Raceworld Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Raceworld Limited

(Registration number: 02997598)
Statement of Financial Position as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	2,595	-
Tangible assets	5	88,948	110,874
		91,543	110,874
Current assets
Stocks	6	10,200	9,500
Debtors	7	306,773	272,364
Cash at bank and in hand		76,225	75,198
		393,198	357,062
Creditors: Amounts falling due within one year	8	(255,269)	(276,905)
Net current assets		137,929	80,157
Total assets less current liabilities		229,472	191,031
Creditors: Amounts falling due after more than one year	8	(1,700)	(24,451)
Provisions for liabilities		(20,205)	(22,789)
Net assets		207,567	143,791
Capital and reserves
Called up share capital		165	165
Capital redemption reserve		35	35
Profit and loss account		207,367	143,591
Shareholders' funds		207,567	143,791

For the financial year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 10 September 2026 and signed on its behalf by:
 

Raceworld Limited

(Registration number: 02997598)
Statement of Financial Position as at 31 January 2026 (continued)

Mr R L Whittington Director

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 4
Greendale Business Park
Sidmouth Road
Exeter
EX5 1EW

Principal activity

The principal activity of the company is the operation of a sports facility

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold land and buildings	10% on cost
Leasehold improvements	25% reducing balance

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

2	Accounting policies (continued)

Plant and equipment	25% reducing balance
Computers	25% reducing balance
Motor vehicles	25% reducing balance

Impairment

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2025 - 31).

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
Additions acquired separately	2,883	2,883
At 31 January 2026	2,883	2,883
Amortisation
Amortisation charge	288	288
At 31 January 2026	288	288
Carrying amount
At 31 January 2026	2,595	2,595

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2025 - £1,648).
 

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

5	Tangible assets

	Leasehold property £	Improvements to property £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2025	15,941	82,820	239,562	44,508	2,700	385,531
Additions	-	-	1,866	5,515	-	7,381
At 31 January 2026	15,941	82,820	241,428	50,023	2,700	392,912
Depreciation
At 1 February 2025	7,940	79,751	166,165	18,919	1,881	274,656
Charge for the year	1,596	769	18,863	7,809	271	29,308
At 31 January 2026	9,536	80,520	185,028	26,728	2,152	303,964
Carrying amount
At 31 January 2026	6,405	2,300	56,400	23,295	548	88,948
At 31 January 2025	8,001	3,069	73,396	25,589	819	110,874

6

Stocks

	2026 £	2025 £
Work in progress	10,200	9,500

7

Debtors

	Note	2026 £	2025 £
Amounts owed by related parties		295,363	253,986
Prepayments		11,410	18,378
		306,773	272,364

Raceworld Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	10	22,321	46,133
Trade creditors		26,872	31,637
Taxation and social security		126,196	112,821
Accruals and deferred income		76,699	81,863
Other creditors		3,181	4,451
		255,269	276,905

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	10	1,700	24,451

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	1,700	24,451

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	22,321	46,133