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Registered number: 08780325
PMA Racing Ltd
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—5
Page 1
Statement of Financial Position
Registered number: 08780325
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,896 8,113
6,896 8,113
CURRENT ASSETS
Cash at bank and in hand 6,952 6,722
6,952 6,722
Creditors: Amounts Falling Due Within One Year 5 (12,546 ) (14,089 )
NET CURRENT ASSETS (LIABILITIES) (5,594 ) (7,367 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,302 746
NET ASSETS 1,302 746
CAPITAL AND RESERVES
Called up share capital 6 2 2
Income Statement 1,300 744
SHAREHOLDERS' FUNDS 1,302 746
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
James Cresswell
Director
17/04/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2022 2 162 164
Profit for the year and total comprehensive income - 582 582
As at 31 December 2022 and 1 January 2023 2 744 746
Profit for the year and total comprehensive income - 556 556
As at 31 December 2023 2 1,300 1,302
Page 3
Page 4
Notes to the Financial Statements
1. General Information
PMA Racing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08780325 . The registered office is 76 Chain Lane, Littleover, Derby, England, DE23 4DZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 23,114 1,430 24,544
As at 31 December 2023 23,114 1,430 24,544
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 January 2023 15,282 1,149 16,431
Provided during the period 1,175 42 1,217
As at 31 December 2023 16,457 1,191 17,648
Net Book Value
As at 31 December 2023 6,657 239 6,896
As at 1 January 2023 7,832 281 8,113
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 12,130 13,552
Taxation and social security 416 537
12,546 14,089
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
7. Directors Advances, Credits and Guarantees
Included within Creditors is the following loan from the director:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
James Cresswell 4,926 (4,200 ) 520 - 1,246
The above loan is unsecured, interest free and repayable on demand.
Page 5