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REGISTERED NUMBER: 01333437 (England and Wales)















PILBEAM RACING DESIGNS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


PILBEAM RACING DESIGNS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: M R Pilbeam
Mrs W A Pilbeam



REGISTERED OFFICE: 75 Northorpe
Thurlby
Bourne
Lincolnshire
PE10 0HH



REGISTERED NUMBER: 01333437 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: National Westminster Bank plc
10 Market Place
Boston
Lincolnshire
PE21 6EJ

PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,816 3,780

CURRENT ASSETS
Stocks 104,483 99,146
Debtors 5 53,210 37,478
Cash at bank 13,837 57,095
171,530 193,719
CREDITORS
Amounts falling due within one year 6 58,806 40,702
NET CURRENT ASSETS 112,724 153,017
TOTAL ASSETS LESS CURRENT LIABILITIES 116,540 156,797

CREDITORS
Amounts falling due after more than one year 7 400,000 425,000
NET LIABILITIES (283,460 ) (268,203 )

CAPITAL AND RESERVES
Called up share capital 8 3,400 3,400
Retained earnings (286,860 ) (271,603 )
SHAREHOLDERS' FUNDS (283,460 ) (268,203 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 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 14 August 2024 and were signed on its behalf by:





M R Pilbeam - Director


PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)

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

1. STATUTORY INFORMATION

Pilbeam Racing Designs 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 represents the fair value of consideration received for net invoiced sales of racing cars, design, development and repair work, excluding value added tax.

Turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Tangible fixed assets are held at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc. - 15% reducing balance basis

Stocks
Stocks are valued at the lower of cost and fair value less costs to sell, 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 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.

Research and development costs
Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Pensions
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.

PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)

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

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022 53,809 6,470 60,279
Additions 707 - 707
At 30 November 2023 54,516 6,470 60,986
DEPRECIATION
At 1 December 2022 50,509 5,990 56,499
Charge for year 599 72 671
At 30 November 2023 51,108 6,062 57,170
NET BOOK VALUE
At 30 November 2023 3,408 408 3,816
At 30 November 2022 3,300 480 3,780

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 46,542 24,660
Other debtors 4,163 9,645
Prepayments and accrued income 2,505 3,173
53,210 37,478

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 50,731 33,156
Directors' current account 4,561 4,596
Accruals and deferred income 3,514 2,950
58,806 40,702

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Directors' current account 400,000 425,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,400 Ordinary £1 3,400 3,400

PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)

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

9. GOING CONCERN

The accounts have been prepared on the going concern basis since the directors have indicated they will continue to support the working capital requirements of the company in the future.