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REGISTERED NUMBER: 10832774 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PETER HICKMAN RACING LIMITED

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Certified Accountants' Report 7

PETER HICKMAN RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: P J Hickman





SECRETARY:





REGISTERED OFFICE: Suite 2 Mayden House
Long Bennington Business Park
Main Road
Long Bennington
Nottinghamshire
NG23 5DJ





REGISTERED NUMBER: 10832774 (England and Wales)





ACCOUNTANTS: Buchanan & Associates Limited
Mayden House
Main Road
Long Bennington
Nottinghamshire
NG23 5DJ

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 398 475
Tangible assets 5 236,309 211,331
236,707 211,806

CURRENT ASSETS
Stocks 26,000 12,434
Debtors 6 1,085,094 1,083,206
Cash at bank 130,031 22,135
1,241,125 1,117,775
CREDITORS
Amounts falling due within one year 7 727,963 648,382
NET CURRENT ASSETS 513,162 469,393
TOTAL ASSETS LESS CURRENT
LIABILITIES

749,869

681,199

CREDITORS
Amounts falling due after more than one
year

8

(14,167

)

(24,167

)

PROVISIONS FOR LIABILITIES (52,014 ) (45,126 )
NET ASSETS 683,688 611,906

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 683,588 611,806
683,688 611,906

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

BALANCE SHEET - continued
31 JANUARY 2024


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 10 September 2024 and were signed by:





P J Hickman - Director


PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on reducing balance and 10% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 5 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 764
AMORTISATION
At 1 February 2023 289
Charge for year 77
At 31 January 2024 366
NET BOOK VALUE
At 31 January 2024 398
At 31 January 2023 475

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 407,333
Additions 141,393
Disposals (128,372 )
At 31 January 2024 420,354
DEPRECIATION
At 1 February 2023 196,002
Charge for year 53,541
Eliminated on disposal (65,498 )
At 31 January 2024 184,045
NET BOOK VALUE
At 31 January 2024 236,309
At 31 January 2023 211,331

PETER HICKMAN RACING LIMITED (REGISTERED NUMBER: 10832774)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 106,033 39,998
Other debtors 979,061 1,043,208
1,085,094 1,083,206

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 30,674 25,591
Taxation and social security 102,223 77,238
Other creditors 585,066 535,553
727,963 648,382

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 14,167 24,167

9. OTHER FINANCIAL COMMITMENTS

Operating lease commitments of £151,200 (2023 £172,800) exist at the balance sheet date.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P J Hickman.

CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PETER HICKMAN RACING LIMITED

The following reproduces the text of the report prepared for the director 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 Director 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 Peter Hickman Racing Limited for the year ended 31 January 2024 which comprise the Income Statement, 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 director of Peter Hickman Racing Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Hickman Racing Limited and state those matters that we have agreed to state to the director of Peter Hickman Racing Limited 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 director for our work or for this report.

It is your duty to ensure that Peter Hickman Racing 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 profit of Peter Hickman Racing Limited. You consider that Peter Hickman Racing 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 Peter Hickman Racing 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.






Buchanan & Associates Limited
Mayden House
Main Road
Long Bennington
Nottinghamshire
NG23 5DJ


10 September 2024