CSC Promotions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC200424 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

CSC Promotions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W F Barrack

R Davidson

C J McKenzie

C J Cartmel

REGISTERED OFFICE:

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

REGISTERED NUMBER:

SC200424 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

8,554

7,474

CURRENT ASSETS

Debtors

5

2,858

701

Cash at bank and in hand

12,722

23,402

15,580

24,103

CREDITORS

Amounts falling due within one year

6

2,522

4,061

NET CURRENT ASSETS

13,058

20,042

TOTAL ASSETS LESS CURRENT LIABILITIES

21,612

27,516

PROVISIONS FOR LIABILITIES

957

512

NET ASSETS

20,655

27,004

RESERVES

Income and expenditure account

20,655

27,004

20,655

27,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2020 and were signed on its behalf by:

C J Cartmel - Director

1.	STATUTORY INFORMATION

CSC Promotions Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for services provided to users of the race track in the normal course of business. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. The company is not registered for VAT.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current and deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

All asset hire is made on an ad hoc basis as necessary for the activities of the company and all costs are charged directly against the profit & loss account as they arise.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2019

48,727

3,100

51,827

Additions

5,414

-

5,414

Disposals

(19,598

)

-

(19,598

)

At 31 December 2019

34,543

3,100

37,643

DEPRECIATION

At 1 January 2019

42,219

2,134

44,353

Charge for year

3,557

775

4,332

Eliminated on disposal

(19,596

)

-

(19,596

)

At 31 December 2019

26,180

2,909

29,089

NET BOOK VALUE

At 31 December 2019

8,363

191

8,554

At 31 December 2018

6,508

966

7,474

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

2,858

701

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Taxation and social security

-

2,050

Other creditors

2,522

2,011

2,522

4,061

7.	RELATED PARTY DISCLOSURES

The 'Official Fees' cost of NIL (2018 - £4,218) in the Profit and Loss Account includes gross payments totalling NIL (2018 - £1,608) to Director C J McKenzie in respect of race day duties carried out.

8.	ULTIMATE CONTROLLING PARTY

The company is limited by guarantee and is managed on a day to day basis by the four directors.