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REGISTERED NUMBER: 04944090 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

PRO-CARBON RACING LTD

PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PRO-CARBON RACING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: N Preston
R Preston





REGISTERED OFFICE: 25 Frognall Deeping St. James
Peterborough
Cambridgeshire
PE6 8RR





REGISTERED NUMBER: 04944090 (England and Wales)





ACCOUNTANTS: TC Group
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 169,164 167,244

CURRENT ASSETS
Stocks 6 18,000 23,000
Debtors 7 58,268 72,718
Cash at bank and in hand 76,525 77,886
152,793 173,604
CREDITORS
Amounts falling due within one year 8 152,449 143,350
NET CURRENT ASSETS 344 30,254
TOTAL ASSETS LESS CURRENT LIABILITIES 169,508 197,498

PROVISIONS FOR LIABILITIES 9 5,130 12,637
NET ASSETS 164,378 184,861

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 164,278 184,761
SHAREHOLDERS' FUNDS 164,378 184,861

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.

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 Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:




N Preston - Director


PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Pro-Carbon 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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 the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

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

PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 8,964 143,925 161,944 8,029 322,862
Additions 15,534 5,358 33,135 3,980 58,007
Disposals - - (14,073 ) - (14,073 )
At 30 September 2023 24,498 149,283 181,006 12,009 366,796
DEPRECIATION
At 1 October 2022 2,488 108,709 40,486 3,935 155,618
Charge for year 2,330 5,982 36,009 1,211 45,532
Eliminated on disposal - - (3,518 ) - (3,518 )
At 30 September 2023 4,818 114,691 72,977 5,146 197,632
NET BOOK VALUE
At 30 September 2023 19,680 34,592 108,029 6,863 169,164
At 30 September 2022 6,476 35,216 121,458 4,094 167,244

6. STOCKS
2023 2022
£    £   
Stocks 18,000 23,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,462 8,329
Rental deposits 7,000 7,000
Inter-company loans 41,647 41,647
Undeposited funds 2,159 609
VAT - 15,133
58,268 72,718

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 759 -
Trade creditors 13,267 4,429
Corporation tax 19,944 30,112
Social security and other taxes 2,796 2,313
Pension control account 1,200 855
VAT 10,022 -
Net salaries 15,119 13,386
Credit card control (1,083 ) 1,730
Directors' loan accounts 90,425 90,425
Accruals and deferred income - 100
152,449 143,350

PRO-CARBON RACING LTD (REGISTERED NUMBER: 04944090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,130 12,637

Deferred
tax
£   
Balance at 1 October 2022 12,637
Utilised during year (7,507 )
Balance at 30 September 2023 5,130

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date, the company owed a director £37,296 (2022: £37,296). This loan is unsecured, interest free and repayable on demand.

As at the balance sheet date, the company owed a director £53,129 (2022: £53,296). This loan is unsecured, interest free and repayable on demand.

These loans are unsecured, interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £106,000 were paid to the directors .

Within other debtors there is an amount owed by a company under common control totalling
£ 41,647 (2022 : £41,647). This loan is unsecured, interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr N Preston and Mr R Preston by virtue of their ownership of the issued ordinary share capital.