| REGISTERED NUMBER: |
| CASTLE COMBE RACING SCHOOL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| REGISTERED NUMBER: |
| CASTLE COMBE RACING SCHOOL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| CONTENTS OF THE 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 | 8 |
| CASTLE COMBE RACING SCHOOL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Registered Auditors |
| 16 Lambourne Crescent |
| Cardiff Business Park |
| Llanishen |
| Cardiff |
| CF14 5GF |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| BALANCE SHEET - continued |
| 31ST DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Castle Combe Racing School Limited is a |
| 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 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. |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Redemption of gift vouchers |
| Gift vouchers are redeemable up to a maximum of one year from the issue date stated. Management may honour vouchers up to two years old strictly on a case by case basis. |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 term financial instruments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| AMORTISATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | - | 20,960 |
| Deferred tax asset |
| Prepayments |
| Included within other debtors is £200,582 (2023: £261,585) which is owed to the company by Castle Combe Circuit Limited, a company of which P Strawford is also a director. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Tax |
| VAT | 18,717 | 18,952 |
| Deferred income |
| Accrued expenses |
| 8. | PROVISIONS FOR LIABILITIES |
| 2023 |
| £ |
| Deferred tax | 3,325 |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31st December 2024 | ( |
) |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| CASTLE COMBE RACING SCHOOL LIMITED (REGISTERED NUMBER: 02654715) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| The loan to the director P Strawford was repaid by Castle Combe Circuit Limited, a related party. No interest was being charged on this loan. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr G Marshallsay, Ms E Strawford and Mrs P Strawford by virtue of their shareholding. |