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REGISTERED NUMBER: 08421225 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Racesafe Limited

Racesafe Limited (Registered number: 08421225)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Racesafe Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: T How
J E How
Mrs R E How
T W How
Miss S A How





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





BUSINESS ADDRESS: 19 Cronin Courtyard
Weldon South Industrial Estate
Cronin Road
Corby
Northamptonshire
NN18 8AG





REGISTERED NUMBER: 08421225 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Racesafe Limited (Registered number: 08421225)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 274,218 329,062
Tangible assets 5 91,801 93,203
Investment property 6 421,068 -
787,087 422,265

CURRENT ASSETS
Stocks 254,957 219,377
Debtors 7 644,700 589,235
Investments 8 34,500 30,000
Cash at bank and in hand 796,486 1,122,688
1,730,643 1,961,300
CREDITORS
Amounts falling due within one year 9 (218,844 ) (452,126 )
NET CURRENT ASSETS 1,511,799 1,509,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,298,886

1,931,439

CREDITORS
Amounts falling due after more than one
year

10

(355,073

)

(36,064

)

PROVISIONS FOR LIABILITIES (17,333 ) (11,803 )
NET ASSETS 1,926,480 1,883,572

CAPITAL AND RESERVES
Called up share capital 315,120 340,120
Retained earnings 1,611,360 1,543,452
SHAREHOLDERS' FUNDS 1,926,480 1,883,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 profit or loss 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.

Racesafe Limited (Registered number: 08421225)

Balance Sheet - continued
30 April 2023


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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





J E How - Director


Racesafe Limited (Registered number: 08421225)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Racesafe Limited is a private company, limited by shares , registered in England and Wales. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% 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.

Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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 balance sheet date.


Racesafe Limited (Registered number: 08421225)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Current asset investments contains biological assets, these are measured at fair value less costs to sell. Changes in fair value less costs to sell are recognised in profit and loss in the period in which they arise.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 675,000
AMORTISATION
At 1 May 2022 345,938
Amortisation for year 54,844
At 30 April 2023 400,782
NET BOOK VALUE
At 30 April 2023 274,218
At 30 April 2022 329,062

Racesafe Limited (Registered number: 08421225)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 56,370 123,186 4,206
Additions - 948 4,585
At 30 April 2023 56,370 124,134 8,791
DEPRECIATION
At 1 May 2022 23,011 94,097 1,433
Charge for year 5,637 12,141 1,104
At 30 April 2023 28,648 106,238 2,537
NET BOOK VALUE
At 30 April 2023 27,722 17,896 6,254
At 30 April 2022 33,359 29,089 2,773

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 81,240 18,796 283,798
Additions 24,491 5,783 35,807
At 30 April 2023 105,731 24,579 319,605
DEPRECIATION
At 1 May 2022 56,726 15,328 190,595
Charge for year 14,446 3,881 37,209
At 30 April 2023 71,172 19,209 227,804
NET BOOK VALUE
At 30 April 2023 34,559 5,370 91,801
At 30 April 2022 24,514 3,468 93,203

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 421,068
At 30 April 2023 421,068
NET BOOK VALUE
At 30 April 2023 421,068

The directors consider the fair value of investment properties at the year end to be £421,068. Valuations of investment properties have been made on an open market value for existing use basis.

Racesafe Limited (Registered number: 08421225)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 337,310 546,303
Other debtors 307,390 42,932
644,700 589,235

Included in other debtors are prepayments of £13,466 (2022: £13,903).

8. CURRENT ASSET INVESTMENTS
30.4.23 30.4.22
£    £   
Other 34,500 30,000

The fair value of biological assets is determined by the director based on his knowledge and experience of the equine industry and market prices for the assets. At the year end the total of biological assets held at fair value within current asset investments was £34,500 (2022: £30,000). During the year, assets of a value of £15,000 (2022: £15,000) were disposed of for £15,500 value; there were asset additions totalling £19,500 (2022: £30,000).

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,227 6,653
Trade creditors 106,301 141,871
Taxation and social security 57,857 210,339
Other creditors 41,459 83,263
218,844 452,126

Included in other creditors are accruals of £16,500 (2022: £20,212).

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans 332,420 36,064
Hire purchase contracts 22,653 -
355,073 36,064

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 305,961 -

Racesafe Limited (Registered number: 08421225)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans 342,420 -
Hire purchase contracts 25,880 6,653
368,300 6,653

Hire purchase liabilities are secured against the assets being so acquired.

Bank loans are secured against the investment properties acquired.

12. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £Nil (2022: £51,368).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23 30.4.22
£    £   
T How
Balance outstanding at start of year - -
Amounts advanced 44,861 40,524
Amounts repaid (44,861 ) (40,524 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J E How
Balance outstanding at start of year - -
Amounts advanced 259,053 78,647
Amounts repaid (4,545 ) (78,647 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 254,508 -

The interest on the loan was charged at the official HMRC rate and is repayable on demand.