Bourne were knocked out of the Lincolnshire Trophy on Wednesday after holding United Counties League high-fliers to a 1-1 draw at Carters Park.
The Wakes pulled back from Tommy Treacher’s first half goal with a thunderbolt from Ben Easson, but couldn’t find a winner before losing the penalty shoot-out 4-3.
Manager Darren Munton said: “I was absolutely gutted. We lost the tie but it was probably the best performance since I have been manager.
“Ben’s goal was fantastic. He must have been 30 yards out.”
Bourne, who came off second best at Holbeach last year, changed tactics on Wednesday, playing three up front in an attempt to push Holbeach’s full-back.
Munton said: “We had a game plan and it worked. We took the game to them and had two excellent chances.”
Tom Caldicott, Scott Spearink and Easson were the Wakes men on target during the penalty shootout
Bourne: A Bellairs, K Elgar, A Jesson, S Hood, A Moss (J Mason), A Robinson, L Wood, T Caldicott, M Feely (S Spearinnk), B Easson. Sub unused: M Hutchinson.
Tomorrow the Wakes hope to extend their unbeaten league run when they host Wootton Blue Cross at the Abbey Lawn.