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REGISTERED NUMBER: 09312754 (England and Wales)















POWER MAXED RACING LTD

Unaudited Financial Statements for the Year Ended 31 October 2023






POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


POWER MAXED RACING LTD

Company Information
for the year ended 31 October 2023







Director: A L Weaver





Registered office: Automotive Brands Building
Old Concrete Works
Bretforton Road
Weston Subedge
Worcestershire
WR11 7QA





Registered number: 09312754 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO 4th Floor
2 Chamberlain Square
Birmingham
West Midlands
B3 3AX

POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)

Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 284,040 172,763

Current assets
Stocks 2,250 1,750
Debtors 5 519,193 505,545
Cash at bank - 14,844
521,443 522,139
Creditors
Amounts falling due within one year 6 877,254 786,143
Net current liabilities (355,811 ) (264,004 )
Total assets less current liabilities (71,771 ) (91,241 )

Creditors
Amounts falling due after more than one
year

7

217,594

168,420
Net liabilities (289,365 ) (259,661 )

Capital and reserves
Called up share capital 100 100
Retained earnings (289,465 ) (259,761 )
Shareholders' funds (289,365 ) (259,661 )

POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)

Balance Sheet - continued
31 October 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 31 January 2024 and were signed by:





A L Weaver - Director


POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)

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

1. Statutory information

Power Maxed Racing Ltd 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.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost
Motor vehicles - 33% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 10 (2022 - 10 ) .

4. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 November 2022 31,335 353,229 384,564
Additions 30,250 178,535 208,785
Disposals - (15,000 ) (15,000 )
At 31 October 2023 61,585 516,764 578,349
Depreciation
At 1 November 2022 15,750 196,051 211,801
Charge for year 13,824 77,684 91,508
Eliminated on disposal - (9,000 ) (9,000 )
At 31 October 2023 29,574 264,735 294,309
Net book value
At 31 October 2023 32,011 252,029 284,040
At 31 October 2022 15,585 157,178 172,763

POWER MAXED RACING LTD (REGISTERED NUMBER: 09312754)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 November 2022 179,843
Additions 97,035
Disposals (15,000 )
At 31 October 2023 261,878
Depreciation
At 1 November 2022 80,189
Charge for year 43,498
Eliminated on disposal (9,000 )
At 31 October 2023 114,687
Net book value
At 31 October 2023 147,191
At 31 October 2022 99,654

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 56,200 98,085
Amounts owed by group undertakings 219,413 170,224
Other debtors 243,580 237,236
519,193 505,545

6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 14,391 13,270
Hire purchase contracts 39,712 32,285
Trade creditors 156,181 171,705
Amounts owed to group undertakings 197,718 172,877
Taxation and social security 241,723 210,170
Other creditors 227,529 185,836
877,254 786,143

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 86,731 86,731
Hire purchase contracts 130,863 81,689
217,594 168,420

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,803 13,803