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Registered number: 04087247
Racecorp Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04087247
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,580 48,772
Investment Properties 5 8,246,976 6,250,000
8,283,556 6,298,772
CURRENT ASSETS
Debtors 6 95,662 98,350
Cash at bank and in hand 3,746 106,203
99,408 204,553
Creditors: Amounts Falling Due Within One Year 7 (731,345 ) (622,376 )
NET CURRENT ASSETS (LIABILITIES) (631,937 ) (417,823 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,651,619 5,880,949
Creditors: Amounts Falling Due After More Than One Year 8 (3,828,497 ) (2,627,143 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (394,055 ) (394,055 )
NET ASSETS 3,429,067 2,859,751
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 3,672,064 2,932,064
Profit and Loss Account (243,097 ) (72,413 )
SHAREHOLDERS' FUNDS 3,429,067 2,859,751
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr SAMI WASIF
Director
31/10/2023
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Racecorp Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04087247 . The registered office is Unit 1, 40-48 Bromells Road, London, SW4 0BG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 November 2022 449,750 169,388 619,138
As at 31 October 2023 449,750 169,388 619,138
Depreciation
As at 1 November 2022 419,057 151,309 570,366
Provided during the period 7,673 4,519 12,192
As at 31 October 2023 426,730 155,828 582,558
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 October 2023 23,020 13,560 36,580
As at 1 November 2022 30,693 18,079 48,772
Investment property was valued on an open market basis on 29 July 2022 by registered valuer.
5. Investment Property
2023
£
Fair Value
As at 1 November 2022 6,250,000
Additions 1,256,976
Revaluations 740,000
As at 31 October 2023 8,246,976
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 3,283,049 -
Accumulated depreciation and impairment - 1
Carrying amount 3,283,049 (1)
6. Debtors
2023 2022
£ £
Due within one year
Eastside Story Ltd 7,400 7,400
Absolutely Starving Ltd 4,500 4,500
Eco 21,812 23,000
Baladi Kitchen Ltd 12,500 14,000
Eco Rest & Invstmt Group Ltd 32,900 32,900
Cairo Kitchen Ltd 16,550 16,550
95,662 98,350
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 658 8,044
Bank loans and overdrafts (1,365 ) (464 )
Other taxes and social security 1,648 2,724
Eco Westend Ltd 35,659 35,659
Othercreditors - 13,793
Penison funds - 172
Accrued expenses 3,800 2,400
Directors' loan accounts 187,090 43,759
Amounts owed to group undertakings 503,855 516,289
731,345 622,376
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 1-2 years 41,406 28,211
Other creditors 13,793 10
Bank loans - 2-5 years 13,910 9,477
Bank loans more than 5 yrs non-intrest 3,673,005 2,502,562
Directors loan account 86,383 86,883
3,828,497 2,627,143
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst
2023: 3,673,004
2022: 2,502,562 
A guarantee was given by directors not to call in their long term loans to the company within twelve
months from the date of signing the accounts.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 November 2022 2,932,064
Movements in fair value reserve 740,000
As at 31 October 2023 3,672,064
11. Related Party Transactions
Transactions with related parties:
Loans due from entities under common and joint control undertakings £95,662 (2022: £98350)
Loans due to entities under common and joint control undertakings £35,659 (2022: £35,659)
Loans due to key management personnel £280,058 (2022: £130,642)
All loans due from and due to related parties are interest free with no fixed repayment terms.
12. Ultimate Controlling Party
The company's ultimate controlling party is Eco Investment & Leisure Group Limited by virtue of his ownership of 100% of the issued share capital in the company.
Page 5