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Company Registration No. 09924245 (England and Wales)
MX RACING LIMITED Unaudited accounts for the year ended 31 December 2023
MX RACING LIMITED Unaudited accounts Contents
Page
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MX RACING LIMITED Company Information for the year ended 31 December 2023
Directors
Matthew David Taylor Jackie Ann Taylor Jake JohnTaylor Luke George Taylor
Company Number
09924245 (England and Wales)
Registered Office
MX RACING MAIN ROAD DONINGTON-ON-BAIN LOUTH LN11 9TJ ENGLAND
Accountants
Elliott Accountancy Services Ltd Rosemary Cottage Barkwith Road South Willingham Lincolnshire LN8 6NN
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MX RACING LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
58,007 
51,341 
Current assets
Inventories
40,210 
41,500 
Debtors
1,582 
(781)
Cash at bank and in hand
10,895 
8,908 
52,687 
49,627 
Creditors: amounts falling due within one year
(126,157)
(124,204)
Net current liabilities
(73,470)
(74,577)
Total assets less current liabilities
(15,463)
(23,236)
Creditors: amounts falling due after more than one year
(8,997)
(13,256)
Net liabilities
(24,460)
(36,492)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(24,560)
(36,592)
Shareholders' funds
(24,460)
(36,492)
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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
Matthew David Taylor Director Company Registration No. 09924245
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MX RACING LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
MX RACING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09924245. The registered office is MX RACING MAIN ROAD, DONINGTON-ON-BAIN, LOUTH, LN11 9TJ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
the period of the lease
Plant & machinery
25% on cost
Motor vehicles
20% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
51,341 
13,972 
3,628 
746 
69,687 
Additions
- 
6,666 
- 
- 
6,666 
At 31 December 2023
51,341 
20,638 
3,628 
746 
76,353 
Depreciation
At 1 January 2023
- 
13,972 
3,628 
746 
18,346 
At 31 December 2023
- 
13,972 
3,628 
746 
18,346 
Net book value
At 31 December 2023
51,341 
6,666 
- 
- 
58,007 
At 31 December 2022
51,341 
- 
- 
- 
51,341 
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MX RACING LIMITED Notes to the Accounts for the year ended 31 December 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,582 
(781)
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
934 
- 
VAT
590 
846 
Trade creditors
2,145 
1,813 
Taxes and social security
- 
256 
Loans from directors
122,488 
121,289 
126,157 
124,204 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
8,997 
13,256 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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