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REGISTERED NUMBER: 08707988 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

DJM Race Preparation Ltd

DJM Race Preparation Ltd (Registered number: 08707988)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DJM Race Preparation Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mrs J A Plant
D D Plant





SECRETARY:





REGISTERED OFFICE: Unit 4 Leen Court
Boughton
Newark
Nottinghamshire
NG22 9LD





REGISTERED NUMBER: 08707988 (England and Wales)





ACCOUNTANTS: ASAP Accountants & Business Advisors Ltd
Room 206, Mercury House
Willoughton Drive
Foxby Lane Business Park
Gainsborough
Lincolnshire
DN21 1DY

DJM Race Preparation Ltd (Registered number: 08707988)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,913 14,335

CURRENT ASSETS
Stocks 2,320 7,305
Debtors 5 27,745 18,753
Cash at bank and in hand 12,032 14,406
42,097 40,464
CREDITORS
Amounts falling due within one year 6 82,767 74,699
NET CURRENT LIABILITIES (40,670 ) (34,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,757

)

(19,900

)

CREDITORS
Amounts falling due after more than
one year

7

28,847

34,813
NET LIABILITIES (58,604 ) (54,713 )

DJM Race Preparation Ltd (Registered number: 08707988)

Balance Sheet - continued
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (58,704 ) (54,813 )
SHAREHOLDERS' FUNDS (58,604 ) (54,713 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





D D Plant - Director


DJM Race Preparation Ltd (Registered number: 08707988)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

DJM Race Preparation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is continuing to trade under the going concern basis despite the negative balance sheet situation. The Directors' are confident that the company will become profitable in the near future.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DJM Race Preparation Ltd (Registered number: 08707988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Equipment Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 18,183 34,242 6,500 58,925
DEPRECIATION
At 1 November 2022 16,788 21,302 6,500 44,590
Charge for year 349 3,073 - 3,422
At 31 October 2023 17,137 24,375 6,500 48,012
NET BOOK VALUE
At 31 October 2023 1,046 9,867 - 10,913
At 31 October 2022 1,395 12,940 - 14,335

DJM Race Preparation Ltd (Registered number: 08707988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.10.23 31.10.22
£    £   
Trade debtors 19,715 5,067
Other debtors 8,030 13,686
27,745 18,753

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 5,167 5,167
Hire purchase contracts 799 1,837
Trade creditors 32,745 54,586
Tax 4,024 8,030
Social security and other taxes 2,196 2,930
VAT 8,275 1,841
Other creditors 266 308
Directors' current accounts 29,295 -
82,767 74,699

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans - 1-2 years 5,167 5,167
Bank loans - 2-5 years 15,500 15,500
Bank loans more 5 yr by instal 8,180 13,347
Hire purchase contracts - 799
28,847 34,813

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,180 13,347

DJM Race Preparation Ltd (Registered number: 08707988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 34,014 39,181
Hire purchase contracts 799 2,636
34,813 41,817