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REGISTERED NUMBER: 12458422 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 29th February 2024

for

JMD Race Engineering Limited

JMD Race Engineering Limited (Registered number: 12458422)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMD Race Engineering Limited

Company Information
for the Year Ended 29th February 2024







DIRECTOR: Mr D A Jenkins





REGISTERED OFFICE: Wood Farm
Stone Aston Estate
Stafford
Staffordshire
ST18 9SD





REGISTERED NUMBER: 12458422 (England and Wales)





ACCOUNTANTS: Rice & Co Limited
Chartered Accountants
14a Market Place
Uttoxeter
Staffordshire
ST14 8HP

JMD Race Engineering Limited (Registered number: 12458422)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,329 1,771

CURRENT ASSETS
Stocks 33,750 38,332
Debtors 5 11,667 9,759
Cash at bank 76,229 17,387
121,646 65,478
CREDITORS
Amounts falling due within one year 6 88,845 39,018
NET CURRENT ASSETS 32,801 26,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,130

28,231

PROVISIONS FOR LIABILITIES 253 336
NET ASSETS 33,877 27,895

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 33,867 27,885
SHAREHOLDERS' FUNDS 33,877 27,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JMD Race Engineering Limited (Registered number: 12458422)

Balance Sheet - continued
29th February 2024


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 director and authorised for issue on 27th November 2024 and were signed by:





Mr D A Jenkins - Director


JMD Race Engineering Limited (Registered number: 12458422)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

JMD Race Engineering Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. Turnover in respect of services is recognised when the service has been provided resulting in the company obtaining the right to consideration.Turnover in respect of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point the customer has signed for the delivery of the goods. Turnover in respect of sponsorship is recognised when the amount and entitlement to the income can be measured with reasonable certainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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.


JMD Race Engineering Limited (Registered number: 12458422)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st March 2023
and 29th February 2024 2,517
DEPRECIATION
At 1st March 2023 746
Charge for year 442
At 29th February 2024 1,188
NET BOOK VALUE
At 29th February 2024 1,329
At 28th February 2023 1,771


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,500 -
Other debtors 4,167 9,759
11,667 9,759

JMD Race Engineering Limited (Registered number: 12458422)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 75,385 34,266
Taxation and social security 11,491 2,898
Other creditors 1,969 1,854
88,845 39,018