Company Registration No. 5637555 (England and Wales)
Premier Power Race and Performance Engines Limited
Unaudited accounts
for the year ended 31 December 2023
Premier Power Race and Performance Engines Limited
Unaudited accounts
Contents
Premier Power Race and Performance Engines Limited
Company Information
for the year ended 31 December 2023
Company Number
5637555 (England and Wales)
Registered Office
Moreton House
31 High Street
Buckingham
MK18 1NU
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Premier Power Race and Performance Engines Limited
Statement of financial position
as at 31 December 2023
Tangible assets
45,508
53,173
Cash at bank and in hand
(8,037)
(10,195)
Creditors: amounts falling due within one year
(112,770)
(115,112)
Net current liabilities
(62,679)
(2,869)
Total assets less current liabilities
(17,171)
50,304
Provisions for liabilities
Net (liabilities)/assets
(17,171)
44,047
Called up share capital
1
1
Profit and loss account
(17,172)
44,046
Shareholders' funds
(17,171)
44,047
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 March 2024 and were signed on its behalf by
S K Cresswell
Director
Company Registration No. 5637555
Premier Power Race and Performance Engines Limited
Notes to the Accounts
for the year ended 31 December 2023
Premier Power Race and Performance Engines Limited is a private company, limited by shares, registered in England and Wales, registration number 5637555. The registered office is Moreton House, 31 High Street, Buckingham, MK18 1NU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
20% on reducing balance
Computer equipment
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Premier Power Race and Performance Engines Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
13,975
132,069
20,450
2,218
168,712
Additions
-
-
-
1,646
1,646
Disposals
-
(27,067)
-
(1,517)
(28,584)
At 31 December 2023
13,975
105,002
20,450
2,347
141,774
At 1 January 2023
-
105,640
7,986
1,913
115,539
Charge for the year
-
3,542
2,493
395
6,430
On disposals
-
(24,250)
-
(1,453)
(25,703)
At 31 December 2023
-
84,932
10,479
855
96,266
At 31 December 2023
13,975
20,070
9,971
1,492
45,508
At 31 December 2022
13,975
26,429
12,464
305
53,173
Amounts falling due within one year
Trade debtors
11,000
29,475
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
14,946
20,052
Trade creditors
19,606
23,662
Taxes and social security
2,337
2,337
Other creditors
19,066
13,697
Loans from directors
50,630
48,111
7
Average number of employees
During the year the average number of employees was 4 (2022: 4).