Company Registration No. 14473077 (England and Wales)
RACKS COURT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
RACKS COURT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
RACKS COURT LTD
Company Registration No. 14473077
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment properties
3
4,339,242
Current assets
Debtors
4
192
Cash at bank and in hand
81,620
81,812
Creditors: amounts falling due within one year
5
(791,072)
Net current liabilities
(709,260)
Total assets less current liabilities
3,629,982
Creditors: amounts falling due after more than one year
6
(3,840,000)
Net liabilities
(210,018)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(210,118)
Total equity
(210,018)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RACKS COURT LTD
Company Registration No. 14473077
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mr Nikesh Engineer
Director
RACKS COURT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Racks Court Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Villa Vindravan, Weybridge, Surrey, KT13 0NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net liabilities of £210,018. The directors are confident that the company has adequate resources to continue operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Reporting period
The accounts show trade from 8 November 2022 to 30 November 2023, this represents a trading period of 13 months.
1.4
Turnover
Turnover is recognised at the fair value of the rent received or receivable provided in the period.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand 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 current liabilities.
RACKS COURT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
2
3
Investment property
2023
£
Fair value
At 9 November 2022
Additions
4,339,242
At 30 November 2023
4,339,242
The investment property was having active repairs throughout the period and was therefore not revalued in the period. The property has been valued at £5,475,000 in the future period.
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
192
RACKS COURT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
£
Other creditors
791,072
791,072
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
3,840,000
7
Related party transactions
At the balance sheet date the company owed £472,044 to Belevue London Limited, a connected company.
At the balance sheet date the company owed £283,879 to Riverwalk House Limited, a connected company.