Paul Bird Motorsport Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06810506 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2017

for

Paul Bird Motorsport Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

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

4

210,765

323,381

CURRENT ASSETS

Debtors

242,030

296,340

CREDITORS

Amounts falling due within one year

5,258,922

4,464,195

NET CURRENT LIABILITIES

(5,016,892

)

(4,167,855

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,806,127

)

(3,844,474

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(4,806,128

)

(3,844,475

)

SHAREHOLDERS' FUNDS

(4,806,127

)

(3,844,474

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 April 2018 and were signed by:

Mr P D Bird - Director

1.	STATUTORY INFORMATION

Paul Bird Motorsport Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 interest free finance from Frank Bird (Poultry) Limited and F

and N Two. The bank borrowing is secured by a guarantee from Frank Bird (Poultry) Limited and the director

has formed a reasonable expectation that the company will remain within agreed facilities and continue in

operational existence for the foreseeable future.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £1.

Turnover

Turnover represents sponsorship income and sundry sales of parts and hospitality, excluding value added tax.

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 profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

931,106

Additions

12,400

Disposals

(140,720

)

At 31 October 2017

802,786

DEPRECIATION

At 1 November 2016

607,725

Charge for year

12,440

Eliminated on disposal

(28,144

)

At 31 October 2017

592,021

NET BOOK VALUE

At 31 October 2017

210,765

At 31 October 2016

323,381

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank overdrafts

567,005

691,393

The bank overdraft is secured by a charge over all the company's assets and a personal guarantee from Paul Bird.

The overdraft is also secured by a guarantee from Frank Bird (Poultry) Limited to a limit of £700,000.

6.	RELATED PARTY DISCLOSURES

Sponsorship of £0 (2016 £430,000) was received in the year from Frank Bird (Poultry) Limited, a company

controlled by Frank Bird who is the father of Paul Bird.

A further £815,000 was received as an interest free loan in the year (2016 £200,000) and the total outstanding at

the year end was £3,901,274 (2016 £3,086,274).

A further sum of £300,000 was received as an interest free loan from F & N Two, a company controlled by

Frank Bird. This sum was outstanding at the year end.

Paul Bird Motorsport Limited has the rent free use of a workshop situated within a building owned by F and N

Holdings Limited. This company is controlled by Frank Bird.

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

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 October 2017 set out on pages three to six 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: .............................................