Pro-Race Exhaust Systems Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 14692636

Pro-Race Exhaust Systems Limited

Filleted Unaudited Abridged Financial Statements

31 March 2025

Pro-Race Exhaust Systems Limited

Abridged Financial Statements

Year Ended 31 March 2025

Contents	Pages

Officers and professional advisers	1

Abridged statement of financial position	2 to 3

Notes to the abridged financial statements	4 to 6

Pro-Race Exhaust Systems Limited

Officers and Professional Advisers

The board of directors	Mr R C Binns
	Mr S J Howell

Registered office	Unit 3 263 Oilmills Road
	Ramsey Mereside
	Huntingdon
	PE26 2TT

Accountants	SR Howell & Co
	Chartered Certified Accountants
	88 High Street
	Ramsey
	Huntingdon
	Cambs
	PE26 1BS

Pro-Race Exhaust Systems Limited

Abridged Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	43,981	41,658

Current assets

Stocks	12,500	12,500
Debtors	85,369	38,031
Cash at bank and in hand	2,334	7,333
	---------	--------
	100,203	57,864

Creditors: amounts falling due within one year	123,979	108,040
	---------	---------
Net current liabilities	23,776	50,176
	--------	--------
Total assets less current liabilities	20,205	( 8,518)

Creditors: amounts falling due after more than one year	40,500	30,000
	--------	--------
Net liabilities	( 20,295)	( 38,518)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 20,395)	( 38,618)
	--------	--------
Shareholders deficit	( 20,295)	( 38,518)
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

Pro-Race Exhaust Systems Limited

Abridged Statement of Financial Position (continued)

31 March 2025

These abridged financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Mr S J Howell

Director

Company registration number: 14692636

Pro-Race Exhaust Systems Limited

Notes to the Abridged Financial Statements

Year Ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 263 Oilmills Road, Ramsey Mereside, Huntingdon, PE26 2TT.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

5. Tangible assets

	£
Cost
At 1 April 2024	55,394
Additions	23,663
Disposals	( 13,230)
	--------
At 31 March 2025	65,827
	--------
Depreciation
At 1 April 2024	13,736
Charge for the year	11,418
Disposals	( 3,308)
	--------
At 31 March 2025	21,846
	--------
Carrying amount
At 31 March 2025	43,981
	--------
At 31 March 2024	41,658
	--------

6. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
One director	35,299	44,008	79,307
	--------	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
One director	–	35,299	35,299
	----	--------	--------