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REGISTERED NUMBER: 04514007 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st August 2024

for

THE RACK PEOPLE LIMITED

THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Contents of the Financial Statements
for the Year Ended 31st August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE RACK PEOPLE LIMITED

Company Information
for the Year Ended 31st August 2024







DIRECTOR: Mrs H L Bignell





REGISTERED OFFICE: Cathedral House
5 Beacon Street
Lichfield
Staffordshire
WS13 7AA





REGISTERED NUMBER: 04514007 (England and Wales)






THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Balance Sheet
31st August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,719 7,552

CURRENT ASSETS
Stocks 55,798 48,485
Debtors 5 133,294 123,419
Cash at bank 146,582 239,112
335,674 411,016
CREDITORS
Amounts falling due within one year 6 123,139 237,885
NET CURRENT ASSETS 212,535 173,131
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,254

180,683

CAPITAL AND RESERVES
Called up share capital 134 134
Share premium 47,513 47,513
Capital redemption reserve 2,080 2,080
Retained earnings 169,527 130,956
219,254 180,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Balance Sheet - continued
31st August 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th October 2024 and were signed by:





Mrs H L Bignell - Director


THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Notes to the Financial Statements
for the Year Ended 31st August 2024


1. STATUTORY INFORMATION

The Rack People 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

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.


THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st September 2023 11,859
Additions 1,580
At 31st August 2024 13,439
DEPRECIATION
At 1st September 2023 4,307
Charge for year 2,413
At 31st August 2024 6,720
NET BOOK VALUE
At 31st August 2024 6,719
At 31st August 2023 7,552

THE RACK PEOPLE LIMITED (REGISTERED NUMBER: 04514007)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.8.24 31.8.23
£    £   
Trade debtors 32,819 49,124
Amounts owed by group undertakings 89,069 67,581
Other debtors 11,406 6,714
133,294 123,419

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.8.24 31.8.23
£    £   
Trade creditors 86,816 205,534
Taxation and social security 9,236 11,074
Other creditors 27,087 21,277
123,139 237,885