Balmoral Road Races Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC284040 (Scotland)

Financial Statements for the Year Ended 31 July 2017

for

Balmoral Road Races Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr James Knowles

Mr Richard Gledson

SECRETARY:

Ms Jane Elizabeth Fedo

REGISTERED OFFICE:

The Estates Office

Balmoral

Ballater

Aberdeenshire

AB35 5TB

REGISTERED NUMBER:

SC284040 (Scotland)

ACCOUNTANTS:

Balmoral Estate

Balmoral

Ballater

Aberdeenshire

AB35 5TB

BANKERS:

Bank of Scotland plc

9 Bridge Street

Ballater

Aberdeenshire

AB35 5QP

SOLICITORS:

Taggart Meil Mathers

20 Bon Accord Square

Aberdeen

AB11 6DJ

FIXED ASSETS

Tangible assets

5

5,808

7,986

CURRENT ASSETS

Debtors

6

4,038

10,399

Cash at bank

119,260

94,808

123,298

105,207

CREDITORS

Amounts falling due within one year

7

10,529

6,157

NET CURRENT ASSETS

112,769

99,050

TOTAL ASSETS LESS CURRENT LIABILITIES

118,577

107,036

PROVISIONS FOR LIABILITIES

1,104

-

NET ASSETS

117,473

107,036

RESERVES

Income and expenditure account

117,473

107,036

117,473

107,036

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 13 November 2017 and were signed on its behalf by:

Mr James Knowles - Director

1.	STATUTORY INFORMATION

Balmoral Road Races 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements for the year ended 31 July 2017 are the first financial statements that comply with

FRS 102 Section 1A Small Entities. The date of transition is 1 August 2015. An explanation of how transition to

FRS 102 Section 1A has affected the reported financial position and financial performance is given in the notes

below.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities

of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and with the Companies Act 2006. The financial statements have been prepared under the historical

cost convention.

Revenue recognition

Income represents the total income derived from entrance fees, sponsorship, marketing, grants, charitable

contributions and trade stands. Grant income which has been received as a result of a claim against specific

expenditure has been set against that expenditure.

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

-

25% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated

impairment losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors.

Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration

expected to be paid or received.

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 or 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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the

lease.

Grants receivable

Grants receivable are included in the period to which the relate.

First year adoption

The company has not recognised any adjustments on transition to FRS 102 Section 1A from the date of

transition being 1 August 2015.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 August 2016

and 31 July 2017

15,087

DEPRECIATION

At 1 August 2016

7,101

Charge for year

2,178

At 31 July 2017

9,279

NET BOOK VALUE

At 31 July 2017

5,808

At 31 July 2016

7,986

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,038

10,399

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

7,171

1,940

Taxation and social security

3,358

4,217

10,529

6,157

8.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.

9.	GRANTS RECEIVABLE

Grant income has been recognised in the profit and loss account as follows:

Year ended 2017

Year ended 2016

£

£

Marathon Photography

550

1,100

Run4It

700

700

1,250

1,800

10.	CHARITABLE CONTRIBUTIONS

Charitable contributions have been recognised in the profit and loss account as follows:

Year ended 2017

Year ended 2016

£

£

Gastrocan

-

1,500

CLIC Sargent

1,500

1,500

CLAN

1,500

1,500

Archie Foundation

1,500

1,500

MacMillan Cancer Support

3,500

3,500

VSA

1,500

1,500

Maggies Centres

1,500

1,500

Friends of Anchor

1,500

1,500

Aberdeen Football Club

-

250

Cornerstone

250

250

Diabetes UK

250

250

Crathie Opportunity Holidays

-

250

Grampian Childrens Respite

-

250

Walking With the Wounded

250

-

Scotland's Charity Air Ambulance

450

-

University of Aberdeen

1,500

-

Charlie House

250

-

15,450

15,250