Company registration number 08425564 (England and Wales)
The Race Centre (Halifax) Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
The Race Centre (Halifax) Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
The Race Centre (Halifax) Ltd
Statement Of Financial Position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,956
42,820
Tangible assets
4
445,683
277,367
482,639
320,187
Current assets
Debtors
329,068
129,253
Cash at bank and in hand
78,436
159,499
407,504
288,752
Creditors: amounts falling due within one year
(204,374)
(122,921)
Net current assets
203,130
165,831
Total assets less current liabilities
685,769
486,018
Creditors: amounts falling due after more than one year
(67,932)
(34,973)
Net assets
617,837
451,045
Capital and reserves
Called up share capital
132
132
Profit and loss reserves
617,705
450,913
Total equity
617,837
451,045

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 year 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.

The Race Centre (Halifax) Ltd
Statement Of Financial Position (continued)
as at 31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
A Ioannou
Director
Company registration number 08425564 (England and Wales)
The Race Centre (Halifax) Ltd
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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.

Turnover

Turnover represents the fair value of the consideration received for services provided in the normal course of business. Turnover is recognised upon the receipt of cash as services are provided.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual Property
10% Straight Line Method
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Straight Line Method
Computer equipment
20% Straight Line Method
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Government grants

Government grants are recognised at the fair value of the asset received and are recognised over the same period in which costs are incurred.

The Race Centre (Halifax) Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
40
40
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
58,176
Amortisation and impairment
At 1 January 2023
15,356
Amortisation charged for the year
5,864
At 31 December 2023
21,220
Carrying amount
At 31 December 2023
36,956
At 31 December 2022
42,820
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
302,810
18,500
321,310
Additions
226,472
-
0
226,472
At 31 December 2023
529,282
18,500
547,782
Depreciation and impairment
At 1 January 2023
35,310
8,633
43,943
Depreciation charged in the year
54,456
3,700
58,156
At 31 December 2023
89,766
12,333
102,099
Carrying amount
At 31 December 2023
439,516
6,167
445,683
At 31 December 2022
267,500
9,867
277,367
The Race Centre (Halifax) Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
5
Company information

The Race Centre (Halifax) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Halifax Snooker Club, 74 Commercial Street, Halifax, HX1 2JE.

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