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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED

COMPANY INFORMATION
for the year ended 30 September 2023







DIRECTORS: A G Docking
J F Docking





REGISTERED OFFICE: 70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN





REGISTERED NUMBER: 02560671 (England and Wales)





ACCOUNTANTS: Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)

BALANCE SHEET
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 123,199 147,758

CURRENT ASSETS
Stocks 410,886 410,239
Debtors 5 212,557 195,339
Cash at bank and in hand 38,399 84,580
661,842 690,158
CREDITORS
Amounts falling due within one year 6 330,440 300,620
NET CURRENT ASSETS 331,402 389,538
TOTAL ASSETS LESS CURRENT LIABILITIES 454,601 537,296

CREDITORS
Amounts falling due after more than one year 7 (29,515 ) (61,128 )

PROVISIONS FOR LIABILITIES 9 (20,330 ) (24,321 )
NET ASSETS 404,756 451,847

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 404,556 451,647
404,756 451,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)

BALANCE SHEET - continued
30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:





A G Docking - Director


EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023

1. STATUTORY INFORMATION

Earl's Performance Products (U.K.) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% 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 Statement of Income and Retained Earnings, 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.

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.

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 593,286 11,951 16,601 94,091 715,929
Additions 4,231 - - - 4,231
At 30 September 2023 597,517 11,951 16,601 94,091 720,160
DEPRECIATION
At 1 October 2022 450,530 10,395 15,101 92,145 568,171
Charge for year 26,768 234 375 1,413 28,790
At 30 September 2023 477,298 10,629 15,476 93,558 596,961
NET BOOK VALUE
At 30 September 2023 120,219 1,322 1,125 533 123,199
At 30 September 2022 142,756 1,556 1,500 1,946 147,758

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022 154,245
Transfer to ownership (23,262 )
At 30 September 2023 130,983
DEPRECIATION
At 1 October 2022 63,652
Charge for year 13,098
Transfer to ownership (26,491 )
At 30 September 2023 50,259
NET BOOK VALUE
At 30 September 2023 80,724
At 30 September 2022 90,593

EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED (REGISTERED NUMBER: 02560671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 147,613 136,622
Amounts owed by group undertakings 23,803 23,803
Other debtors 86 -
Prepayments 41,055 34,914
212,557 195,339

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 9,393 9,221
Hire purchase contracts 21,792 28,504
Trade creditors 184,744 137,861
Tax 537 6,862
Social security and other taxes 27,813 11,923
VAT 33,801 17,196
Other creditors 24,689 69,264
Directors' current accounts 4,352 1,352
Accrued expenses 23,319 18,437
330,440 300,620

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans - 1-2 years 9,569 9,393
Bank loans - 2-5 years 18,026 27,594
Hire purchase contracts 1,920 24,141
29,515 61,128

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Hire purchase contracts 23,712 52,645

9. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax 20,330 24,321

Deferred
tax
£   
Balance at 1 October 2022 24,321
Credit to Statement of Income and Retained Earnings during year (3,991 )
Balance at 30 September 2023 20,330

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
EARL'S PERFORMANCE PRODUCTS (U.K.)
LIMITED

The following reproduces the text of the report prepared for the directors 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 Directors 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 Earl's Performance Products (U.K.) Limited for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, 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 Board of Directors of Earl's Performance Products (U.K.) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Earl's Performance Products (U.K.) Limited and state those matters that we have agreed to state to the Board of Directors of Earl's Performance Products (U.K.) Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Earl's Performance Products (U.K.) 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 loss of Earl's Performance Products (U.K.) Limited. You consider that Earl's Performance Products (U.K.) 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 Earl's Performance Products (U.K.) 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.






Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN


Date: .............................................