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REGISTERED NUMBER: 08193734 (England and Wales)









Unaudited Financial Statements

for the Year Ended

31 December 2023

for

Racebest Ltd

Racebest Ltd (Registered number: 08193734)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Racebest Ltd (Registered number: 08193734)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,722 3,337
Tangible assets 5 11,952 -
14,674 3,337

CURRENT ASSETS
Debtors 6 14,595 14,943
Cash at bank 324,353 114,029
338,948 128,972
CREDITORS
Amounts falling due within one year 7 439,289 233,773
NET CURRENT LIABILITIES (100,341 ) (104,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(85,667

)

(101,464

)

CREDITORS
Amounts falling due after more than one
year

8

3,600

6,000
NET LIABILITIES (89,267 ) (107,464 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 19,980 19,980
Retained earnings (109,347 ) (127,544 )
SHAREHOLDERS' FUNDS (89,267 ) (107,464 )

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

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

Racebest Ltd (Registered number: 08193734)

Balance Sheet - continued
31 December 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 31 July 2024 and were signed on its behalf by:




M P Browne - Director Ms L C Taylor - Director




P J Luby - Director R D Brayshay - Director


Racebest Ltd (Registered number: 08193734)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Racebest Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08193734

Registered office: 2 Stepping Stones
East Morton
Keighley
BD20 5UG

2. ACCOUNTING POLICIES

Basis of preparing financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to give a true and fair view.

The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared using the going concern basis.

The directors consider it appropriate to prepare the accounts on the going concern basis, as they are confident that income will continue to adequately cover the liabilities of the company for the foreseeable future. The directors have considered current cash flow and expected cashflows related to upcoming contracts and are satisfied that the company has sufficient liquidity to meet its liabilities as they fall due for at least the next 12 months.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Turnover from commissions is recognised upon receipt.

Intangible assets
Website costs are included at cost and amortised in equal annual instalments over a period of 3 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets as rates calculated to write off the cost less estimated residual value of each asset on a straight line or reducing balance basis over its expected useful life as follows:

Motor Vehicles - 25% reducing balance

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 at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Racebest Ltd (Registered number: 08193734)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

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.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - other debtors, cash and bank balances, trade creditors and other creditors.

Other debtors, cash and bank balances, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

Racebest Ltd (Registered number: 08193734)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 33,102
Additions 2,800
At 31 December 2023 35,902
AMORTISATION
At 1 January 2023 29,765
Charge for year 3,415
At 31 December 2023 33,180
NET BOOK VALUE
At 31 December 2023 2,722
At 31 December 2022 3,337

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 13,040
At 31 December 2023 13,040
DEPRECIATION
Charge for year 1,088
At 31 December 2023 1,088
NET BOOK VALUE
At 31 December 2023 11,952

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 253 -
Other debtors 14,342 14,943
14,595 14,943

Racebest Ltd (Registered number: 08193734)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,400 2,400
Trade creditors 10,381 8,550
Taxation and social security 237 89
Other creditors 426,271 222,734
439,289 233,773

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 3,600 6,000

9. CALLED UP SHARE CAPITAL

2023 2022
£ £
Allotted, issued and fully paid 100 100