REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
RACKMAN INC. LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
RACKMAN INC. LIMITED |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RACKMAN INC. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
161 Newhall Street |
Birmingham |
B3 1SW |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
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. |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Rackman Inc Limited is a private company, limited by shares and registered in England. The company's registered number is 03589565 and the registered office is situated at 65 Gainsborough Road, Scotter, Gainsborough, Lincolnshire, DN21 2RU. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is included at fair value. Gains are recognised in the Income Statement. Deferred taxation is provided on these gains at the rates expected to apply when the property is sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in fair value of investment property is freehold land of £ 215,000 (2023 - £ 215,000 ) which is not depreciated. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2016 | 114,546 |
Valuation in 2015 | (4,973 | ) |
Valuation in 2017 | 48,900 |
Valuation in 2019 | 33,600 |
Valuation in 2022 | 182,500 |
Cost | 445,427 |
820,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 465,427 | 465,427 |
Aggregate depreciation | (67,520 | ) | (67,520 | ) |
Investment property was valued on an open market basis on 31 March 2024 by the directors . |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
RACKMAN INC. LIMITED (REGISTERED NUMBER: 03589565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company owed the deceased director Mr A E Smith (died in month of November 2023) £101,665 at the year end (2023 - £111,665). The loan is interest free and repayable on demand. Currently, this loan transferred to his wife (other Creditor). |
The directors Mrs D Peace and Mr M N Smith are owed £32,002.04 and £36,596.03 respectively (2023 - £ 36,918.71 and £36,512.70).These loans are subject to interest at 5%. The charge in the year was £nil as the directors suspended interest charges for the year (2023 - £nil). |