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REGISTERED NUMBER: 02324890 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

EAGLE RACING LIMITED

EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EAGLE RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: H J Pearman
Ms K J Ibberson





SECRETARY: Ms K J Ibberson





REGISTERED OFFICE: 150 High Street
Sevenoaks
Kent
TN13 1XE





REGISTERED NUMBER: 02324890 (England and Wales)





AUDITORS: Greenaway Chartered Accountants
and Statutory Auditors
150 High Street
Sevenoaks
Kent
TN13 1XE

EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 315,421 375,318

CURRENT ASSETS
Stocks 5 25,969,128 23,911,587
Debtors 6 7,295,014 6,582,869
Cash at bank and in hand 586 146,845
33,264,728 30,641,301
CREDITORS
Amounts falling due within one year 7 12,304,007 10,228,096
NET CURRENT ASSETS 20,960,721 20,413,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,276,142

20,788,523

CREDITORS
Amounts falling due after more than one
year

8

(4,002,333

)

(4,109,440

)

PROVISIONS FOR LIABILITIES (25,131 ) -
NET ASSETS 17,248,678 16,679,083

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 17,248,578 16,678,983
SHAREHOLDERS' FUNDS 17,248,678 16,679,083

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 24 December 2024 and were signed on its behalf by:





H J Pearman - Director


EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Eagle Racing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 recognised when a sale or work undertaken on a vehicle has been finalised and the transportation of vehicle has either been arranged or taken place.

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 - 10% on cost

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.

Assets obtained under hire purchase contracts are classified under stock. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

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.

EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Change of accounting reference date
The directors have shortened the accounting reference date to 31 March in order to bring the financial statements in line with the tax year. The comparative amounts presented in these financial statements are therefore not entirely comparable.

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 1 April 2023 1,607,777
Additions 17,134
At 31 March 2024 1,624,911
DEPRECIATION
At 1 April 2023 1,232,459
Charge for year 77,031
At 31 March 2024 1,309,490
NET BOOK VALUE
At 31 March 2024 315,421
At 31 March 2023 375,318

5. STOCKS
2024 2023
£    £   
Stocks 22,037,851 20,885,730
Work-in-progress 3,931,277 3,025,857
25,969,128 23,911,587

Included in the stock are assets valued at £4,674,165 (2023: £4,474,800) held for re-sale that are on hire purchase and the ownership of those goods remain with the providers of finance until hire purchase has been settled, when ownership is then transferred to the company.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 243,867 71,524
Other debtors 7,051,147 6,449,322
7,295,014 6,520,846

EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors - 62,023

Aggregate amounts 7,295,014 6,582,869

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,206,204 296,921
Hire purchase contracts 220,901 264,524
Trade creditors 2,529,853 2,482,866
Taxation and social security 98,998 70
Other creditors 8,248,051 7,183,715
12,304,007 10,228,096

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 4,002,333 4,109,440

9. SECURED DEBTS

An unlimited guarantee given by Mr H Pearman dated 10 February 1995 is in respect of the bank overdraft facility.

A Debenture dated 14 June 2018 in favour of the Barclays which includes fixed and floating charges over all the property and undertakings of the company.

There are three Chattel Mortgages dated 24 June 2014, 14 June 2016 and 4 February 2019 on all monies due or to become due from the company to the chargee on any account whatsoever.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified.

Robert Lovitt (Senior Statutory Auditor)
for and on behalf of Greenaway Chartered Accountants

EAGLE RACING LIMITED (REGISTERED NUMBER: 02324890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

2024 2023
£    £   
H J Pearman and Ms K J Ibberson
Balance outstanding at start of year (4,706 ) (107,818 )
Amounts advanced 321,483 255,514
Amounts repaid (326,257 ) (152,402 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,480 ) (4,706 )

13. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and prior year by H Pearman, a director and the sole shareholder.