REGISTERED NUMBER: 00804350 (England and Wales)

CASTLE COMBE CIRCUIT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

DIRECTORS:

Mrs P G M Strawford

Mr G Marshallsay

SECRETARY:

Mr G Marshallsay

REGISTERED OFFICE:

Castle Combe Circuit

Castle Combe

Chippenham

Wiltshire

SN14 7EY

REGISTERED NUMBER:

00804350 (England and Wales)

ACCOUNTANTS:

Johns Jones & Lo Limited

Chartered Accountants & Registered Auditors

16 Lambourne Crescent

Cardiff Business Park

Llanishen

Cardiff

CF14 5GF

FIXED ASSETS

Intangible assets

4

5,852

8,630

Tangible assets

5

1,987,936

1,897,612

1,993,788

1,906,242

CURRENT ASSETS

Stocks

11,131

11,131

Debtors

6

280,849

401,694

Cash at bank and in hand

35,704

51,208

327,684

464,033

CREDITORS

Amounts falling due within one year

7

1,002,528

1,088,791

NET CURRENT LIABILITIES

(674,844

)

(624,758

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,318,944

1,281,484

CREDITORS

Amounts falling due after more than one year

8

28,903

-

NET ASSETS

1,290,041

1,281,484

CAPITAL AND RESERVES

Called up share capital

81

81

Capital redemption reserve

9

9

Retained earnings

1,289,951

1,281,394

SHAREHOLDERS' FUNDS

1,290,041

1,281,484

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2025 and were signed on its behalf by:

Mr G Marshallsay - Director

1.	STATUTORY INFORMATION

Castle Combe Circuit 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.

The accounts have been prepared on a going concern basis.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors

Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments

Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land - not currently depreciated

Freehold property and improvements -2% straight line.

Fixtures, fittings and equipment - 20% and 25% reducing balance.

Motor vehicles - 25% 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

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are 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 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.

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.

Cash and cash equivalents

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.

Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

Debtors

Debtors include trade debtors and certain other financial instruments, prepayments, and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future.

Creditors

Creditors include trade creditors and certain other short and long-term financial instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2024

and 31st December 2024

82,485

AMORTISATION

At 1st January 2024

73,855

Charge for year

2,778

At 31st December 2024

76,633

NET BOOK VALUE

At 31st December 2024

5,852

At 31st December 2023

8,630

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

& fittings

Motor

property

and plant

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

2,311,159

735,940

124,171

3,171,270

Additions

93,443

104,043

-

197,486

Disposals

-

(336,330

)

(13,620

)

(349,950

)

At 31st December 2024

2,404,602

503,653

110,551

3,018,806

DEPRECIATION

At 1st January 2024

568,821

601,671

103,166

1,273,658

Charge for year

42,868

39,231

5,252

87,351

Eliminated on disposal

-

(316,661

)

(13,478

)

(330,139

)

At 31st December 2024

611,689

324,241

94,940

1,030,870

NET BOOK VALUE

At 31st December 2024

1,792,913

179,412

15,611

1,987,936

At 31st December 2023

1,742,338

134,269

21,005

1,897,612

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

& fittings

and plant

£

COST

Additions

45,000

At 31st December 2024

45,000

DEPRECIATION

Charge for year

2,250

At 31st December 2024

2,250

NET BOOK VALUE

At 31st December 2024

42,750

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

79,159

230,785

Other debtors

1,619

1,531

Directors' current accounts

10,750

10,488

VAT

45,087

58,092

Deferred tax asset

16,215

23,166

Prepayments and other debtors

128,019

77,632

280,849

401,694

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

9,023

-

Trade creditors

92,735

64,336

Tax

88

924

Social security and other taxes

20,787

19,073

Other creditors

455,365

387,984

Net Wages

1,383

1,101

Directors' current accounts

290,254

299,274

Deferred income

1,500

-

Accrued expenses

131,393

316,099

1,002,528

1,088,791

Included within other creditors are amounts due to related parties: £200,582 (2023: £261,585) owed to Castle Combe Racing School Limited, £8,333 (2023: £8,845) owed to Castle Combe Racing Club Limited and £238,513 (2023: £112,682) owed to Castle Combe Exhibitions Limited.

These amounts have been arrived at due to items being paid for on behalf of other companies as well as takings to be paid out to the relevant associated companies that have been received by Castle Combe Circuit Limited.

All amounts are repayable upon demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

28,903

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank borrowings are secured by a first legal mortgage over the freehold property of the company, a fixed charge over all book and other debts, and a floating charge over all assets including goodwill.

10.	DEFERRED TAX

£

Balance at 1st January 2024

(23,166

)

Charge to Income Statement during year

6,951

Balance at 31st December 2024

(16,215

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

2024

2023

£

£

Mrs P G M Strawford

Balance outstanding at start of year

(299,273

)

(346,879

)

Amounts advanced

22,842

61,857

Amounts repaid

(13,822

)

(14,251

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(290,253

)

(299,273

)

Mr G Marshallsay

Balance outstanding at start of year

10,488

7,750

Amounts advanced

262

2,738

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,750

10,488

The loan from P Strawford carries interest at 5% per annum. There is no fixed repayment date but is deemed to be repayable upon demand.

The loan to G Marshallsay is repayable on demand.

12.	RELATED PARTY DISCLOSURES

All transactions between related party entities have been conducted under normal market conditions and therefore, details have not been separately disclosed.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs P G M Strawford.