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DML Racing Limited
Registered Number:11215093
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
2
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
3
Registered Number :
11215093
As at 29 February 2024
DML Racing Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
17,634
22,617
2
17,634
22,617
Current assets
Inventories
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)
Capital and reserves
Called up share capital
10
10
Retained earnings
(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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4
Registered Number :
11215093
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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5
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.
Registered address:
Rock Farm
Rock Cross
Kidderminster
Worcestershire
DY14 9SA
The presentation currency is £ sterling.
1. Accounting policies
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
25% Reducing balance
33% Reducing balance
Computer Equipment
25% Reducing balance
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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6
For the year ended 29 February 2024
DML Racing Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or valuation
At 01 March 2023
66,704
727
43,850
22,127
984
581
-
403
Additions
At 29 February 2024
22,530
43,850
1,308
67,688
Provision for depreciation and impairment
At 01 March 2023
44,087
567
29,976
13,544
Charge for year
5,967
245
3,469
2,253
At 29 February 2024
50,054
812
33,445
15,797
At 29 February 2024
Net book value
6,733
10,405
496
17,634
At 28 February 2023
8,583
13,874
160
22,617
3. Inventories
2023
2024
£
£
Stocks
37,319
24,383
4. Trade and other receivables
2023
2024
£
£
Trade debtors
196,916
122,850
Other debtors
4,782
6,983
129,833
201,698
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
10,000
10,000
Trade creditors
152,604
43,304
Taxation and social security
41,873
43,112
Other creditors
74,096
68,403
278,573
164,819
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7
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
£
£
Bank loans and overdraft
12,500
22,500
Other creditors
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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