RACEBUYKZ LIMITED

2022-06-012023-05-312023-05-31false11388431RACEBUYKZ LIMITED2024-05-2882990iso4217:GBPxbrli:pure113884312022-06-01113884312023-05-31113884312022-06-012023-05-31113884312021-06-01113884312022-05-31113884312021-06-012022-05-3111388431bus:SmallEntities2022-06-012023-05-3111388431bus:AuditExempt-NoAccountantsReport2022-06-012023-05-3111388431bus:FullAccounts2022-06-012023-05-3111388431bus:PrivateLimitedCompanyLtd2022-06-012023-05-3111388431core:WithinOneYear2023-05-3111388431core:AfterOneYear2023-05-3111388431core:WithinOneYear2022-05-3111388431core:AfterOneYear2022-05-3111388431core:ShareCapital2023-05-3111388431core:SharePremium2023-05-3111388431core:RevaluationReserve2023-05-3111388431core:OtherReservesSubtotal2023-05-3111388431core:RetainedEarningsAccumulatedLosses2023-05-3111388431core:ShareCapital2022-05-3111388431core:SharePremium2022-05-3111388431core:RevaluationReserve2022-05-3111388431core:OtherReservesSubtotal2022-05-3111388431core:RetainedEarningsAccumulatedLosses2022-05-3111388431core:LandBuildings2023-05-3111388431core:PlantMachinery2023-05-3111388431core:Vehicles2023-05-3111388431core:FurnitureFittings2023-05-3111388431core:OfficeEquipment2023-05-3111388431core:NetGoodwill2023-05-3111388431core:IntangibleAssetsOtherThanGoodwill2023-05-3111388431core:ListedExchangeTraded2023-05-3111388431core:UnlistedNon-exchangeTraded2023-05-3111388431core:LandBuildings2022-05-3111388431core:PlantMachinery2022-05-3111388431core:Vehicles2022-05-3111388431core:FurnitureFittings2022-05-3111388431core:OfficeEquipment2022-05-3111388431core:NetGoodwill2022-05-3111388431core:IntangibleAssetsOtherThanGoodwill2022-05-3111388431core:ListedExchangeTraded2022-05-3111388431core:UnlistedNon-exchangeTraded2022-05-3111388431core:LandBuildings2022-06-012023-05-3111388431core:PlantMachinery2022-06-012023-05-3111388431core:Vehicles2022-06-012023-05-3111388431core:FurnitureFittings2022-06-012023-05-3111388431core:OfficeEquipment2022-06-012023-05-3111388431core:NetGoodwill2022-06-012023-05-3111388431core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3111388431core:ListedExchangeTraded2022-06-012023-05-3111388431core:UnlistedNon-exchangeTraded2022-06-012023-05-3111388431core:MoreThanFiveYears2022-06-012023-05-3111388431core:Non-currentFinancialInstruments2023-05-3111388431core:Non-currentFinancialInstruments2022-05-3111388431dpl:CostSales2022-06-012023-05-3111388431dpl:DistributionCosts2022-06-012023-05-3111388431core:LandBuildings2022-06-012023-05-3111388431core:PlantMachinery2022-06-012023-05-3111388431core:Vehicles2022-06-012023-05-3111388431core:FurnitureFittings2022-06-012023-05-3111388431core:OfficeEquipment2022-06-012023-05-3111388431dpl:AdministrativeExpenses2022-06-012023-05-3111388431core:NetGoodwill2022-06-012023-05-3111388431core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3111388431dpl:GroupUndertakings2022-06-012023-05-3111388431dpl:ParticipatingInterests2022-06-012023-05-3111388431dpl:GroupUndertakingscore:ListedExchangeTraded2022-06-012023-05-3111388431core:ListedExchangeTraded2022-06-012023-05-3111388431dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-06-012023-05-3111388431core:UnlistedNon-exchangeTraded2022-06-012023-05-3111388431dpl:CostSales2021-06-012022-05-3111388431dpl:DistributionCosts2021-06-012022-05-3111388431core:LandBuildings2021-06-012022-05-3111388431core:PlantMachinery2021-06-012022-05-3111388431core:Vehicles2021-06-012022-05-3111388431core:FurnitureFittings2021-06-012022-05-3111388431core:OfficeEquipment2021-06-012022-05-3111388431dpl:AdministrativeExpenses2021-06-012022-05-3111388431core:NetGoodwill2021-06-012022-05-3111388431core:IntangibleAssetsOtherThanGoodwill2021-06-012022-05-3111388431dpl:GroupUndertakings2021-06-012022-05-3111388431dpl:ParticipatingInterests2021-06-012022-05-3111388431dpl:GroupUndertakingscore:ListedExchangeTraded2021-06-012022-05-3111388431core:ListedExchangeTraded2021-06-012022-05-3111388431dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-06-012022-05-3111388431core:UnlistedNon-exchangeTraded2021-06-012022-05-3111388431core:NetGoodwill2023-05-3111388431core:IntangibleAssetsOtherThanGoodwill2023-05-3111388431core:LandBuildings2023-05-3111388431core:PlantMachinery2023-05-3111388431core:Vehicles2023-05-3111388431core:FurnitureFittings2023-05-3111388431core:OfficeEquipment2023-05-3111388431core:AfterOneYear2023-05-3111388431core:WithinOneYear2023-05-3111388431core:ListedExchangeTraded2023-05-3111388431core:UnlistedNon-exchangeTraded2023-05-3111388431core:ShareCapital2023-05-3111388431core:SharePremium2023-05-3111388431core:RevaluationReserve2023-05-3111388431core:OtherReservesSubtotal2023-05-3111388431core:RetainedEarningsAccumulatedLosses2023-05-3111388431core:NetGoodwill2022-05-3111388431core:IntangibleAssetsOtherThanGoodwill2022-05-3111388431core:LandBuildings2022-05-3111388431core:PlantMachinery2022-05-3111388431core:Vehicles2022-05-3111388431core:FurnitureFittings2022-05-3111388431core:OfficeEquipment2022-05-3111388431core:AfterOneYear2022-05-3111388431core:WithinOneYear2022-05-3111388431core:Liste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RACEBUYKZ LIMITED

