Mendip Model Motor Racing Circuit Ltd

(Registration number: 01530594)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	312,344	313,474
Investment property	5	1,274,000	951,237
		1,586,344	1,264,711
Current assets
Stocks	6	338,925	463,551
Debtors	7	51,539	27,936
Cash at bank and in hand		62,157	49,872
		452,621	541,359
Creditors: Amounts falling due within one year	8	(1,238,435)	(1,076,222)
Net current liabilities		(785,814)	(534,863)
Total assets less current liabilities		800,530	729,848
Provisions for liabilities		(7,759)	(7,751)
Net assets		792,771	722,097
Capital and reserves
Called up share capital		400	400
Other reserves		219,087	218,705
Retained earnings		573,284	502,992
Shareholders' funds		792,771	722,097

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Mendip Model Motor Racing Circuit Ltd

(Registration number: 01530594)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... Mr CA Sandford Director

Mendip Model Motor Racing Circuit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is pound sterling (£).

Mendip Model Motor Racing Circuit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance
Computer Equipment	33% Straight line
Freehold property	1% Straight line
Motor vehicles	25% Reducing balance
Fixtures & Fittings	15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of such property. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets it is believed that this policy of not providing depreciation is necessary in order for the financial statements to give a true and fair view.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Mendip Model Motor Racing Circuit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4	Tangible assets

	Land and buildings £	Computer equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2024	282,190	6,301	18,588	111,043	418,122
Additions	-	-	-	14,790	14,790
At 31 December 2024	282,190	6,301	18,588	125,833	432,912
Depreciation
At 1 January 2024	11,745	4,016	13,335	75,552	104,648
Charge for the year	771	1,265	1,313	12,571	15,920
At 31 December 2024	12,516	5,281	14,648	88,123	120,568
Carrying amount
At 31 December 2024	269,674	1,020	3,940	37,710	312,344
At 31 December 2023	270,444	2,285	5,253	35,492	313,474

Included within the net book value of land and buildings above is £269,674 (2023 - £270,445) in respect of freehold land and buildings.
 

Mendip Model Motor Racing Circuit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Investment properties

	2024 £
At 1 January	951,237
Additions	322,380
Fair value adjustments	383
At 31 December	1,274,000

Investment property is shown at the most recent valuation. Any aggregate or deficit arising from changes in the market value is transferred to the profit and loss.

Investment property was valued on an open market basis on 31 December 2024 by the directors.

6

Stocks

	2024 £	2023 £
Stocks	338,925	463,551

7

Debtors

Current	2024 £	2023 £
Trade debtors	44,932	11,393
Prepayments	6,607	2,227
Other debtors	-	14,316
	51,539	27,936

Mendip Model Motor Racing Circuit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	798	257,521
Taxation and social security	25,600	2,960
Accruals and deferred income	10,233	6,090
Other creditors	1,201,804	809,651
	1,238,435	1,076,222