Accounts Rupert Lewin Racing Limited
Registered number 04580226
Prepared as at 30 November 2022
Prepared by Adauxi Accountants, Certified Practising Accountants
B4 Parkside Knowledge Gateway, Nesfield Road
Colchester, Essex, CO4 3ZL
01206 617 337 | accountants@adauxi.com
www.adauxi.com
Rupert Lewin Racing Limited
Registered number: 04580226
Director's Report
The director presents his report and accounts for the year ended 30 November 2022.
Principal activities
The company's principal activities during the year continued to be the provision of marketing promotion services specialising in events, the provision of consultancy services; and operation of an investment business principally focussed on motor vehicles.
Director
The following persons served as directors during the year:
Mr P R Lewin
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 16 October 2023 and signed on its behalf.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Mr P R Lewin, Director
Rupert Lewin Racing Limited
Balance Sheet as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 702,959 465,967
Investments 4 868,388 1,126,944
1,571,347 1,592,911
Current assets
Debtors 5 904,104 1,933,923
Cash at bank and in hand 133,652 15,711
1,037,756 1,949,634
Creditors: amounts falling due within one year 6 (923,121) (1,074,137)
Net current assets 114,635 875,497
Total assets less current liabilities 1,685,982 2,468,408
Creditors: amounts falling due after more than one year 7 (2,127,073) (2,317,066)
Provisions for liabilities (205,508) (285,436)
Net liabilities (646,599) (134,094)
Capital and reserves
Called up share capital 400,001 400,001
Revaluation reserve 8 43,956 43,956
Profit and loss account (1,090,556) (578,051)
Shareholder's deficit (646,599) (134,094)
The Balance Sheet is to be read in conjunction with the Notes to the Financial Statements, which form part of the financial statements.
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Mr P R Lewin, Director
Approved by the Board on 16 October 2023
Rupert Lewin Racing Limited
Notes to the Accounts for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover: rendering of services
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the rendering of services.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 12.5% straight line
Plant and machinery 12.5% straight line
Equipment and fittings 15% reducing balance
Investments which were formerly utilised as tangible fixed assets are measured at cost less accumulated depreciation arising to the point of reclassification.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss in the period arising.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Consolidated accounts
The company qualifies for the exemption from preparing consolidated accounts as determined by sections 384 and 393(2A) of the Companies Act 2006, and has opted not to prepare consolidated accounts.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery Equipment and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 476,027 17,300 323,989 817,316
Additions - 50,108 425,021 475,129
Disposals - - (217,864) (217,864)
At 30 November 2022 476,027 67,408 531,146 1,074,581
Depreciation
At 1 December 2021 160,243 17,300 173,806 351,349
Charge for the year 50,025 2,407 39,460 91,892
On disposals - - (71,619) (71,619)
At 30 November 2022 210,268 19,707 141,647 371,622
Net book value
At 30 November 2022 265,759 47,701 389,499 702,959
At 30 November 2021 315,784 - 150,183 465,967
4 Investments
Other
investments
£
Cost
At 1 December 2021 1,126,946
Additions 250,000
Transfers from fixed assets -
Disposals (508,558)
At 30 November 2022 868,388
5 Debtors 2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 799,155 653,860
Corporation tax 90,818 91,317
Other debtors 14,131 1,188,746
904,104 1,933,923
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 358,158 545,831
Trade creditors 397,951 396,386
Other taxes and social security costs 71,085 91,411
Other creditors 95,927 40,509
923,121 1,074,137
7 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 806,099 633,795
Other creditors 1,320,974 1,683,271
2,127,073 2,317,066
8 Revaluation reserve 2022 2021
£ £
At 1 December 2021 43,956 43,956
At 30 November 2022 43,956 43,956
9 Loans to directors
Description and conditions Brought forward Advanced Repaid Carried forward
£ £ £ £
Mr P R Lewin
- 2019-20 loan 460,156 - (460,156) -
- 2020-21 loan 723,590 - (723,590) -
- 2021-22 loan 1,116,013 (1,116,013) -
1,183,746 1,116,013 (2,299,759) -
During the financial year, the company advanced funds to Mr P R Lewin. Such funds are unsecured, with no fixed date for payment and do not attract interest.