Registered Number
11388431
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

RACEBUYKZ LIMITED

Company Information
for the year from 1 June 2022 to 31 May 2023


Directors	M R Smith-Halvorsen
	T A Smith-Halvorsen


Registered Address	Copthorne Stud Effingham Road
	Copthorne
	Crawley
	RH10 3HY


Registered Number	11388431 (England and Wales)

RACEBUYKZ LIMITED

Balance Sheet as at
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		2,912		4,436
			2,912		4,436
Current assets
Debtors	4	484		1,188
Cash at bank and on hand		2,473		823
		2,957		2,011
Creditors amounts falling due within one year	5	(87,312)		(78,312)
Net current assets (liabilities)			(84,355)		(76,301)
Total assets less current liabilities			(81,443)		(71,865)
Net assets			(81,443)		(71,865)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(81,543)		(71,965)
Shareholders' funds			(81,443)		(71,865)

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2024, and are signed on its behalf by:

M R Smith-Halvorsen
Director
Registered Company No. 11388431

RACEBUYKZ LIMITED

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).

	Statement of compliance
	The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholder to fund its working capital requirement for a period of at least twelve months for the date these financial statements were approved.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholder to fund its working capital requirement for a period of at least twelve months for the date these financial statements were approved.

	Revenue from rendering of services
	Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from rendering of services

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

	Tangible fixed assets and depreciation
	Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Vehicles	3

	Financial instruments
	Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Share capital
	Ordinary shares are classified as equity.

2.	Average number of employees
	The average number of employees include directors.


		2023		2022
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Vehicles	Total
	£	£
Cost or valuation
At 01 June 22	4,563	4,563
At 31 May 23	4,563	4,563
Depreciation and impairment
At 01 June 22	127	127
Charge for year	1,524	1,524
At 31 May 23	1,651	1,651
Net book value
At 31 May 23	2,912	2,912
At 31 May 22	4,436	4,436

4.	Debtors: amounts due within one year

	2023	2022
	£	£
Other debtors	93	1,188
Prepayments and accrued income	391	-
Total	484	1,188

5.	Creditors: amounts due within one year

	2023	2022
	£	£
Other creditors	85,787	76,787
Accrued liabilities and deferred income	1,525	1,525
Total	87,312	78,312

6.	Share capital
	100 (2022 - 100) Ordinary shares of £1.00 each