DML RACING LIMITED

Company Registration Number:
11215093 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

DML RACING LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Additional notes
Balance sheet notes

DML RACING LIMITED

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 22,617 30,187
Total fixed assets: 22,617 30,187
Current assets
Stocks: 4 24,383 7,332
Debtors: 5 129,833 138,387
Cash at bank and in hand: 10,697 11,271
Total current assets: 164,913 156,990
Creditors: amounts falling due within one year: 6 ( 164,819 ) ( 163,595 )
Net current assets (liabilities): 94 (6,605)
Total assets less current liabilities: 22,711 23,582
Creditors: amounts falling due after more than one year: 7 ( 28,841 ) ( 44,184 )
Provision for liabilities: ( 2,940 ) 0
Total net assets (liabilities): (9,070) (20,602)
Capital and reserves
Called up share capital: 10 10
Profit and loss account: (9,080 ) (20,612 )
Total Shareholders' funds: ( 9,070 ) (20,602)

The notes form part of these financial statements

DML RACING LIMITED

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 30 October 2023
and signed on behalf of the board by:

Name: Mrs Clare Marie Loughnane
Status: Director

The notes form part of these financial statements

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes .

    Tangible fixed assets depreciation policy

    Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:Plant and Machinery 25% Reducing balanceComputer Equipment 33% Reducing balanceMotor vehicles 25% Reducing balance

    Other accounting policies

    InventoriesInventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Deferred TaxDeferred Tax is recognized in respect of all timing differences that have originated but not reversed at the statement of financial position date.Hire purchase and leasing commitmentsRentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Research and developmentExpenditure on research and development is written off in the year in which it is incurred.

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 15 15

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 22,127 727 43,850 66,704
Additions
Disposals
Revaluations
Transfers
At 28 February 2023 22,127 727 43,850 66,704
Depreciation
At 1 March 2022 10,677 489 25,351 36,517
Charge for year 2,867 78 4,625 7,570
On disposals
Other adjustments
At 28 February 2023 13,544 567 29,976 44,087
Net book value
At 28 February 2023 8,583 160 13,874 22,617
At 28 February 2022 11,450 238 18,499 30,187

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Stocks

2023 2022
£ £
Stocks 24,383 7,332
Total 24,383 7,332

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Debtors

2023 2022
£ £
Trade debtors 122,850 126,297
Other debtors 6,983 12,090
Total 129,833 138,387

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 43,304 55,223
Taxation and social security 43,112 39,352
Other creditors 68,403 59,020
Total 164,819 163,595

DML RACING LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 22,500 32,500
Other creditors 6,341 11,684
Total 28,841 44,184