

At 31 December 2024

52,272

67,494

1,763,918

NET BOOK VALUE

At 31 December 2024

1,725

29,506

1,338,772

At 31 December 2023

2,970

36,882

1,386,529

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

167,354

At 31 December 2024

167,354

NET BOOK VALUE

At 31 December 2024

167,354

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

244,572

218,031

Other debtors

777,732

647,154

Directors' current accounts

386,207

354,391

Tax

18,612

69,636

Prepayments

122,699

126,538

1,549,822

1,415,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

22,893

22,807

Trade creditors

247,367

324,550

Social security and other taxes

20,290

23,065

VAT

66,443

63,564

Other creditors

9,404

9,497

Accruals and deferred income

769,001

780,151

1,135,398

1,223,634

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

10,020

22,807

Bank loans - 2-5 years

-

10,190

Other creditors

360,000

360,000

370,020

392,997