Paul Bird Motorsport Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06810506 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 October 2014

for

Paul Bird Motorsport Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Report of the Accountants

5

DIRECTOR:

Mr P D Bird

REGISTERED OFFICE:

The Old Court House

Clark Street

Morecambe

Lancashire

LA4 5HR

REGISTERED NUMBER:

06810506 (England and Wales)

ACCOUNTANTS:

Waters & Atkinson

The Old Court House

Clark Street

Morecambe

Lancashire

LA4 5HR

FIXED ASSETS

Tangible assets

2

381,436

637,754

CURRENT ASSETS

Debtors

172,486

261,515

Cash at bank

364,986

-

537,472

261,515

CREDITORS

Amounts falling due within one year

3

4,485,515

3,816,216

NET CURRENT LIABILITIES

(3,948,043

)

(3,554,701

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,566,607

)

(2,916,947

)

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

(3,566,608

)

(2,916,948

)

SHAREHOLDERS' FUNDS

(3,566,607

)

(2,916,947

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 July 2015 and were signed by:

Mr P D Bird - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on the going concern basis as although the company has sustained losses this

year, the company continues to be supported by sponsorship from Frank Bird (Poultry) Limited in addition to

interest free finance. The bank borrowing is partly secured by a guarantee from Frank Bird (Poultry) Limited.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents sponsorship income and sundry sales of parts and hospitality.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

at varying rates on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

1,869,476

Additions

5,683

At 31 October 2014

1,875,159

DEPRECIATION

At 1 November 2013

1,231,722

Charge for year

262,001

At 31 October 2014

1,493,723

NET BOOK VALUE

At 31 October 2014

381,436

At 31 October 2013

637,754

3.

CREDITORS

Creditors include an amount of £ 1,028,004 (31.10.13 - £ 531,917 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.14

31.10.13

value:

£

£

1

Ordinary shares

£1.00

1

1

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 October 2014 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Waters & Atkinson

The Old Court House

Clark Street

Morecambe

Lancashire

LA4 5HR

Date: .............................................