Registered Number:11215093 |
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
For the year ended 29 February 2024
DML Racing Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
DML Racing Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
17,634
22,617
2
17,634
22,617
24,383
37,319
3
Trade and other receivables |
129,833
201,698
4
10,697
Cash and cash equivalents |
9,400
248,417
164,913
Trade and other payables: amounts falling due within one year |
(164,819)
(278,573)
5
94
(30,156)
Net current liabilities
Total assets less current liabilities |
(12,522)
22,711
Trade and other payables: amounts falling due after more than |
one year |
(28,841)
(12,942)
6
(484)
(2,940)
Provisions for liabilities |
(25,948)
Net liabilities
(9,070)
10
10
(25,958)
(9,080)
(25,948)
(9,070)
Shareholders' funds
For the year ended 29 February 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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For the year ended 29 February 2024
DML Racing Limited
Statement of Financial Position Continued
Mrs Clare Marie Loughnane Director |
These financial statements were approved and authorised for issue by the Board on 19 June 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 29 February 2024
DML Racing Limited
Notes to the Financial Statements
Statutory Information
DML Racing Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number |
11215093. |
Rock Farm
Rock Cross
Kidderminster
Worcestershire
DY14 9SA
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting |
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. |
The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain |
assets. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Property, plant and equipment
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
Computer Equipment
Motor Vehicles
Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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For the year ended 29 February 2024
DML Racing Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Motor Vehicles
66,704
727
43,850
22,127
984
581
-
403
22,530
43,850
1,308
67,688
Provision for depreciation and impairment |
44,087
567
29,976
13,544
Charge for year
5,967
245
3,469
2,253
50,054
812
33,445
15,797
6,733
10,405
496
17,634
8,583
13,874
160
22,617
2023
2024
37,319
24,383
4. Trade and other receivables |
2023
2024
196,916
122,850
4,782
6,983
129,833
201,698
5. Trade and other payables: amounts falling due within one year |
2023
2024
10,000
10,000
152,604
43,304
Taxation and social security |
41,873
43,112
74,096
68,403
278,573
164,819
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For the year ended 29 February 2024
DML Racing Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year |
2023
2024
12,500
22,500
442
6,341
12,942
28,841
7. Related party transactions |
Included within other creditors is the directors loan account balance of £63,679 (2023 - £45,542). This loan is interest free, |
with no fixed date of repayment. |
8. Average number of persons employed |
During the year the average number of employees was 15 (2023 : 15)
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