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Registered number: SC366259 KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee)
COMPANY INFORMATION
Directors | Mr S F Gray
| Mr D Butcher
| Mr G Stagg
| Mrs G Hobbs
| Mr G Shedden
| Mr D Vincent
Company secretary | Mrs J Shedden
Registered number | SC366259
Registered office | Knockhill Racing Circuit
| By Dunfermline
| KY12 9TF
Accountants | EQ Accountants Limited
| Chartered Accountants
| Pentland House
| Saltire Centre
| Glenrothes
| Fife
| KY6 2AH
KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee) REGISTERED NUMBER:SC366259
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 41,234 |  | 27,983 |
Cash at bank and in hand |  | 53,791 |  | 45,849 |
|  | 95,025 |  | 73,832 |
Creditors: amounts falling due within one year | 6 | (42,550) |  | (7,070) |
Net current assets |  |  | 52,475 |  | 66,762
Total assets less current liabilities |  |  | 52,475 |  | 66,762
Net assets |  |  | 52,475 |  | 66,762
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 52,475 |  | 66,762
|  |  | 52,475 |  | 66,762
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KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee) REGISTERED NUMBER:SC366259
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr S F Gray
Director
Date: 27 March 2026
The notes on pages 3 to 6 form part of these financial statements. Page 2
KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Company is limited by guarantee and incorporated in Scotland, Registration Number SC366259. The registered office address is Knockhill Racing Circuit, By Dunfermline, KY12 9TF. The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant, machinery and equipment | - | 15% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
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KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Tangible fixed assets
|  | Plant, machinery and equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 2,397
| At 31 December 2025 | 2,397
| Depreciation |
| At 1 January 2025 | 2,397
| At 31 December 2025 | 2,397
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 500
| Other debtors | 37,425 | 26,483
| Prepayments and accrued income | 3,809 | 1,000
|  | 41,234 | 27,983
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 250 | 200
| Accruals and deferred income | 42,300 | 6,870
|  | 42,550 | 7,070
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KNOCKHILL MOTOR SPORTS CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Company status
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1.00 towards the assets of the company in the event of liquidation.
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