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REGISTERED NUMBER: 04927029 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RACEWAYS MOTORCYCLES LIMITED

RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RACEWAYS MOTORCYCLES LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: Mr S A Rodgers
Mrs W Rodgers
Mr D Rodgers
Mr J Atkins
Mr A Rodgers
Mrs P Rodgers





REGISTERED OFFICE: 46/60 Dock Street
Fleetwood
Lancashire
FY7 6AG





REGISTERED NUMBER: 04927029 (England and Wales)





ACCOUNTANTS: ma2 (Blackpool) Limited
288 Church Street
Blackpool
Lancashire
FY1 3QA

RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

BALANCE SHEET
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 6,250
Tangible assets 5 414,327 350,823
414,327 357,073

CURRENT ASSETS
Stocks 1,226,632 2,627,698
Debtors 6 1,866 170,799
Cash at bank and in hand 1,802,296 1,333,795
3,030,794 4,132,292
CREDITORS
Amounts falling due within one year 7 1,301,093 2,479,426
NET CURRENT ASSETS 1,729,701 1,652,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,144,028

2,009,939

PROVISIONS FOR LIABILITIES 8 62,331 66,655
NET ASSETS 2,081,697 1,943,284

CAPITAL AND RESERVES
Called up share capital 990 990
Retained earnings 2,080,707 1,942,294
2,081,697 1,943,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

BALANCE SHEET - continued
29 February 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 Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr S A Rodgers - Director


RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Raceways Motorcycles 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

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.


RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 125,000
AMORTISATION
At 1 March 2023 118,750
Charge for year 6,250
At 29 February 2024 125,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 6,250

RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 - 1,476,830 1,476,830
Additions 165,000 52,161 217,161
At 29 February 2024 165,000 1,528,991 1,693,991
DEPRECIATION
At 1 March 2023 - 1,126,007 1,126,007
Charge for year - 153,657 153,657
At 29 February 2024 - 1,279,664 1,279,664
NET BOOK VALUE
At 29 February 2024 165,000 249,327 414,327
At 28 February 2023 - 350,823 350,823

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Directors' current accounts - 159,603
Debtors and prepayments 1,866 11,196
1,866 170,799

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Creditors 1,023,015 2,336,036
Tax 153,738 159,776
Social security and other taxes 115,553 (28,169 )
Directors' current accounts 763 -
Accrued expenses 8,024 11,783
1,301,093 2,479,426

RACEWAYS MOTORCYCLES LIMITED (REGISTERED NUMBER: 04927029)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024


8. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 62,331 66,655

Deferred
tax
£   
Balance at 1 March 2023 66,655
Movement in year (4,324 )
Balance at 29 February 2024 62,331

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £307,000 were paid to the directors .

There is no ultimate controlling party and therefore the company is controlled by its directors.

At the start of the year, the directors had outstanding loans of £159,603, on which they were charged interest at a rate of 2%. The loan was repaid on 30th November 2023. At the year end, the company owed the directors £763.