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Registered number: 01302884
Raceparts (U.K.) Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Lynton Foster
Chartered Certified Accountants and Registered Auditors
33 Nicholas Way
Northwood
HA6 2TR
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—9
Page 1
Company Information
Directors James Bloore
Jennifer Bloore
Peter Bloore
Company Number 01302884
Registered Office Unit 3
Rockfort Industrial Estate
Wallingford
Oxfordshire
OX10 9DA
Accountants Lynton Foster
Chartered Certified Accountants and Registered Auditors
33 Nicholas Way
Northwood
HA6 2TR
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Page 2
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of the company for the period ended statement of financial position as at year ended 30 September 2024 as set out in the accounts from Raceparts (U.K.) Limited accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.
This report is made solely to the Board of Directors of Raceparts (U.K.) Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the company and state those matters that we have agreed to state to the Board of Directors Raceparts (U.K.) Limited , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants pertaining audit exempt companies. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raceparts (U.K.) Limited and its Board of Directors as a body for our work or for this report. It is the Directors duty to ensure that Raceparts (U.K.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Raceparts (U.K.) Limited . You consider that Raceparts (U.K.) Limited is exempt from the statutory audit requirement for the year.
Without performing an audit or detailed verification work our procedures consisted of comparing the accounts with the accounting records kept by Raceparts (U.K.) Limited , and making such limited enquiries of the officers of Raceparts (U.K.) Limited as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
In our opinion the Accounts are in agreement with the accounting records kept by Raceparts (U.K.) Limited Limited under the Companies Act 2006 and generally accepted accounting principles. Having regard only to, and on the basis of, the information contained in those accounting records, the Accounts have been drawn up in a manner consistent with the accounting requirements specified in the Companies Act 2006; and the Financial Reporting Standard 102 Section 1A - Small Entities and the company satisfied the conditions for exemption from an audit of the accounts for the year specified in 476 of the Act and did not at any time within that year, fall within any of the categories of companies not entitled to the exemption.
Signed
28th May 2025
Lynton Foster
Chartered Certified Accountants and Registered Auditors
33 Nicholas Way
Northwood
HA6 2TR
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Page 3
Statement of Financial Position
Registered number: 01302884
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 28,857 28,894
28,857 28,894
CURRENT ASSETS
Stocks 5 3,632,632 3,392,346
Debtors 6 1,852,189 1,350,912
Investments 7 25 25
Cash at bank and in hand 803,508 688,503
6,288,354 5,431,786
Creditors: Amounts Falling Due Within One Year 8 (799,297 ) (643,046 )
NET CURRENT ASSETS (LIABILITIES) 5,489,057 4,788,740
TOTAL ASSETS LESS CURRENT LIABILITIES 5,517,914 4,817,634
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (6,927 ) (6,873 )
NET ASSETS 5,510,987 4,810,761
CAPITAL AND RESERVES
Called up share capital 10 30,084 30,084
Share premium account 16,065 16,065
Income Statement 5,464,838 4,764,612
SHAREHOLDERS' FUNDS 5,510,987 4,810,761
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
James Bloore
Director
28th May 2025
The notes on pages 5 to 9 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Raceparts (U.K.) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01302884 . The registered office is Unit 3, Rockfort Industrial Estate, Wallingford, Oxfordshire, OX10 9DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Period of lease
Motor Vehicles Five years on cost
Furniture, Fixtures & Equipment Three and five years on cost
During the accounting period competition and other vehicles which have been or in the process of restoration were reclassified and transferred to stock at cost. Accumulated depreciation no longer required has been credited to the revenue account. There was no effect on taxation as no capital allowances have been claimed on these vehicles. 
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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2.8. Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 15 (2023: 16)
15 16
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Furniture, Fixtures & Equipment Total
£ £ £ £
Cost
As at 1 October 2023 10,214 43,100 134,762 188,076
Additions - - 11,184 11,184
As at 30 September 2024 10,214 43,100 145,946 199,260
Depreciation
As at 1 October 2023 10,213 42,058 106,911 159,182
Provided during the period - 520 10,701 11,221
As at 30 September 2024 10,213 42,578 117,612 170,403
Net Book Value
As at 30 September 2024 1 522 28,334 28,857
As at 1 October 2023 1 1,042 27,851 28,894
5. Stocks
2024 2023
£ £
Goods for resale 3,632,632 3,392,346
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 758,780 606,888
Other debtors 260,737 82,751
Amounts owed by group undertakings 639,284 480,905
Amounts owed by associates 193,388 180,368
1,852,189 1,350,912
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 25 25
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 494,805 366,869
Corporation tax 234,149 212,027
Other taxes and social security 20,761 14,289
Other creditors 39,841 32,610
Directors' loan accounts 2,711 1,926
Amounts owed to group undertakings 3,372 3,372
Amounts owed to associates 3,658 11,953
799,297 643,046
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences 6,927 6,873
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30,084 30,084
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11. Related Party Transactions
At the Balance Sheet date the company's Director, PG Bloore was owed by the company the sum of £1089 (£1926 - 2023) and JPG Bloore owed by the company the sum of £1622 (£Nil - 2023) such sums advanced to the company on an interest free basis. In addition the company advanced to the company's Director PG Bloore the sum of £217,500 within the accounting period, repayable on demand and repaid after date, for which the Director accounted to the company for interest at the rate of 2.25% p.a. 
The company occupies properties owned by Grosvenor (Berkshire) Limited  at an annual rental of £60,000. Grosvenor (Berkshire) Limited is an entity controlled by the company's Director, JP Bloore. 
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