Silverfin false false 31/03/2025 01/04/2024 31/03/2025 D Watson 18/07/2025 M E Watson 02/07/2025 T Watson 18/07/2025 06 October 2025 The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies for the Company's financial statements and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 01841444 2025-03-31 01841444 bus:Director1 2025-03-31 01841444 bus:Director2 2025-03-31 01841444 bus:Director3 2025-03-31 01841444 2024-03-31 01841444 core:CurrentFinancialInstruments 2025-03-31 01841444 core:CurrentFinancialInstruments 2024-03-31 01841444 core:Non-currentFinancialInstruments 2025-03-31 01841444 core:Non-currentFinancialInstruments 2024-03-31 01841444 core:ShareCapital 2025-03-31 01841444 core:ShareCapital 2024-03-31 01841444 core:CapitalRedemptionReserve 2025-03-31 01841444 core:CapitalRedemptionReserve 2024-03-31 01841444 core:RetainedEarningsAccumulatedLosses 2025-03-31 01841444 core:RetainedEarningsAccumulatedLosses 2024-03-31 01841444 core:LandBuildings 2024-03-31 01841444 core:PlantMachinery 2024-03-31 01841444 core:OfficeEquipment 2024-03-31 01841444 core:LandBuildings 2025-03-31 01841444 core:PlantMachinery 2025-03-31 01841444 core:OfficeEquipment 2025-03-31 01841444 2024-04-01 2025-03-31 01841444 bus:FilletedAccounts 2024-04-01 2025-03-31 01841444 bus:SmallEntities 2024-04-01 2025-03-31 01841444 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 01841444 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 01841444 bus:Director1 2024-04-01 2025-03-31 01841444 bus:Director2 2024-04-01 2025-03-31 01841444 bus:Director3 2024-04-01 2025-03-31 01841444 core:LandBuildings core:TopRangeValue 2024-04-01 2025-03-31 01841444 core:PlantMachinery core:TopRangeValue 2024-04-01 2025-03-31 01841444 core:OfficeEquipment core:TopRangeValue 2024-04-01 2025-03-31 01841444 2023-04-01 2024-03-31 01841444 core:LandBuildings 2024-04-01 2025-03-31 01841444 core:PlantMachinery 2024-04-01 2025-03-31 01841444 core:OfficeEquipment 2024-04-01 2025-03-31 01841444 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Company No: 01841444 (England and Wales)

# PACE RACING DEVELOPMENTS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

PACE RACING DEVELOPMENTS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

PACE RACING DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
PACE RACING DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 99,493 |  | 107,715
|  | 99,493 |  | 107,715
Current assets |  |  |  |
Stocks | 4 | 3,326 |  | 3,326
Debtors | 5 | 17,154 |  | 56,896
Cash at bank and in hand |  | 99,352 |  | 143,454
|  | 119,832 |  | 203,676
Creditors: amounts falling due within one year | 6 | ( 262,232) |  | ( 286,184)
Net current liabilities |  | (142,400) |  | (82,508)
Total assets less current liabilities |  | (42,907) |  | 25,207
Creditors: amounts falling due after more than one year | 7 | 0 |  | ( 27,155)
Provision for liabilities |  | ( 11,798) |  | ( 7,572)
Net liabilities |  | ( 54,705) |  | ( 9,520)
Capital and reserves |  |  |  |
Called-up share capital |  | 50 |  | 50
Capital redemption reserve |  | 50 |  | 50
Profit and loss account |  | ( 54,805 ) |  | ( 9,620 )
Total shareholders' deficit |  | ( 54,705) |  | ( 9,520)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Pace Racing Developments Limited (registered number: 01841444) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Watson Director |

06 October 2025

PACE RACING DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
PACE RACING DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Pace Racing Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Faiers House, Gilray Road, Diss, IP22 4WR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £54,705. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Plant and machinery | 15 years straight line
Office equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 6

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 67,656 |  | 880,362 |  | 42,453 |  | 990,471
Additions | 0 |  | 0 |  | 1,837 |  | 1,837
At 31 March 2025 | 67,656 |  | 880,362 |  | 44,290 |  | 992,308
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 30,295 |  | 810,583 |  | 41,878 |  | 882,756
Charge for the financial year | 1,207 |  | 8,090 |  | 762 |  | 10,059
At 31 March 2025 | 31,502 |  | 818,673 |  | 42,640 |  | 892,815
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 36,154 |  | 61,689 |  | 1,650 |  | 99,493
At 31 March 2024 | 37,361 |  | 69,779 |  | 575 |  | 107,715

#### 4. Stocks

| 2025 |  | 2024
| £ |  | £
Finished goods | 3,326 |  | 3,326

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 16,849 |  | 43,573
Prepayments | 305 |  | 13,323
| 17,154 |  | 56,896

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 27,155 |  | 24,557
Trade creditors | 4,335 |  | 25,369
Amounts owed to directors | 217,571 |  | 217,277
Accruals | 7,840 |  | 7,856
Other taxation and social security | 4,676 |  | 10,451
Other creditors | 655 |  | 674
| 262,232 |  | 286,184

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 27,155

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 656 |  | 674