REGISTERED NUMBER: 05200491 (England and Wales)

SHELSLEY WALSH HILL CLIMB PLC

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

J R Brearley

F Drasar

A G Duncan

A Warburton

S D Morris

M E Harrison

SECRETARY:

C Rafique

REGISTERED OFFICE:

Shelsley Walsh

Worcester

Worcestershire

WR6 6RP

REGISTERED NUMBER:

05200491 (England and Wales)

AUDITORS:

BK Plus Audit Limited

Chartered Certified Accountants and Statutory

Auditor

Churchfield House

36 Vicar Street

Dudley

West Midlands

DY2 8RG

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

The directors are pleased to present the review of the business for the year ended 31st December 2025 and the position of the company at the end of the year. The intention is to portray a balanced and comprehensive summary of the development and performance of the company consistent with the size and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report.

There has been no change in the principal activity.

The rental income and gate receipts, which is all received from Midland Automobile Club (Est 1901) Limited, has increased during the year in accordance with agreements with Midland Automobile Club (Est 1901) Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties for the business relate to not being able to operate as a result of external reasons.

The company undertakes regular reviews of the principal risks and the business and wherever possible adopts strategies to minimise such risks.

SECTION 172(1) STATEMENT

The directors overarching duty is to promote the success of the company for the benefit of its members, with consideration of stakeholders interests, as set out in section 172. The board regards a well governed business as essential for the delivery of its principal activity.

The directors are aware of their duty under section 172 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

a) The likely consequences of any decision in the long term;

b) the interests of the company's employees;

c) the need to foster the company's business relationships with suppliers, customers and others;

d) the impact of the company's operations on the community and the environment;

e) the desirability of the company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the company.

From the perspective of the board, the matters that it is responsible for under section 172 have been considered to an appropriate extent by the board in relation to this entity. The board has also considered relevant matters where appropriate.

ON BEHALF OF THE BOARD:

C Rafique - Secretary

8th June 2026

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the preservation of the historic speed hill climb at Shelsley Walsh, Worcestershire.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The directors envisage that the company will continue operating on the same basis as this year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

J R Brearley

F Drasar

A G Duncan

A Warburton

S D Morris

Other changes in directors holding office are as follows:

D A Grace - resigned 28th August 2025

M E Harrison was appointed as a director after 31st December 2025 but prior to the date of this report.

J W Moody ceased to be a director after 31st December 2025 but prior to the date of this report.

COMPANY'S POLICY ON PAYMENT OF CREDITORS

The company agrees payment terms with its suppliers at the time it enters into binding contracts for the supply of goods and services. Its suppliers are, in that way made aware of these terms. The company seeks to abide by these payment terms whenever it is satisfied that the supplier has provided the goods or services in accordance with the agreed terms and conditions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Rafique - Secretary

8th June 2026

Opinion

We have audited the financial statements of Shelsley Walsh Hill Climb PLC (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional

scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

* Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession (Senior Statutory Auditor)

for and on behalf of BK Plus Audit Limited

Chartered Certified Accountants and Statutory

Auditor

Churchfield House

36 Vicar Street

Dudley

West Midlands

DY2 8RG

8th June 2026

TURNOVER

3

93,271

93,017

Administrative expenses

17,545

17,440

OPERATING PROFIT

5

75,726

75,577

Interest receivable and similar income

294

666

76,020

76,243

Interest payable and similar expenses

6

16,964

16,885

PROFIT BEFORE TAXATION

59,056

59,358

Tax on profit

7

15,142

15,222

PROFIT FOR THE FINANCIAL YEAR

43,914

44,136

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

43,914

44,136

FIXED ASSETS

Tangible assets

8

862,091

874,324

Investment property

9

623,973

623,973

1,486,064

1,498,297

CURRENT ASSETS

Debtors

10

42,271

42,017

Cash at bank

9,858

44,893

52,129

86,910

CREDITORS

Amounts falling due within one year

11

47,973

43,132

NET CURRENT ASSETS

4,156

43,778

TOTAL ASSETS LESS CURRENT LIABILITIES

1,490,220

1,542,075

CREDITORS

Amounts falling due after more than one year

12

235,701

331,470

NET ASSETS

1,254,519

1,210,605

CAPITAL AND RESERVES

Called up share capital

15

755,920

755,920

Share premium

16

176,480

176,480

Retained earnings

16

322,119

278,205

SHAREHOLDERS' FUNDS

1,254,519

1,210,605

The financial statements were approved by the Board of Directors and authorised for issue on 8th June 2026 and were signed on its behalf by:

