Company registration number 09932604 (England and Wales)
DJM 88 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DJM 88 LIMITED
COMPANY INFORMATION
Directors
Dejan Markovic
Jason White
Company number
09932604
Registered office
Second Floor De Burgh House
Market Road
Wickford
Essex
SS12 0FD
DJM 88 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
DJM 88 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
$
$
$
$
Fixed assets
Investments
4
20,435
1,327,853
Current assets
Debtors
8
13,349,891
12,324,837
Investments
9
4,809,140
3,072,765
Cash at bank and in hand
1,038,968
4,632,700
19,197,999
20,030,302
Creditors: amounts falling due within one year
10
(2,932,724)
(2,129,454)
Net current assets
16,265,275
17,900,848
Total assets less current liabilities
16,285,710
19,228,701
Creditors: amounts falling due after more than one year
11
(17,417,851)
(19,369,960)
Net liabilities
(1,132,141)
(141,259)
Capital and reserves
Called up share capital
12
1,480
1,480
Profit and loss reserves
(1,133,621)
(142,739)
Total equity
(1,132,141)
(141,259)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DJM 88 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
Dejan Markovic
Director
Company Registration No. 09932604
DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

DJM 88 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, SS12 0FD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors have prepared the financial statements on the going concern basis although the balance sheettrue shows negative shareholders funds. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future and the company is expecting to make profits in future years that will reverse this position. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise.

1.3
Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets include debtors and cash and bank balances.

Debtors

Debtors includes loans with interest. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities include creditors. Creditors includes loans with interest.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Foreign exchange

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Taxation
2022
2021
$
$
Current tax
Adjustments in respect of prior periods
342
16,993
4
Fixed asset investments
2022
2021
$
$
Investments
20,434
1,327,852
Loans
1
1
20,435
1,327,853

 

Movements in fixed asset investments
Shares in group undertakings
Loans
Total
$
$
$
Cost or valuation
At 1 January 2022
1,327,852
1
1,327,853
Additions
10,000
-
10,000
Provision
(2,604)
-
(2,604)
Disposals
(1,314,814)
-
(1,314,814)
At 31 December 2022
20,434
1
20,435
Carrying amount
At 31 December 2022
20,434
1
20,435
At 31 December 2021
1,327,852
1
1,327,853
DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
754 NE 71 St LLC
US
Ordinary
-
100.00
754 NE 71ST Holdings, Inc
US
Ordinary
100.00
-
Gugi Corp
US
Ordinary
100.00
-
DJM2019 Limited
UK
Ordinary
100.00
-
LAV Aviation Corp
US
Ordinary
100.00
-
LAV Enterprises Corp
US
Ordinary
100.00
-
FSS Realty LLC
US
Ordinary
100.00
-
SRDCE LLC
US
Ordinary
100.00
-
Mila Properties Corp
US
Ordinary
100.00
-
AG986 LLC
US
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
$
$
754 NE 71ST Holdings, Inc
(107,305)
-
0
Gugi Corp
(47,324)
49,406
DJM2019 Limited
(24,652)
(6,620)
LAV Aviation Corp
(602,087)
61,334
LAV Enterprises Corp
(6,960)
(5,904)

FFS Realty LLC, Mila Properties Corp and SRDCE LLC all hold properties but they have not yet received any income or expenditure.

 

The results for 754 NE 71 St LLC are included within the results of 754 NE 71ST Holdings, Inc.

 

The results for AG986 LLC are included within the results of LAV Aviation Corp.

6
Associates

During the previous year the company disposed of it's investment in Premonition Analytics Limited, a company registered in England & Wales, to a subsidiary company DJM 2019 Limited at cost.

