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REGISTERED NUMBER: 04556563 (England and Wales)















SHILTECH PERFORMANCE CARS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


SHILTECH PERFORMANCE CARS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr L G Shilton
Mrs J L Bell





REGISTERED OFFICE: Units 9/10
Aerodrome Close
Loughborough
Leicestershire
LE11 5RJ





REGISTERED NUMBER: 04556563 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 8,140 9,812
8,140 9,812

CURRENT ASSETS
Inventories 61,290 62,218
Debtors 6 17,669 9,888
Cash at bank 721 -
79,680 72,106
CREDITORS
Amounts falling due within one year 7 62,280 54,850
NET CURRENT ASSETS 17,400 17,256
TOTAL ASSETS LESS CURRENT LIABILITIES 25,540 27,068

CREDITORS
Amounts falling due after more than one year 8 - (949 )

PROVISIONS FOR LIABILITIES (630 ) (746 )
NET ASSETS 24,910 25,373

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 24,810 25,273
SHAREHOLDERS' FUNDS 24,910 25,373

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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

SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 26 September 2024 and were signed on its behalf by:





Mr L G Shilton - Director


SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Shiltech Performance Cars 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

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.

Revenue
Revenue from the sale of goods and services is recognised in the statement of income and retained earnings, net of discounts and value added tax, when the significant risks and regards of ownership have been transferred to the buyer. In general, this occurs when vehicles and parts have been supplied or when a service has been completed.

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.

Property, plant and equipment
Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to propertyStraight line of 7 years
Plant and machinery15% reducing balance
Fixtures and fittings33% reducing balance and 33.33% Straight line
Motor vehicles25% reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Inventories and work in progress are valued at the lower of cost and fair value less costs to complete and sell, 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.


SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as property, plant and equipment and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on the straight line basis over the lease term.

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 6 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 15,000
AMORTISATION
At 1 January 2023
and 31 December 2023 15,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 31,869 23,622 11,625 30,273 97,389
Additions - 132 477 - 609
At 31 December 2023 31,869 23,754 12,102 30,273 97,998
DEPRECIATION
At 1 January 2023 31,869 18,618 9,384 27,706 87,577
Charge for year - 780 859 642 2,281
At 31 December 2023 31,869 19,398 10,243 28,348 89,858
NET BOOK VALUE
At 31 December 2023 - 4,356 1,859 1,925 8,140
At 31 December 2022 - 5,004 2,241 2,567 9,812


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,774 -
Prepayments and accrued income 9,895 9,888
17,669 9,888

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 941 12,498
Trade creditors 30,602 19,601
Taxation - 1,122
Other taxes and social security 3,598 3,344
VAT 9,839 6,866
Other creditors 7,830 2,174
Directors' current accounts 6,260 6,260
Accrued expenses 3,210 2,985
62,280 54,850

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 949

9. CALLED UP SHARE CAPITAL

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

SHILTECH PERFORMANCE CARS LTD (REGISTERED NUMBER: 04556563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:20232022
£   £   
Due in less than one year32,50032,500
Due between one and five years32,50065,000
65,00097,500