REGISTERED NUMBER: 04487362 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Shaun Muir Racing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S N Muir

REGISTERED OFFICE:

Victoria Court

Rectory Lane

Guisborough

TS14 7GA

REGISTERED NUMBER:

04487362 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Tangible assets

4

1,075,465

1,035,006

Investments

5

870

870

1,076,335

1,035,876

CURRENT ASSETS

Stocks

234,199

167,226

Debtors

6

613,233

876,507

Cash at bank

29,650

1,305

877,082

1,045,038

CREDITORS

Amounts falling due within one year

7

709,451

1,103,951

NET CURRENT ASSETS/(LIABILITIES)

167,631

(58,913

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,243,966

976,963

CREDITORS

Amounts falling due after more than one year

8

(13,124

)

(80,229

)

PROVISIONS FOR LIABILITIES

10

(176,000

)

(130,893

)

NET ASSETS

1,054,842

765,841

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

1,053,842

764,841

SHAREHOLDERS' FUNDS

1,054,842

765,841

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 director and authorised for issue on 24 September 2025 and were signed by:

S N Muir - Director

1.	STATUTORY INFORMATION

Shaun Muir Racing 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.

Preparation of consolidated financial statements

The financial statements contain information about Shaun Muir Racing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, SNM Holdings Limited, Victoria Court, Rectory Lane, Guisborough TS14 7GA.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost and 20% on cost

Motor vehicles

-

25% on reducing balance

Included within Plant and Machinery are certain speciality hospitality assets which are depreciated on a 15% reducing balance basis.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investments in subsidiaries

Investments in subsidiaries are stated at cost.

Stocks

Stock represents race clothing for resale, motor parts and partially or wholly constructed motor cycles to be consumed in the rendering of the company's services. All are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their useful economic lives.

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.

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.

Debtors and creditors receivable/payable

Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

2,109,407

120,664

2,230,071

Additions

284,165

-

284,165

Disposals

(25,000

)

-

(25,000

)

At 31 December 2024

2,368,572

120,664

2,489,236

DEPRECIATION

At 1 January 2024

1,116,133

78,932

1,195,065

Charge for year

211,710

10,434

222,144

Eliminated on disposal

(3,438

)

-

(3,438

)

At 31 December 2024

1,324,405

89,366

1,413,771

NET BOOK VALUE

At 31 December 2024

1,044,167

31,298

1,075,465

At 31 December 2023

993,274

41,732

1,035,006

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

612,913

52,674

665,587

Transfer to ownership

(50,000

)

-

(50,000

)

At 31 December 2024

562,913

52,674

615,587

DEPRECIATION

At 1 January 2024

203,208

25,252

228,460

Charge for year

61,455

6,855

68,310

Transfer to ownership

(22,364

)

-

(22,364

)

At 31 December 2024

242,299

32,107

274,406

NET BOOK VALUE

At 31 December 2024

320,614

20,567

341,181

At 31 December 2023

409,705

27,422

437,127

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

870

NET BOOK VALUE

At 31 December 2024

870

At 31 December 2023

870

The company's investments at the Balance Sheet date in the share capital of companies include the following:

SMR Unipessoal LDA

Registered office: Rua Dr Josa Matos n17 2E, 8000-305, Faro, Portugal

Nature of business: Mail order retail and other sporting activities

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

5,303

2,690

Profit/(loss) for the year

2,744

(1,230

)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

144,367

411,291

Amounts owed by group undertakings

171,091

193,581

Other debtors

192,452

188,841

Prepayments and accrued income

105,323

82,794

613,233

876,507

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

63,965

98,504

Hire purchase contracts

67,105

161,692

Trade creditors

339,969

320,552

Amounts owed to group undertakings

-

457,746

Social security and other taxes

67,042

41,103

Other creditors

1,803

11,104

Accruals and deferred income

169,567

13,250

709,451

1,103,951

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

13,124

80,229

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

63,965

98,504

Hire purchase contracts

80,229

241,921

144,194

340,425

The bank overdraft is secured by way of a debenture over all company assets and a legal charge over the parent company's land and buildings.

Hire purchase liabilities are secured on the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred taxation

176,000

130,893

Deferred

tax

£

Balance at 1 January 2024

130,893

Provided during year

45,107

Balance at 31 December 2024

176,000

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Dewing (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2024

2023

£

£

S N Muir

Balance outstanding at start of year

-

20,768

Amounts repaid

-

(20,768

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above loan was provided with no fixed repayment terms and interest was charged at a rate of 2%.

14.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr S Muir by virtue of his shareholding in the immediate and ultimate parent company, SNM Holdings Limited. These financial statements are included in the consolidated financial statements of SNM Holdings Limited. The parent's registered office address is the same as Shaun Muir Racing Limited as detailed on the company information page.