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.
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 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.
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.
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 include creditors. Creditors includes loans with interest.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Details of the company's subsidiaries at 31 December 2022 are as follows:
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.
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.
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.
Included within other investments are various bonds the company has acquired along with the interest received and receivable on the bonds during the period.
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.