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Company No: 11164014 (England and Wales)

RACE AT YOUR PACE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

RACE AT YOUR PACE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

RACE AT YOUR PACE LIMITED

BALANCE SHEET

As at 31 October 2023
RACE AT YOUR PACE LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 217,425 226,468
Tangible assets 4 15,275 26,734
232,700 253,202
Current assets
Stocks 5 144 345
Debtors 6 193,771 382,084
Cash at bank and in hand 197,180 134,004
391,095 516,433
Creditors: amounts falling due within one year 7 ( 70,997) ( 65,983)
Net current assets 320,098 450,450
Total assets less current liabilities 552,798 703,652
Creditors: amounts falling due after more than one year 8 ( 16,667) ( 41,667)
Provision for liabilities ( 58,175) ( 7,633)
Net assets 477,956 654,352
Capital and reserves
Called-up share capital 2 2
Profit and loss account 477,954 654,350
Total shareholder's funds 477,956 654,352

For the financial 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.

Director's responsibilities:

The financial statements of Race At Your Pace Limited (registered number: 11164014) were approved and authorised for issue by the Director on 23 July 2024. They were signed on its behalf by:

A L Hawkins
Director
RACE AT YOUR PACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
RACE AT YOUR PACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Race At Your Pace Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for race entry fees and the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover is recognised in the period to which it relates.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Development costs 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 6

3. Intangible assets

Goodwill Development costs Total
£ £ £
Cost
At 01 November 2022 11,000 380,452 391,452
Additions 0 86,559 86,559
At 31 October 2023 11,000 467,011 478,011
Accumulated amortisation
At 01 November 2022 8,800 156,184 164,984
Charge for the financial year 2,200 93,402 95,602
At 31 October 2023 11,000 249,586 260,586
Net book value
At 31 October 2023 0 217,425 217,425
At 31 October 2022 2,200 224,268 226,468

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 November 2022 61,098 61,098
Additions 831 831
At 31 October 2023 61,929 61,929
Accumulated depreciation
At 01 November 2022 34,364 34,364
Charge for the financial year 12,290 12,290
At 31 October 2023 46,654 46,654
Net book value
At 31 October 2023 15,275 15,275
At 31 October 2022 26,734 26,734

5. Stocks

2023 2022
£ £
Stocks 144 345

6. Debtors

2023 2022
£ £
Trade debtors 113 59
Other debtors 193,658 382,025
193,771 382,084

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 25,000 25,000
Trade creditors 0 6,993
Taxation and social security 6,798 6,911
Other creditors 39,199 27,079
70,997 65,983

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 16,667 41,667

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2022, the balance owed by the director was £186,049. During the year, £87,851 was advanced to the director, and £230,308 was repaid by the director. At 31 October 2023, the balance owed by the director was £43,592.

At 1 November 2021, the balance owed by the director was £23,529. During the year, £275,018 was advanced to the director, and £112,498 was repaid by the director. At 31 October 2022, the balance owed by the director was £186,049.

Other related party transactions

**David Hawkins (brother of A L Hawkins) - Loan with interest charged at HMRC approved rate.**

At 1 November 2022, the balance owed by David Hawkins was £76,652. During the year, £130,608 was advanced to David Hawkins, £76,000 was repaid by David Hawkins, and £607.50 of interest was charged on the loan. At 31 October 2023, the balance owed by David Hawkins was £131,260.

At 1 November 2021, the balance owed by David Hawkins was £2,020. During the year, £76,000 was advanced to David Hawkins, £2,020 was repaid by David Hawkins, and £652.25 of interest was charged on the loan. At 31 October 2022, the balance owed by David Hawkins was £76,652.

**Denise Hawkins (mother of A L Hawkins) Loan with interest charged at HMRC approved rate.**

At 1 November 2022, the balance owed by Denise Hawkins was £90,089. During the year, £2,500 was advanced to Denise Hawkins, £92,589 was repaid by Denise Hawkins. At 31 October 2023, the balance owed by David Hawkins was £0.

At 1 November 2021, the balance owed by David Hawkins was £0. During the year, £90,000 was advanced to Denise Hawkins, and £89 of interest was charged on the loan. At 31 October 2022, the balance owed by Denise Hawkins was £90,089.