At 31 December 2024, the balance due from the director was £221,064 (2023: £54,981). During the year, the director withdrew £229,083 and made repayments of £63,000. The loan is unsecured and repayable on demand.

The average number of persons, including directors, employed by the company during the year was as follows:

Gary Paffett Racing Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Malt House, 27 Kneesworth Street, Royston, Hertfordshire, SG8 5AB.

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the micro-entity provisions and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true