10 Related party transactions 2022 2021
£ £
Compensation paid to key management personnel - -
Company under common control
These related parties have advanced funds to the company and also had costs funded by the company. Such funds are unsecured, do not bear interest and have no fixed date for repayment.
Amount due from (to) the related parties (1,360,974) (1,723,271)
Subsidiary undertaking
The company has advanced funds to the subsidiary for working capital purposes. Such funds are unsecured, do not bear interest and have no fixed date for repayment.
Amount due from (to) the related party 799,155 653,860
11 Subsidiary undertakings
As at the balance date the company's holdings in subsidiary undertakings was:
Subsidiary name Incorporated in Share class Proportion owned
City Brewery Sporting Events Limited England and Wales Ordinary 100%
12 Controlling party
Mr P R Lewin, director and shareholder, is the ultimate controlling party of the company by virtue of a controlling interest in the voting shares in the Company.
13 Other information
Rupert Lewin Racing Limited is a private company limited by shares and incorporated in England. Its registered office is:
B4 Parkside Knowledge Gateway
Nesfield Road
Colchester
Essex
CO4 3ZL
Rupert Lewin Racing Limited 04580226 false 2021-12-01 2022-11-30 2022-11-30 VT Final Accounts April 2022 Mr P R Lewin, Director 04580226 2020-12-01 2021-11-30 04580226 core:WithinOneYear 2021-11-30 04580226 core:AfterOneYear 2021-11-30 04580226 core:ShareCapital 2021-11-30 04580226 core:OtherReservesSubtotal 2021-11-30 04580226 core:RetainedEarningsAccumulatedLosses 2021-11-30 04580226 core:RevaluationReserve 2020-11-30 04580226 2021-12-01 2022-11-30 04580226 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 04580226 bus:AuditExemptWithAccountantsReport 2021-12-01 2022-11-30 04580226 bus:Director1 2021-12-01 2022-11-30 04580226 bus:Director40 2021-12-01 2022-11-30 04580226 1 2021-12-01 2022-11-30 04580226 2 2021-12-01 2022-11-30 04580226 core:LandBuildings 2021-12-01 2022-11-30 04580226 core:PlantMachinery 2021-12-01 2022-11-30 04580226 core:Vehicles 2021-12-01 2022-11-30 04580226 bus:Director1 1 2021-12-01 2022-11-30 04580226 bus:Director1 2 2021-12-01 2022-11-30 04580226 countries:England 2021-12-01 2022-11-30 04580226 bus:FRS102 2021-12-01 2022-11-30 04580226 bus:FullAccounts 2021-12-01 2022-11-30 04580226 2022-11-30 04580226 core:WithinOneYear 2022-11-30 04580226 core:AfterOneYear 2022-11-30 04580226 core:ShareCapital 2022-11-30 04580226 core:OtherReservesSubtotal 2022-11-30 04580226 core:RetainedEarningsAccumulatedLosses 2022-11-30 04580226 core:LandBuildings 2022-11-30 04580226 core:PlantMachinery 2022-11-30 04580226 core:Vehicles 2022-11-30 04580226 core:RevaluationReserve 2022-11-30 04580226 bus:Director1 1 2022-11-30 04580226 bus:Director1 2 2022-11-30 04580226 2021-11-30 04580226 core:LandBuildings 2021-11-30 04580226 core:PlantMachinery 2021-11-30 04580226 core:Vehicles 2021-11-30 04580226 core:RevaluationReserve 2021-11-30 04580226 bus:Director1 1 2021-11-30 04580226 bus:Director1 2 2021-11-30 iso4217:GBP xbrli:pure