Thank you for all your reply`s I appreciate the time and thought you have given us.As for sending the bike to a repair shop to be fixed, that would be more costly in the long run.
Sam who is 14 races in a class called streetstock 125 with the ACU. When you are learning you fall of a lot, they say thats the way to learn ! Then his handle bar`s and foot pegs get bent and twisted some times beyond repair. These parts can be costly but for Sam to learn how to make them and may be sell a few at race meetings would be more cost affecting in the long run, plus this experience will be good to add to his skill set.
If you look at the photos I have uploaded today you can see the Orange varistor U1 as Andrew kindly mention, the orange disk looks to have failed, the rest of the board both sides looks like new.
I was given a price from Clarke yesterday of £ 165.08 plus postage. Thank you Ro for your link a touch cheaper.
As for which wires Sam got mixed up he has said they were the ones going to the emergency stop button the on and off.
My first thoughts after reading the original thread yesterday was to make this lathe some what more bomb proof, by upgrading the motor etc, so the lathe could cope with heavier work and last longer. If that cost a little more than a new circuit board in the long run it would be more cost effective ? Thank you all again for your time we a very green behind the ears but hopefully going in the right direction.