REGISTERED NUMBER: 04556563 (England and Wales)

SHILTECH PERFORMANCE CARS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

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

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

6,382

8,140

6,382

8,140

CURRENT ASSETS

Inventories

93,010

61,290

Debtors

6

14,338

17,669

Cash at bank

-

721

107,348

79,680

CREDITORS

Amounts falling due within one year

7

102,882

62,280

NET CURRENT ASSETS

4,466

17,400

TOTAL ASSETS LESS CURRENT LIABILITIES

10,848

25,540

PROVISIONS FOR LIABILITIES

-

630

NET ASSETS

10,848

24,910

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

10,748

24,810

SHAREHOLDERS' FUNDS

10,848

24,910

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 30 September 2025 and were signed on its behalf by:

Mr L G Shilton - Director

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.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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 property

Straight line of 7 years

Plant and machinery

15% reducing balance

Fixtures and fittings

33% reducing balance and 33.33% Straight line

Motor vehicles

25% 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.

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 7 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

15,000

AMORTISATION

At 1 January 2024

and 31 December 2024

15,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

97,998

DEPRECIATION

At 1 January 2024

89,858

Charge for year

1,758

At 31 December 2024

91,616

NET BOOK VALUE

At 31 December 2024

6,382

At 31 December 2023

8,140

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,420

7,774

Other debtors

12,918

9,895

14,338

17,669

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

14,039

941

Trade creditors

41,755

30,602

Taxation and social security

7,060

13,437

Other creditors

40,028

17,300

102,882

62,280

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

9.	OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

2024

2023

£

£

Due in less than one year

32,500

32,500

Due between one and five years

0

32,500

32,500

65,000