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REGISTERED NUMBER: 03664690 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RACING LINE LIMITED

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RACING LINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Guile
S J Roach
M T Walker





REGISTERED OFFICE: Quatro Park
4 Tanners Drive
Blakelands
Milton Keynes
Buckinghamshire
MK14 5FJ





REGISTERED NUMBER: 03664690 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 153,107 173,297
Tangible assets 5 166,696 201,590
319,803 374,887

CURRENT ASSETS
Stocks 1,837,275 1,935,008
Debtors 6 1,696,824 1,107,188
Cash at bank 542,485 322,587
4,076,584 3,364,783
CREDITORS
Amounts falling due within one year 7 415,040 458,571
NET CURRENT ASSETS 3,661,544 2,906,212
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,981,347

3,281,099

CREDITORS
Amounts falling due after more than one
year

8

(48,150

)

-

PROVISIONS FOR LIABILITIES (19,640 ) (36,094 )
NET ASSETS 3,913,557 3,245,005

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 3,912,557 3,244,005
SHAREHOLDERS' FUNDS 3,913,557 3,245,005

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:





S J Roach - Director


RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


1. STATUTORY INFORMATION

Racing Line Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Revenue from the sale of goods and provision of services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery - 33% reducing balance
Motor vehicles - 33% reducing balance
Fixtures and fittings - 33% reducing balance
Computer equipment - 33% reducing balance

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries are measured at cost less accumulated impairment.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GOING CONCERN
The Directors believe that there are no material uncertainties that call into doubt the company's ability to continue as a going concern. The financial statements have therefore been prepared on the basis that the company is a going concern. In the short term cash holdings are sufficient to ensure adequate cashflow for the foreseeable future. In the medium to long term, plans for, and the structure of, Racing Line Limited are in place and continue to be reviewed regularly. The Directors confirm that the ultimate parent company, EMPI Holding Corporation, will continue to provide financial support to Racing Line Limited.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 201,899
AMORTISATION
At 1 January 2023 28,602
Charge for year 20,190
At 31 December 2023 48,792
NET BOOK VALUE
At 31 December 2023 153,107
At 31 December 2022 173,297

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 365,448 74,351 212,356 150,625 802,780
Additions 32,413 2,604 54,953 6,762 96,732
Disposals (104,970 ) (1,400 ) (145,710 ) - (252,080 )
At 31 December 2023 292,891 75,555 121,599 157,387 647,432
DEPRECIATION
At 1 January 2023 334,508 44,584 103,086 119,012 601,190
Charge for year 15,673 9,859 39,752 10,916 76,200
Eliminated on disposal (104,733 ) (690 ) (91,231 ) - (196,654 )
At 31 December 2023 245,448 53,753 51,607 129,928 480,736
NET BOOK VALUE
At 31 December 2023 47,443 21,802 69,992 27,459 166,696
At 31 December 2022 30,940 29,767 109,270 31,613 201,590

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,063,932 805,274
Amounts owed by group undertakings 493,427 128,576
Other debtors 2,500 2,500
VAT 11,704 60,625
Prepayments 125,261 110,213
1,696,824 1,107,188

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Hire purchase contracts (see note 9) 5,396 -
Trade creditors 216,730 364,049
Amounts owed to group undertakings 1,183 -
Tax 63,586 -
Social security and other taxes 28,063 23,374
Other creditors 23,569 13,025
Accruals and deferred income 76,513 58,123
415,040 458,571

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Hire purchase contracts (see note 9) 48,150 -

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 5,396 -
Between one and five years 48,150 -
53,546 -

Non-cancellable
operating leases
2023 2022
£ £
Within one year 58,124 58,124
Between one and five years 89,664 123,288
147,788 181,412

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

12. PENSION COMMITMENTS

Contributions payable by the company for the year amounted to £18,280 (2022 - £14,008).

An amount of £1,488 (2022 - £1,180) was outstanding at the balance sheet date.

13. RELATED PARTY DISCLOSURES

During the year the company paid rent and management charges amounting to £34,693 (2022: £34,657) to companies under the control of one of the directors.

RACING LINE LIMITED (REGISTERED NUMBER: 03664690)

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


14. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Euro Motorparts Group (UK) Limited, a company registered in England and Wales, which owns 100% of the share capital.

The ultimate controlling party of the company is EMPI Holding Corp Inc., the registered office is 301 E. Orangethorpe Avenue, Anaheim, CA 92801.