Inverness Kart Raceway Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC375740

Inverness Kart Raceway Ltd

Filleted Financial Statements

31 December 2024

Inverness Kart Raceway Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		1,100,653	860,685

Current assets

Stocks		6,754	8,445
Debtors	6	16,743	33,130
Cash at bank and in hand		86,559	94,756
		---------	---------
		110,056	136,331

Creditors: amounts falling due within one year	7	( 278,549)		( 187,904)
		---------		---------
Net current liabilities			( 168,493)	( 51,573)
			------------	---------
Total assets less current liabilities			932,160	809,112

Creditors: amounts falling due after more than one year	8		( 885,189)	( 759,190)

Provisions

Taxation including deferred tax	( 18,760)	( 15,112)
	---------	---------
Net assets	28,211	34,810
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	28,111	34,710
	--------	--------
Shareholder funds	28,211	34,810
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Inverness Kart Raceway Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr C Henderson

Director

Company registration number: SC375740

Inverness Kart Raceway Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom. The address of the principal place of business is Fairways Business Park, Sir Walter Scott Drive, Inverness, IV2 6AA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

On the 8th of March 2025, the business closed for twelve weeks due to a significant fire to the buildings adjacent to our premises. The business finally reopened on the 2nd of June once the fire damaged buildings were demolished. The company has business interruption insurance in place to cover the period the business was closed and up to a period of two years thereafter. The fire and subsequent closure have impacted footfall and therefore profitability for the business and may continue to do so during the period that the fire damaged buildings are rebuilt. The directors are currently in negotiations with the insurance company regarding the level of cover that will be provided during this period, and no final agreement has been made. As a result, this has made it difficult to forecast what the businesses income, profitability and cashflow position will be going forward. As no agreement has yet been reached and negotiations over the level of insurance cover that will be received are still ongoing, the directors consider there is a material uncertainty on the businesses ability to continue as a going concern. However, the directors consider that the negotiations will be completed in favourable terms and as such find it appropriate to prepare the financial statements on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based in technological advancement, future investments, economic utilisation and the physical condition of the assets. The depreciation accounting policy details the useful economic lives for each class of assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

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

Leasehold property	-	over the lease term
Plant and machinery	-	10% - 20% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments, which includes debtors, bank and cash balances and creditors are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2023: 20 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	982,063	171,460	39,415	1,001	20,902	1,214,841
Additions	4,738	314,285	–	–	1,077	320,100
Disposals	–	( 71,002)	–	( 1,001)	–	( 72,003)
	---------	---------	--------	-------	--------	------------
At 31 Dec 2024	986,801	414,743	39,415	–	21,979	1,462,938
	---------	---------	--------	-------	--------	------------
Depreciation
At 1 Jan 2024	200,917	106,882	27,497	944	17,916	354,156
Charge for the year	25,897	41,448	3,942	25	1,296	72,608
Disposals	–	( 63,510)	–	( 969)	–	( 64,479)
	---------	---------	--------	-------	--------	------------
At 31 Dec 2024	226,814	84,820	31,439	–	19,212	362,285
	---------	---------	--------	-------	--------	------------
Carrying amount
At 31 Dec 2024	759,987	329,923	7,976	–	2,767	1,100,653
	---------	---------	--------	-------	--------	------------
At 31 Dec 2023	781,146	64,578	11,918	57	2,986	860,685
	---------	---------	--------	-------	--------	------------

6. Debtors

	2024	2023
	£	£
Trade debtors	–	1,520
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1	3,124
Other debtors	16,742	28,486
	--------	--------
	16,743	33,130
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	35,898	33,571
Trade creditors	18,573	10,295
Amounts owed to group undertakings and undertakings in which the company has a participating interest	49,009	24,015
Corporation tax	–	4,472
Social security and other taxes	23,535	11,081
Other creditors	151,534	104,470
	---------	---------
	278,549	187,904
	---------	---------

The bank loans amounting to £25,494 (2023 - £23,422) are secured by a first and floating charge over the property or undertaking of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	77,212	113,110
Amounts owed to group undertakings and undertakings in which the company has a participating interest	210,747	230,757
Other creditors	597,230	415,323
	---------	---------
	885,189	759,190
	---------	---------

The bank loans amounting to £72,802 (2023 - £98,296) are secured by a first and floating charge over the property or undertaking of the company.

Included within creditors: amounts falling due after more than one year is an amount of £114,767 (2023: £134,755) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The amounts due to group undertakings falling due after more than five years are repayable by instalments at a fixed rate of interest of 2.5%.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	20,000	20,000
Later than 1 year and not later than 5 years	60,000	80,000
Later than 5 years	495,001	515,001
	---------	---------
	575,001	615,001
	---------	---------

10. Summary audit opinion

The auditor's report dated 26 September 2025 was unqualified .

The senior statutory auditor was Daniel Palombo M.A., C.A. , for and on behalf of Ritsons .

11. Related party transactions

The company has taken advantage of the FRS 102 1AC.35 exemption available to those subsidiaries that are 100% owned. Accordingly, disclosure is not made of any related party transactions with the company's parent company.

12. Controlling party

The company is a 100% subsidiary of Day1 Ltd , a charitable company registered in Scotland with the registration number SC291616 and registered office at 47 Island Bank Road, Inverness, United Kingdom, IV2 4QT . The results of the company are included in the consolidated accounts of Day1 Limited. The group accounts are available from 47 Island Bank Road, Inverness, United Kingdom, IV2 4QT.