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REGISTERED NUMBER: 10832774 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

PETER HICKMAN RACING LIMITED

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Certified Accountants' Report | 8 |

PETER HICKMAN RACING LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2023

| DIRECTOR: | P J Hickman

| SECRETARY: |

| REGISTERED OFFICE: | Suite 2 Mayden House

| Long Bennington Business Park

| Main Road

| Long Bennington

| Nottinghamshire

| NG23 5DJ

| REGISTERED NUMBER: | 10832774 (England and Wales)

| ACCOUNTANTS: | Buchanan & Associates Limited

| Mayden House

| Main Road

| Long Bennington

| Nottinghamshire

| NG23 5DJ

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

BALANCE SHEET

31 JANUARY 2023

| 31.1.23 | 31.1.22 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 475 |  | 551 |  |

Tangible assets | 5 | 211,331 |  | 201,982 |  |

211,806 |  | 202,533 |  |

CURRENT ASSETS

Stocks | 12,434 |  | 107,000 |  |

Debtors | 6 | 1,083,206 |  | 718,846 |  |

Cash at bank | 22,135 |  | 27,375 |  |

1,117,775 |  | 853,221 |  |

CREDITORS

Amounts falling due within one year | 7 | 648,382 |  | 627,812 |  |

NET CURRENT ASSETS | 469,393 |  | 225,409 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 681,199 |  | 427,942 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (24,167 | ) | (34,167 | ) |

PROVISIONS FOR LIABILITIES | (45,126 | ) | (35,641 | ) |

NET ASSETS | 611,906 |  | 358,134 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 611,806 |  | 358,034 |  |

611,906 |  | 358,134 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

BALANCE SHEET - continued

31 JANUARY 2023

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 director and authorised for issue on 4 October 2023 and were signed by:

P J Hickman - Director

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

1. | STATUTORY INFORMATION

| Peter Hickman 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of ten years.

| 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 | - | 33% on cost, 25% on reducing balance, 20% on reducing balance and 10% on cost

| Stocks

| 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 items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| 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.

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2022 - 3 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 February 2022

| and 31 January 2023 | 764 |  |

| AMORTISATION

| At 1 February 2022 | 213 |  |

| Charge for year | 76 |  |

| At 31 January 2023 | 289 |  |

| NET BOOK VALUE

| At 31 January 2023 | 475 |  |

| At 31 January 2022 | 551 |  |

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 February 2022 | 351,749 |  |

| Additions | 65,306 |  |

| Disposals | (9,722 | ) |

| At 31 January 2023 | 407,333 |  |

| DEPRECIATION

| At 1 February 2022 | 149,767 |  |

| Charge for year | 46,235 |  |

| At 31 January 2023 | 196,002 |  |

| NET BOOK VALUE

| At 31 January 2023 | 211,331 |  |

| At 31 January 2022 | 201,982 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.1.23 |  | 31.1.22

£ | £ |

| Trade debtors | 39,998 |  | 168,794 |  |

| Other debtors | 1,043,208 |  | 550,052 |  |

1,083,206 |  | 718,846 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.1.23 |  | 31.1.22

£ | £ |

| Bank loans and overdrafts | 10,000 |  | 10,000 |  |

| Trade creditors | 25,591 |  | 49,343 |  |

| Taxation and social security | 77,238 |  | 40,443 |  |

| Other creditors | 535,553 |  | 528,026 |  |

648,382 |  | 627,812 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.1.23 |  | 31.1.22

£ | £ |

| Bank loans | 24,167 |  | 34,167 |  |

9. | OTHER FINANCIAL COMMITMENTS

| Operating lease commitments of £172,800 (2022 £194,400) exist at the balance sheet date.

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is P J Hickman.

CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR

ON THE UNAUDITED FINANCIAL STATEMENTS OF

PETER HICKMAN RACING LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peter Hickman Racing Limited for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's 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 http://www.accaglobal.com/rulebook.

This report is made solely to the director of Peter Hickman Racing Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Hickman Racing Limited and state those matters that we have agreed to state to the director of Peter Hickman Racing Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Peter Hickman Racing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peter Hickman Racing Limited. You consider that Peter Hickman Racing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peter Hickman Racing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Buchanan & Associates Limited

Mayden House

Main Road

Long Bennington

Nottinghamshire

NG23 5DJ

4 October 2023