Croft Autodrome Limited - Period Ending 2019-04-30

Registration number: 00786254

Croft Autodrome Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2019

Croft Autodrome Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Croft Autodrome Limited

Company Information

Directors

Mr R J B Ropner Mrs J L Ropner Mr R B B Ropner OBE

Registered office

Camphill Kirklington Bedale North Yorkshire DL8 2LS

Accountants

Murray Harcourt Partners LLP 6 Queen Street Leeds LS1 2TW

Page 1

Croft Autodrome Limited

(Registration number: 00786254)
Balance Sheet as at 30 April 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	75,566	77,266
Investments	5	104,905	104,905
		180,471	182,171
Current assets
Debtors	6	48,750	48,750
Creditors: Amounts falling due within one year	7	(8,910)	(8,910)
Net current assets		39,840	39,840
Net assets		220,311	222,011
Capital and reserves
Called up and fully paid share capital		39,900	39,900
Share premium reserve		21,066	21,066
Other reserves		2,400	2,400
Profit and loss account		156,945	158,645
Total equity		220,311	222,011

For the financial year ending 30 April 2019 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.

Approved and authorised by the Board on 14 October 2019 and signed on its behalf by:
 

......................................... Mr R J B Ropner Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Croft Autodrome Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided in Section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

Tax

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Page 3

Croft Autodrome Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

2	Accounting policies (continued)

Asset class	Depreciation method and rate
Land and Buildings	2% straight line on buildings only

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3	Staff numbers

The average number of persons employed by the company (including directors) in the year, was 3 (2018 - 3).

4	Tangible assets

	Freehold Land and buildings £	Total £
Cost or valuation
At 1 May 2018	111,266	111,266
At 30 April 2019	111,266	111,266
Depreciation
At 1 May 2018	34,000	34,000
Charge for the year	1,700	1,700
At 30 April 2019	35,700	35,700
Carrying amount
At 30 April 2019	75,566	75,566
At 30 April 2018	77,266	77,266

Page 4

Croft Autodrome Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

5	Investments

	2019 £	2018 £
Investments in subsidiaries	104,905	104,905

Subsidiaries	£
Cost or valuation
At 1 May 2018	104,905
Provision
Carrying amount
At 30 April 2019	104,905
At 30 April 2018	104,905

6

Debtors

	2019 £	2018 £
Other debtors	48,750	48,750
	48,750	48,750

7

Creditors

	2019 £	2018 £
Due within one year
Amounts owed to group undertakings and related parties	8,910	8,910

Page 5

Croft Autodrome Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

8	Related party transactions

Summary of transactions with subsidiaries

Camp Hill Limited (Subsidiary)
 Included within the fixed assets - Land & Buildings, are the following assets:
- A quarter share of Home Farm Buildings and;
- A quarter share of land at Camp Hill Plantation and;
- A Half share of Home Farm House.

All these properties are located at Camp Hill, the company's registered office. The balance of the ownership of the properties is held by Mr R J B Ropner, a director in the company.

These properties are let to the company's wholly owned subsidiary, Camp Hill limited at £nil rent (2018 - £nil).

At the balance sheet date, there was an inter-company balance owing to Camp Hill Limited of £8,910 (2018 - £8,910). The loan is interest free and repayable on demand.
 

Loans to related parties (Mr RBB Ropner - director)

2019	Key management £
At start of period	39,000

2018	Key management £
At start of period	39,000

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

Page 6