J R Brearley - Director

F Drasar - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2024

755,920

234,069

176,480

1,166,469

Changes in equity

Total comprehensive income

-

44,136

-

44,136

Balance at 31st December 2024

755,920

278,205

176,480

1,210,605

Changes in equity

Total comprehensive income

-

43,914

-

43,914

Balance at 31st December 2025

755,920

322,119

176,480

1,254,519

Cash flows from operating activities

Cash generated from operations

1

88,216

85,669

Interest paid

(16,964

)

(16,885

)

Tax paid

(15,222

)

(13,276

)

Net cash from operating activities

56,030

55,508

Cash flows from investing activities

Interest received

294

666

Net cash from investing activities

294

666

Cash flows from financing activities

Loan repayments in year

(91,359

)

(70,545

)

Net cash from financing activities

(91,359

)

(70,545

)

Decrease in cash and cash equivalents

(35,035

)

(14,371

)

Cash and cash equivalents at beginning of year

2

44,893

59,264

Cash and cash equivalents at end of year

2

9,858

44,893

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

59,056

59,358

Depreciation charges

12,234

12,234

Finance costs

16,964

16,885

Finance income

(294

)

(666

)

87,960

87,811

Increase in trade and other debtors

(254

)

(2,172

)

Increase in trade and other creditors

510

30

Cash generated from operations

88,216

85,669

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

9,858

44,893

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

44,893

59,264

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

44,893

(35,035

)

9,858

44,893

(35,035

)

9,858

Debt

Debts falling due within 1 year

(24,646

)

(4,411

)

(29,057

)

Debts falling due after 1 year

(331,470

)

95,769

(235,701

)

(356,116

)

91,358

(264,758

)

Total

(311,223

)

56,323

(254,900

)

1.	STATUTORY INFORMATION

Shelsley Walsh Hill Climb PLC is a public company, registered in England and Wales. The Company's registered number and registered office 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents gate receipts and rents receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Over term of lease

Improvements to property

-

Over term of lease

Fixtures and fittings

-

10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Operating leases

Rentals receivable under operating leases are credited to income as they fall due.

Rentals paid under operating leases are charged to income as incurred.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2025 nor for the year ended 31st December 2024.

The average number of employees during the year was NIL (2024 - NIL).

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Operating lease income

(93,271

)

(93,017

)

Depreciation - owned assets

12,233

12,234

Auditors' remuneration

2,625

2,450

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

12,064

11,885

Other loan interest

4,900

5,000

16,964

16,885

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

15,142

15,222

Tax on profit

15,142

15,222

8.	TANGIBLE FIXED ASSETS

Fixtures

Long

Improvements

and

leasehold

to property

fittings

Totals

£

£

£

£

COST

At 1st January 2025

and 31st December 2025

785,320

295,266

20,389

1,100,975

DEPRECIATION

At 1st January 2025

148,737

57,525

20,389

226,651

Charge for year

7,932

4,301

-

12,233

At 31st December 2025

156,669

61,826

20,389

238,884

NET BOOK VALUE

At 31st December 2025

628,651

233,440

-

862,091

At 31st December 2024

636,583

237,741

-

874,324

The above fixed assets are used for operating lease purposes.

9.	INVESTMENT PROPERTY

Total

£

COST

At 1st January 2025

and 31st December 2025

623,973

NET BOOK VALUE

At 31st December 2025

623,973

At 31st December 2024

623,973

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments and accrued income

42,271

42,017

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 13)

29,057

24,646

Trade creditors

399

14

Tax

15,142

15,222

VAT

750

750

Accrued expenses

2,625

2,500

47,973

43,132

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 13)

145,701

231,470

Other loans (see note 13)

90,000

100,000

235,701

331,470

13.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

29,057

24,646

Amounts falling due between one and two years:

Bank loans - 1-2 years

30,277

26,676

Other loans - 1-2 years

10,000

20,000

40,277

46,676

Amounts falling due between two and five years:

Bank loans - 2-5 years

115,424

204,794

Other loans 2-5 years

30,000

30,000

145,424

234,794

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

50,000

50,000

14.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

174,758

256,116

The bank loan is secured by way of a charge over the investment property.

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

755,920

Ordinary

£1

755,920

755,920

16.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st January 2025

278,205

176,480

454,685

Profit for the year

43,914

43,914

At 31st December 2025

322,119

176,480

498,599

17.	RELATED PARTY DISCLOSURES

Included in the financial statements are the following transactions with Midland Automobile Club (Est 1901) Limited who owns 63,000 ordinary shares in the company.

Rental income and share of gate receipts £93,271 (2024 - £93,017), and administration expenses of £4,900 (2024 - £5,000)

Trade debtors and accrued income £42,271 (2024 - £42,017) and creditors over one year £90,000 (2024 - £100,000).

18.

CONTROL

There is no one controlling party.