2022-07-012023-06-302023-06-30false09658005OPTIMUM RACING 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OPTIMUM RACING LTD

Registered Number
09658005
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

OPTIMUM RACING LTD
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

GOFF, Shaun David

Registered Address

12b High Line House Forge Lane
Horbury
Wakefield
WF4 5EH

Registered Number

09658005 (England and Wales)
OPTIMUM RACING LTD
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets72,573,242549,142
2,573,242549,142
Current assets
Stocks828,50041,020
Debtors9877,8751,205,191
Cash at bank and on hand40,73960,530
947,1141,306,741
Creditors amounts falling due within one year10(643,001)(716,965)
Net current assets (liabilities)304,113589,776
Total assets less current liabilities2,877,3551,138,918
Creditors amounts falling due after one year11(1,214,688)-
Net assets1,662,6671,138,918
Capital and reserves
Called up share capital100100
Profit and loss account1,662,5671,138,818
Shareholders' funds1,662,6671,138,918
The financial statements were approved and authorised for issue by the Director on 22 November 2023, and are signed on its behalf by:
GOFF, Shaun David
Director
Registered Company No. 09658005
OPTIMUM RACING LTD
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity during the year was maintenance and repair of motor vehicles.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings6
Vehicles3
Office Equipment3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year156
7.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 July 22504,0381,102,52238,2641,644,824
Additions252,2222,139,29073,8502,465,362
At 30 June 23756,2603,241,812112,1144,110,186
Depreciation and impairment
At 01 July 22457,876616,03821,7681,095,682
Charge for year42,614369,57329,075441,262
At 30 June 23500,490985,61150,8431,536,944
Net book value
At 30 June 23255,7702,256,20161,2712,573,242
At 30 June 2246,162486,48416,496549,142
8.Stocks

2023

2022

££
Raw materials and consumables28,50041,020
Total28,50041,020
9.Debtors

2023

2022

££
Trade debtors / trade receivables-383,490
Other debtors815,887821,701
Prepayments and accrued income61,988-
Total877,8751,205,191
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables478,709366,728
Finance lease and HP contracts25,55368,466
Other creditors81,72418,165
Accrued liabilities and deferred income57,015263,606
Total643,001716,965
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts505,799-
Other creditors708,889-
Total1,214,688-
12.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts288,889-