7
Financial instruments
2022
2021
$
$
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,809,140
3,072,765
DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Debtors
2022
2021
Amounts falling due within one year:
$
$
Corporation tax recoverable
3,078
223
Amounts owed by group undertakings
11,691,648
10,574,818
Other debtors
1,655,165
-
0
13,349,891
10,575,041
Amounts falling due after more than one year:
Other debtors
-
0
1,749,796
Total debtors
13,349,891
12,324,837

Other debtors due within one year (2021 - Other debtors greater than one year) includes the following loans and interest:

 

1) Foggler Trade & Investment Limited - a loan balance of nil (2021: €nil) and interest of 22,904 (2021: €22,904). The loan of €1,000,000 ($1,121,026) which was charging interest at a rate of 2.5% was repaid during the previous year. During the year interest of €nil (2021 - €9,205) was charged on this loan.

 

2) World Center D.O.O. - a loan balance of 1,500,000 (2021 - €1,500,000) and interest of €30,000 (2021 - €15,123) was charged during the year and €25,000 was received, leaving €20,123 outstanding at the year end. On 22 June 2021 the company issued a loan to the above company for €1,500,000, which is repayable in two years. Interest at a rate of 2% is charged on this loan.

9
Current asset investments
2022
2021
$
$
Other investments
4,809,140
3,072,765

Included within other investments are various bonds the company has acquired along with the interest received and receivable on the bonds during the period.

10
Creditors: amounts falling due within one year
2022
2021
$
$
Trade creditors
7,726
-
0
Amounts due to group undertakings
-
0
395,778
Other creditors
2,924,998
1,733,676
2,932,724
2,129,454
DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Creditors: amounts falling due after more than one year
2022
2021
$
$
Other creditors
17,417,851
19,369,960
12
Called up share capital
2022
2021
$
$
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,480
1,480
1,480
1,480

 

DJM 88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
13
Related party transactions

Included within amounts owed by group undertakings, is an amount of $1,545,200 (2021: $2,698,178) due from Gugi Corp, a subsidiary of the company. This loan is provided interest free and is repayable on demand. During the year, the company received $1,152,978 (2021: $1,322,214).

 

Included within amounts owed by group undertakings, is an amount of $668,879 (2021: $587,981) due from 754 NE 71ST Holdings, Inc, a subsidiary of the company. This loan is provided interest free and is repayable on demand.

 

Included within amounts owed to group undertakings, is an amount of $nil (2021: $395,778) due to Arca Fashion S.A., a subsidiary of the company. This company was liquidated during the year and so this loan was written off and the company also received $278,680 proceeds from the liquidation.

 

Included within amounts owed by group undertakings, is an amount of $1,812,840 (2021: $1,812,840) due from FSS Realty LLC, a subsidiary of the company. This loan is provided interest free and is repayable on demand.

 

Included within amounts owed by group undertakings, is an amount of $5,482,265 (2021: $5,473,500) due from DJM2019 Limited, a subsidiary of the company. This loan is provided interest free and is repayable on demand. During the year the company paid invoices totalling $8,765 (2021: $7,256) on behalf of this company. During the previous year the company transferred it's investment in Premonition Analytics Limited to DJM2019 Limited for a value of $5,459,498.

 

Included within amounts owed by group undertakings, is an amount of $nil (2021: $2,319) due from Hook App Limited, a subsidiary of the company. This loan is provided interest free and is repayable on demand. This company was liquidated in March 2023 and so this loan has been written off.

 

Included within amounts owed by group undertakings, is an amount of $1,416,421 (2021: $nil) due from SRDCE LLC, a subsidiary of the company. This loan is provided interest free and is repayable on demand.

 

Included within amounts owed by group undertakings, is an amount of $705,673 (2021: $nil) due from Mila Properties Corp, a subsidiary of the company. This loan is provided interest free and is repayable on demand.

 

Included within amounts owed by group undertakings, is an amount of $60,370 (2021: $nil) due from LAV Aviation Corp, a subsidiary of the company. This loan is provided interest free and is repayable on demand.

 

Included within other creditors due after more than one year is a balance of $17,417,851 (2021: $19,369,960) owed to a shareholder of the company. This loan is interest free and repayable upon demand.

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