Trakbak Racing Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03477752

TRAKBAK RACING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

TRAKBAK RACING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		1,488,484	1,549,295

Current assets

Stocks		169,705	169,632
Debtors	6	244,035	160,407
Cash at bank and in hand		1,003,749	1,648,687
		------------	------------
		1,417,489	1,978,726

Creditors: amounts falling due within one year	7	978,615		1,158,801
		------------		------------
Net current assets			438,874	819,925
			------------	------------
Total assets less current liabilities			1,927,358	2,369,220

Creditors: amounts falling due after more than one year	8		734,185	783,882

Provisions

Taxation including deferred tax	60,552	35,905
	------------	------------
Net assets	1,132,621	1,549,433
	------------	------------

TRAKBAK RACING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	9	2	2
Profit and loss account		1,132,619	1,549,431
		------------	------------
Shareholders funds		1,132,621	1,549,433
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:

Mr K R Bartlett
Director

Company registration number: 03477752

TRAKBAK RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Airfield Road, Podington, Wellingborough, Northamptonshire, NN29 7XA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold raceway & buildings	-	Period of lease or 10 years straight line
Plant & equipment	-	20% straight line
Motor vehicles	-	20% straight line
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 135 (2023: 133 ).

5. Tangible assets

	At 1 January 2024	Additions	Disposals	At 31 December 2024
	£	£	£	£
Cost
Leasehold raceway & buildings	2,586,203	2,865	–	2,589,068
Plant and machinery	399,734	59,500	–	459,234
Motor vehicles	892,753	80,128	( 37,000)	935,881
Office equipment	140,320	10,788	–	151,108
	------------	---------	--------	------------
	4,019,010	153,281	( 37,000)	4,135,291
	------------	---------	--------	------------

	At 1 January 2024	Charge for the year	Disposals	At 31 December 2024
	£	£	£	£
Depreciation
Leasehold raceway & buildings	1,488,909	154,299	–	1,643,208
Plant and machinery	340,166	18,191	–	358,357
Motor vehicles	500,320	38,007	( 37,000)	501,327
Office equipment	140,320	3,595	–	143,915
	------------	---------	--------	------------
	2,469,715	214,092	( 37,000)	2,646,807
	------------	---------	--------	------------

	At 31 December 2024	At 31 December 2023
	£	£
Carrying amount
Leasehold raceway & buildings	945,860	1,097,294
Plant and machinery	100,877	59,568
Motor vehicles	434,554	392,433
Office equipment	7,193	–
	------------	------------
	1,488,484	1,549,295
	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	125,996
	---------
At 31 December 2023	57,754
	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	38,217	15,837
Prepayments and accrued income	155,243	103,163
Corporation tax repayable	30,942	–
Other debtors	19,633	41,407
	---------	---------
	244,035	160,407
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	233,899	334,236
Corporation tax	–	30,974
Social security and other taxes	34,286	32,687
DCMS loan	92,308	92,308
Other creditors	618,122	668,596
	---------	------------
	978,615	1,158,801
	---------	------------

The loan from Department for Culture, Media and Sport (DCMS) under the Sports Winter Survival Programme is secured by a debenture and legal charge over the company's assets and undertakings and provided over a ten year term at an interest rate of 2%. Repayments commenced in September 2023.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
DCMS loan	507,696	600,004
Other creditors	226,489	183,878
	---------	---------
	734,185	783,882
	---------	---------

In February 2022 the company received a loan of £843,000 from the Department for Culture, Media and Sport (DCMS) under the Sports Winter Survival Programme. The loan is secured by a debenture and legal charge over the company's assets and undertakings and has been provided over a ten year term at an interest rate of 2%. Repayments commenced in September 2023.

Included within creditors: amounts falling due after more than one year is an amount of £138,463 (2023: £230,771) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	136,551	149,165
Later than 1 year and not later than 5 years	756,073	738,678
Later than 5 years	150,000	300,000
	------------	------------
	1,042,624	1,187,843
	------------	------------

11. Controlling party

No single party owns more than 50% of the company's issued share capital therefore there is no single ultimate controlling party.