1 January 2024 false No description of principal activity Taxfiler 2024.6 NI647893business:PrivateLimitedCompanyLtd2024-01-012024-12-31 NI6478932023-12-31 NI6478932024-01-012024-12-31 NI647893business:AuditExempt-NoAccountantsReport2024-01-012024-12-31 NI647893business:FilletedAccounts2024-01-012024-12-31 NI6478932024-12-31 NI647893business:Director12024-01-012024-12-31 NI647893business:RegisteredOffice2024-01-012024-12-31 NI6478932023-12-31 NI647893core:WithinOneYear2024-12-31 NI647893core:WithinOneYear2023-12-31 NI647893core:AfterOneYear2024-12-31 NI647893core:AfterOneYear2023-12-31 NI647893core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 NI647893core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 NI647893core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 NI647893core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 NI647893core:PreviouslyStatedAmount2024-12-31 NI647893core:PreviouslyStatedAmount2023-12-31 NI647893business:SmallEntities2024-01-012024-12-31 NI647893countries:NorthernIreland2024-01-012024-12-31 NI647893core:LandBuildings2023-12-31 NI647893core:PlantMachinery2023-12-31 NI647893core:MotorVehicles2023-12-31 NI647893core:FurnitureFittings2023-12-31 NI647893core:ComputerEquipment2023-12-31 NI647893core:LandBuildings2024-01-012024-12-31 NI647893core:PlantMachinery2024-01-012024-12-31 NI647893core:MotorVehicles2024-01-012024-12-31 NI647893core:FurnitureFittings2024-01-012024-12-31 NI647893core:ComputerEquipment2024-01-012024-12-31 NI647893core:LandBuildings2024-12-31 NI647893core:PlantMachinery2024-12-31 NI647893core:MotorVehicles2024-12-31 NI647893core:FurnitureFittings2024-12-31 NI647893core:ComputerEquipment2024-12-31 NI6478932023-01-012023-12-31 iso4217:GBP xbrli:pure
Company Registration No. NI647893 (Northern Ireland)
Philip McBurney Racing Ltd Unaudited accounts for the year ended 31 December 2024
Philip McBurney Racing Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Philip McBurney Racing Ltd Company Information for the year ended 31 December 2024
Director
Philip McBurney
Company Number
NI647893 (Northern Ireland)
Registered Office
72 WOODSIDE ROAD BALLYMENA BT42 4QH UNITED KINGDOM
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Philip McBurney Racing Ltd Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
797,421 
721,668 
Current assets
Inventories
1,875,711 
2,106,240 
Debtors
5
175,461 
186,845 
Cash at bank and in hand
279,652 
(46,499)
2,330,824 
2,246,586 
Creditors: amounts falling due within one year
6
(362,069)
(262,396)
Net current assets
1,968,755 
1,984,190 
Total assets less current liabilities
2,766,176 
2,705,858 
Creditors: amounts falling due after more than one year
7
(3,544,772)
(2,852,788)
Net liabilities
(778,596)
(146,930)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(778,597)
(146,931)
Shareholders' funds
(778,596)
(146,930)
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 30 September 2025 and were signed on its behalf by
Philip McBurney Director Company Registration No. NI647893
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Philip McBurney Racing Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Philip McBurney Racing Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI647893. The registered office is 72 WOODSIDE ROAD, BALLYMENA, BT42 4QH, UNITED KINGDOM.
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.
Tangible fixed assets and depreciation
Depreciation is charged so as to write of the cost of assets, other than land and properties under construction over their estimated useful lives, as föllows: Land and buildings 1% straight line basis Fixtures and fittings 10%- 20% straight line basis Motor vehicles 20% straight line basis
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2024
409,123 
- 
255,294 
207,034 
25,413 
896,864 
Additions
68,309 
91,000 
74,380 
2,900 
- 
236,589 
Disposals
- 
- 
(70,833)
- 
- 
(70,833)
At 31 December 2024
477,432 
91,000 
258,841 
209,934 
25,413 
1,062,620 
Depreciation
At 1 January 2024
16,944 
- 
92,918 
65,334 
- 
175,196 
Charge for the year
5,583 
9,100 
51,786 
20,993 
2,541 
90,003 
At 31 December 2024
22,527 
9,100 
144,704 
86,327 
2,541 
265,199 
Net book value
At 31 December 2024
454,905 
81,900 
114,137 
123,607 
22,872 
797,421 
At 31 December 2023
392,179 
- 
162,376 
141,700 
25,413 
721,668 
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Philip McBurney Racing Ltd Notes to the Accounts for the year ended 31 December 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
129,523 
186,845 
Other debtors
45,938 
- 
175,461 
186,845 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
122,796 
128,070 
Obligations under finance leases and hire purchase contracts
4,963 
12,283 
Trade creditors
159,713 
107,270 
Taxes and social security
17,213 
14,773 
Other creditors
57,384 
- 
362,069 
262,396 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
2,876,393 
2,656,393 
Loans from directors
668,379 
196,395 
3,544,772 
2,852,788 
8
Transactions with related parties
Entities under common control and significant interest. Related party advances are interest free, unsecured and repayable on demand Expenditure with and payables to related parties 2024 Amounts payable to related parties £2,876,393 2023 Amounts payable to related parties £2,656,393
9
Average number of employees
During the year the average number of employees was 13 (2023: 10).
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