ACCOUNTS - Final Accounts

Registered number: SC099128

KNOCKHILL RACING CIRCUIT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025


KNOCKHILL RACING CIRCUIT LIMITED

COMPANY INFORMATION

Directors	Ms J Shedden
	Mr S F Gray
	Mr G Shedden


Company secretary	Ms J Shedden


Registered number	SC099128


Registered office	Knockhill Racing Circuit
	By Dunfermline
	Fife
	KY12 9TF


Accountants	EQ Accountants Limited
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH


KNOCKHILL RACING CIRCUIT LIMITED REGISTERED NUMBER:SC099128

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	4		1,220,338		1,208,962
			1,220,338		1,208,962
Current assets
Stocks		17,000		19,113
Debtors: amounts falling due within one year	5	257,197		133,010
Bank and cash balances		2,441,662		2,464,417
		2,715,859		2,616,540
Creditors: amounts falling due within one year	6	(2,673,751)		(1,578,816)
Net current assets			42,108		1,037,724
Total assets less current liabilities			1,262,446		2,246,686
Creditors: amounts falling due after more than one year	7		(65,465)		(80,107)
Provisions for liabilities
Deferred tax		(165,130)		(153,858)
Net assets			1,031,851		2,012,721

Capital and reserves
Called up share capital	8		100		100
Profit and loss account			1,031,751		2,012,621
			1,031,851		2,012,721

Page 1


KNOCKHILL RACING CIRCUIT LIMITED REGISTERED NUMBER:SC099128

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 SEPTEMBER 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:

Ms J Shedden

Director

Date: 27 January 2026

The notes on pages 3 to 9 form part of these financial statements.

Page 2


KNOCKHILL RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

The Company is limited by shares and incorporated in Scotland; Registration Number: SC099128. The registered office address is Knockhill Racing Circuit, By Dunfermline, Fife, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Pensions

Defined contribution pension plan

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4


KNOCKHILL RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.6

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:

				Leasehold property	-	4% Straight Line
				Plant and machinery	-	15 - 33.3% Straight Line
				Motor vehicles	-	25% Straight Line (12.5% - Specialist Vehicles)
				Fixtures and fittings	-	15% Straight Line
				Other fixed assets	-	25% 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.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.8

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.

Page 5


KNOCKHILL RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.

Employees

The average monthly number of employees, including directors, during the year was 54 (2024 - 53).

Page 6

KNOCKHILL RACING CIRCUIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

	4.	Tangible fixed assets

		Leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Other fixed assets	Total
		£	£	£	£	£	£
	Cost or valuation
	At 1 October 2024	2,155,652	884,144	940,807	750,920	132,497	4,864,020
	Additions	100,397	15,413	84,530	41,269	9,010	250,619
	Disposals	-	(4,000)	(3,333)	-	-	(7,333)
	At 30 September 2025	2,256,049	895,557	1,022,004	792,189	141,507	5,107,306
	Depreciation
	At 1 October 2024	1,503,720	759,293	653,426	607,736	130,883	3,655,058
	Charge for the year on owned assets	76,632	27,446	114,838	18,067	2,260	239,243
	Disposals	-	(4,000)	(3,333)	-	-	(7,333)
	At 30 September 2025	1,580,352	782,739	764,931	625,803	133,143	3,886,968
	Net book value
	At 30 September 2025	675,697	112,818	257,073	166,386	8,364	1,220,338
	At 30 September 2024	651,932	124,851	287,381	143,184	1,614	1,208,962

Page 7


KNOCKHILL RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.

Debtors

					2025	2024
					£	£


	Trade debtors	137,632	69,602
	Other debtors	44,433	57,389
	Prepayments and accrued income	75,132	6,019
		257,197	133,010

6.	Creditors: Amounts falling due within one year
					2025	2024
					£	£

	Trade creditors	184,981	137,203
	Amounts owed to group undertakings	1,250,000	165,500
	Other taxation and social security	339,943	287,387
	Obligations under finance lease and hire purchase contracts	14,642	10,577
	Other creditors	7,782	8,369
	Accruals and deferred income	876,403	969,780
		2,673,751	1,578,816

Obligations under hire purchase contracts are secured by the relevant assets.

7.	Creditors: Amounts falling due after more than one year
					2025	2024
					£	£

	Net obligations under finance leases and hire purchase contracts	65,465	80,107

Obligations under hire purchase contracts are secured by the relevant assets.

Page 8


KNOCKHILL RACING CIRCUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8.	Share capital
					2025	2024
					£	£

		Allotted, called up and fully paid

		20 (2024 - 20) Ordinary A shares of £1.00 each	20	20
		20 (2024 - 20) Ordinary B shares of £1.00 each	20	20
		15 (2024 - 15) Ordinary C shares of £1.00 each	15	15
		5 (2024 - 5) Ordinary D shares of £1.00 each	5	5
		10 (2024 - 10) Ordinary E shares of £1.00 each	10	10
		10 (2024 - 10) Ordinary F shares of £1.00 each	10	10
		10 (2024 - 10) Ordinary G shares of £1.00 each	10	10
		10 (2024 - 10) Ordinary H shares of £1.00 each	10	10

			100	100

9.	Controlling party

The ultimate controlling party is Knockhill Holdings Limited, a company incorporated in Scotland. The registered office of Knockhill Holdings Limited is Knockhill Racing Circuit, By Dunfermline, Fife, KY12 9TF.

10.	Commitments under operating leases
	At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
					2025	2024
					£	£

	Not later than 1 year	780	1,628
	Later than 1 year and not later than 5 years	2,340	-
		3,120	1,628

11.	Related party transaction

Included within the amounts owed to group undertakings is a balance due to Knockhill Holdings Limited of £1,250,000 (2024 - £165,500). The balance is interest free and has no fixed term of repayment.

Page 9