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REGISTERED NUMBER: 03589565 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RACKMAN INC. LIMITED

RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RACKMAN INC. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs S E Foster
Mrs D S Peace
A E Smith
M N Smith
Mrs W Smith





SECRETARY: Mrs S E Foster





REGISTERED OFFICE: 65 Gainsborough Road
Scotter
Gainsborough
Lincolnshire
DN21 2RU





REGISTERED NUMBER: 03589565 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
161 Newhall Street
Birmingham
B3 1SW

RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 820,000 820,000

CURRENT ASSETS
Cash at bank and in hand 8,292 9,261

CREDITORS
Amounts falling due within one year 5 361,334 365,001
NET CURRENT LIABILITIES (353,042 ) (355,740 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,958

464,260

PROVISIONS FOR LIABILITIES 43,536 43,536
NET ASSETS 423,422 420,724

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 311,037 311,037
Retained earnings 112,285 109,587
423,422 420,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




Mrs D S Peace - Director



M N Smith - Director


RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Rackman Inc Limited is a private company, limited by shares and registered in England. The company's registered number is 03589565 and the registered office is situated at 65 Gainsborough Road, Scotter, Gainsborough, Lincolnshire, DN21 2RU.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is included at fair value. Gains are recognised in the Income Statement. Deferred taxation is provided on these gains at the rates expected to apply when the property is sold.

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 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.

3. EMPLOYEES AND DIRECTORS

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

RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 820,000
NET BOOK VALUE
At 31 March 2023 820,000
At 31 March 2022 820,000

Included in fair value of investment property is freehold land of £ 215,000 (2022 - £ 215,000 ) which is not depreciated.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 114,546
Valuation in 2015 (4,973 )
Valuation in 2017 48,900
Valuation in 2019 33,600
Valuation in 2022 182,500
Cost 445,427
820,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 465,427 465,427
Aggregate depreciation (67,520 ) (62,702 )

Investment property was valued on an open market basis on 31 March 2023 by the directors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 168,639 121,556
Taxation and social security 633 208
Other creditors 192,062 243,237
361,334 365,001

RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the director Mr A E Smith £111,665 at the year end (2022 - £114,332 ). The loan is interest free and repayable on demand.

The directors Mrs D Peace and Mr M N Smith are owed £36,918.71 and £36,512.70 respectively (2022 - £ 88,500.77 and £37,429.36). These loans are subject to interest at 5%. The charge in the year was £nil as the directors suspended interest charges for the year (2022 - £nil).