IRIS Accounts Production v25.1.4.42 01333437 Board of Directors 1.12.23 30.11.24 30.11.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013334372023-11-30013334372024-11-30013334372023-12-012024-11-30013334372022-11-30013334372022-12-012023-11-30013334372023-11-3001333437ns15:EnglandWales2023-12-012024-11-3001333437ns14:PoundSterling2023-12-012024-11-3001333437ns10:Director12023-12-012024-11-3001333437ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3001333437ns10:SmallEntities2023-12-012024-11-3001333437ns10:AuditExempt-NoAccountantsReport2023-12-012024-11-3001333437ns10:SmallCompaniesRegimeForDirectorsReport2023-12-012024-11-3001333437ns10:SmallCompaniesRegimeForAccounts2023-12-012024-11-3001333437ns10:FullAccounts2023-12-012024-11-3001333437ns10:OrdinaryShareClass12023-12-012024-11-3001333437ns10:Director22023-12-012024-11-3001333437ns10:RegisteredOffice2023-12-012024-11-3001333437ns5:CurrentFinancialInstruments2024-11-3001333437ns5:CurrentFinancialInstruments2023-11-3001333437ns5:Non-currentFinancialInstruments2024-11-3001333437ns5:Non-currentFinancialInstruments2023-11-3001333437ns5:ShareCapital2024-11-3001333437ns5:ShareCapital2023-11-3001333437ns5:RetainedEarningsAccumulatedLosses2024-11-3001333437ns5:RetainedEarningsAccumulatedLosses2023-11-3001333437ns5:PlantMachinery2023-11-3001333437ns5:MotorVehicles2023-11-3001333437ns5:PlantMachinery2023-12-012024-11-3001333437ns5:MotorVehicles2023-12-012024-11-3001333437ns5:PlantMachinery2024-11-3001333437ns5:MotorVehicles2024-11-3001333437ns5:PlantMachinery2023-11-3001333437ns5:MotorVehicles2023-11-3001333437ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3001333437ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3001333437ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-11-3001333437ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-11-3001333437ns10:OrdinaryShareClass12024-11-30
REGISTERED NUMBER: 01333437 (England and Wales)















PILBEAM RACING DESIGNS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 4


PILBEAM RACING DESIGNS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







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 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,245 3,816

CURRENT ASSETS
Stocks 96,659 104,483
Debtors 5 12,878 53,210
Cash at bank - 13,837
109,537 171,530
CREDITORS
Amounts falling due within one year 6 34,501 58,806
NET CURRENT ASSETS 75,036 112,724
TOTAL ASSETS LESS CURRENT LIABILITIES 78,281 116,540

CREDITORS
Amounts falling due after more than one year 7 400,000 400,000
NET LIABILITIES (321,719 ) (283,460 )

CAPITAL AND RESERVES
Called up share capital 8 3,400 3,400
Retained earnings (325,119 ) (286,860 )
SHAREHOLDERS' FUNDS (321,719 ) (283,460 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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 July 2025 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 2024

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

PILBEAM RACING DESIGNS LIMITED (REGISTERED NUMBER: 01333437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023
and 30 November 2024 54,516 6,470 60,986
DEPRECIATION
At 1 December 2023 51,108 6,062 57,170
Charge for year 510 61 571
At 30 November 2024 51,618 6,123 57,741
NET BOOK VALUE
At 30 November 2024 2,898 347 3,245
At 30 November 2023 3,408 408 3,816

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,712 46,542
Other debtors - 4,163
Prepayments and accrued income 2,166 2,505
12,878 53,210

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,664 -
Trade creditors 10,071 50,731
Other taxes and social
security creditors 4,328 -
Directors' current account 4,038 4,561
Accruals and deferred income 4,400 3,514
34,501 58,806

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Directors' current account 400,000 400,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,400 Ordinary £1 3,400 3,400

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.