A trip to Hethel is always a great day out. All of the staff have an infectious enthusiasm and seem genuinely happy to be there; this impression was stronger than ever with the buzz around the place that comes with the imminent launch of a new car. The Europa (or so we believe it will be called) is due any time now and some of the PR staff are finding it impossible to contain the secret. Unfortunately not so much as to let the lid off any information but a few teasers were left hanging; "It will have either a 3-litre NA V6 or a 2.2-litre turbo engine" we were told. Argh!!! We knew this. Funnily, the PR team are gagging to tell us almost as much as we are to know. We'll be told soon is the promise.

Anyways, as nice as it is to think of the Lotus model range growing and the company prospering, we're here to drive the latest Exige, the 240R. One of the other good things about Hethel is the fact they have their own track as well as some great winding roads close to the factory. The best of both worlds, and we're spending all day sampling them. A wander around the factory and into the Lotus Sport workshops sees us being fully briefed as to the modifications made to the Exige S2 to turn it into one of Lotus' fastest and most expensive cars to date.

Several customer cars are in the workshop receiving their new parts; amongst other things, uprated suspension, brakes and, most critically, an intercooler and supercharger. The integration of the new engine components is very neat and tidy, almost like it was always meant to be there. The intercooler sits proudly atop the engine in the stream of air that flows through the roof vent that is blanked on a normal S2 Exige. Other clever touches abound such as the remote oil reservoir that keeps the engine's oil supply intact during high 'g' cornering, and the additional oil cooler that ensures the lubricant retains its properties even during extended track work.

The track is busy with some lucky owners' club members being piloted around by ex-F1 driver Martin Donnelly in the morning so we're handed a map and a set of keys and pointed towards our steed. Hunkered low over the tarmac is the familiar silhouette of an Exige, but a little different. The 240R sits even lower to the ground upon some scrumptious new alloys and looks deliciously menacing in the bespoke metallic black that was made for the limited edition model.

Opening the door and making the usual undignified entrance to the car the surroundings are familiar but different. The interior of the Exige 240R enjoys a shock of colour that lifts it beyond the realm of the normal S2's and the full racing harnesses hint at the abilities of this ultra focused Exige. Rolling out onto the public road the 240R doesn't feel that different to the standard car. That is until you touch the throttle. Even keeping the revs down until things warm up, the 240R feels quicker, more muscular and more able to react at lower rpm.

You can hear the supercharger humming quietly away, but it isn't intrusive at light throttle openings nor when cruising. Once the temperatures are up and the speed limits slacken a straightening of the right ankle and a prolonged depression of the throttle reveals an awful lot about the 240R. I'd seen the figures: 0-60mph in under four seconds and 0-100mph in ten-ish seconds, but I wasn't prepared for just how fast that feels in an Exige. Being so low and close to the road makes it seem even quicker than it actually is. Having the engine so near behind makes it more intense. When you work it the supercharger whines away, not annoyingly mind and it doesn't entirely drown out the fruitiness of the sports exhaust. In all honesty the noise is all too addictive, naughty even and makes the Ed and I giggle like the 12 year old schoolboys that we are at heart.

Unlike the plain VVT engine the 240R's has a very linear delivery. The changeover to the high lift cam, now some 2000rpm lower, is all but imperceptible and there is no wait for the engine to begin producing its best work. In real world on road driving this translates to an effortless accrual of pace. License losing effortlessness. Overtakes are quick, safe and decisive and it's much easier to exploit a gap you may miss in the naturally aspirated car. It still loves to rev though and with a keenness that makes the shift light quite essential - it's very easy to kiss the rev limiter at first.

The 240R benefits from dampers that can be set to a multitude of positions to give it the best possible ride and handling compromise, and to personal preference if you dedicate the time to experiment on road and track. It's always a pleasure to feel a Lotus working with the road, not skipping over bumps but riding them and absorbing the irregularities. The same telepathic steering interaction in terms of response to input and feedback of result remains a joy as well and the brakes are as full of feel as ever. It's a devastatingly fast road tool but that's not the point; the fifty 240Rs Lotus is building are intended for enthusiasts. People who will work this car where it wants to be worked, where it was born to be at its best: on the track.

Ah yes, the track. Back at the factory, a brief wait for a suitable victim, er volunteer, to passenger as we drive on track and then the Ed is first to be unleashed. It transpires that today's sheepish looking "volunteer" is in fact the man who developed the car and once on the track he stops the car and adjust the dampers to their track setting. From the outside the 240R looks devilishly quick. There is still a fair amount of roll but watching the Ed dole out his punishment through the same complex, and from the same vantage point, as he'd previously pounded the S2 Exige it is visibly quicker, and sounds much ruder. Damn it looks good fun.

The grin factor is self evident, not only from the Editor's face but from the fact he's ignoring the signal to bring the car back in. Now, it may be sunny and I have a cold Coke and the company of one of the PR girls to while away the moments but frankly I have to say the Ed is pushing his luck here. Some time later, by when I know how many Elises are lined up outside the factory and the PR lady looks frankly bored by my banter, he comes back in. A sweaty, giggling, gibbering mess, and that's just the poor passenger!

My turn! Driving a Lotus Exige on track is one of motoring's truly great experiences. The 240R builds upon this and takes it to a new level. The torque lets you be a little lazier with the gears; a quick second/slow third gear corner is now perfect in the third cog, as you don't have to work in the relatively narrow and frenetic powerband of the naturally aspirated unit. Even with all the extra grunt traction remains absolute, but more breakable now - no doubt my somewhat more talented passenger would be drifting the car around - and the balance is as delicate as ever. The harnesses are a real boon under heavy braking and accelerations and one feels really connected to the car. The other standout feature is the air conditioning, essential for track work in my opinion; that engine and cooling system generate a lot of heat soak.

The Lotus track is relatively small, but the Exige 240R pulls at least 10mph more than the S2 down the back straight. Unfortunately it is the sheer pace of the car that dominates and the true subtleties of the improvements over the standard Exige are a little lost on me. I can tell you that it's beautifully balanced, communicative, exploitable, fun and, er, forgiving. An over exuberant spot of late braking leaves me carrying a touch more speed into a corner than I intended; an S1 Elise derivative may have had me rewriting Lotus history at this point. Forty nine 240Rs rather than 50. Praise be to the man sat beside me that my novice hands are assisted by balance and grip and the car maintains its face forward stance.

Whether the fifty Exige 240Rs are ultimately worth the £44k asking price is a fairly rhetorical question; they've all been sold. They sold out within hours of being officially made available. If this were a production car then for me Lotus are encroaching on dangerous grounds, where cars such as the Noble are established track specialists, but the 240R is a glorious indulgence. An enthusiast's dream and a toy for those privileged enough to be able to have such things. Lotus could sell many more. Indeed, a new Exige Cup has broken cover since we drove the 240R, featuring the supercharged engine as an option. There is also some suggestion of upgrades such as the supercharger kit being made available at a later date for other customer cars as well, but there will be no more 240Rs. There will, however, be a Circuit Car, a pure Elise platform derived track tool with the same 237bhp powertrain. Lotus isn't letting journalists loose until spring next year, but we're certainly hoping to get a go.

It promises to be a long winter!