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Company Registration No. 5637555 (England and Wales)
Premier Power Race and Performance Engines Limited Unaudited accounts for the year ended 31 December 2024
Premier Power Race and Performance Engines Limited Unaudited accounts Contents
Page
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Premier Power Race and Performance Engines Limited Company Information for the year ended 31 December 2024
Director
S K Cresswell
Secretary
L J Cresswell
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
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Premier Power Race and Performance Engines Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
21,234 
45,508 
Current assets
Inventories
44,748 
47,128 
Debtors
747 
11,000 
Cash at bank and in hand
(9,335)
(8,037)
36,160 
50,091 
Creditors: amounts falling due within one year
(71,775)
(112,770)
Net current liabilities
(35,615)
(62,679)
Net liabilities
(14,381)
(17,171)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(14,382)
(17,172)
Shareholders' funds
(14,381)
(17,171)
For the year ending 31 December 2024 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 25 March 2025 and were signed on its behalf by
S K Cresswell Director Company Registration No. 5637555
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Premier Power Race and Performance Engines Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Pension costs
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.
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Premier Power Race and Performance Engines Limited Notes to the Accounts for the year ended 31 December 2024
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 2024
13,975 
105,002 
20,450 
2,347 
141,774 
Disposals
- 
(26,473)
(20,450)
(1,257)
(48,180)
At 31 December 2024
13,975 
78,529 
- 
1,090 
93,594 
Depreciation
At 1 January 2024
- 
84,932 
10,479 
855 
96,266 
Charge for the year
- 
1,215 
- 
124 
1,339 
On disposals
- 
(14,504)
(10,479)
(262)
(25,245)
At 31 December 2024
- 
71,643 
- 
717 
72,360 
Net book value
At 31 December 2024
13,975 
6,886 
- 
373 
21,234 
At 31 December 2023
13,975 
20,070 
9,971 
1,492 
45,508 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
747 
11,000 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
9,712 
14,946 
VAT
268 
6,185 
Trade creditors
339 
19,606 
Taxes and social security
- 
2,337 
Other creditors
17,196 
19,066 
Loans from directors
44,260 
50,630 
71,775 
112,770 
7
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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