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REGISTERED NUMBER: 11074788 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OMG RACING LIMITED

OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,010,605 899,584

CURRENT ASSETS
Stocks 215,000 196,000
Debtors 5 187,634 312,684
Cash at bank and in hand 65,000 70,959
467,634 579,643
CREDITORS
Amounts falling due within one year 6 178,861 307,770
NET CURRENT ASSETS 288,773 271,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,299,378

1,171,457

CREDITORS
Amounts falling due after more than
one year

7

8,060,748

6,549,322
NET LIABILITIES (6,761,370 ) (5,377,865 )

CAPITAL AND RESERVES
Called up share capital 75,000 75,000
Retained earnings (6,836,370 ) (5,452,865 )
(6,761,370 ) (5,377,865 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

BALANCE SHEET - continued
31 DECEMBER 2023


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 22 January 2025 and were signed by:





A E Gardner - Director


OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

OMG Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11074788

Registered office: Claydons Farm
Banbury Road
Stratford-upon-Avon
Warwickshire
CV37 7NF

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, 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.
Motorcycles - 50% on reducing balance
Motor vehicles - 25% on cost
Equipment - 25% 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.

Going concern
The financial statements are drawn up on a going concern basis as the company has the continued support of a shareholder for the next 12 months. The director therefore believes that the going concern basis of accounting appropriate in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
Motorcycles fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 539,098 30,393 811,129 82,421 1,463,041
Additions 34,000 250,172 350,362 - 634,534
Disposals (244,125 ) - - - (244,125 )
At 31 December 2023 328,973 280,565 1,161,491 82,421 1,853,450
DEPRECIATION
At 1 January 2023 247,442 720 267,196 48,099 563,457
Charge for year 94,196 47,866 253,138 16,550 411,750
Eliminated on disposal (132,362 ) - - - (132,362 )
At 31 December 2023 209,276 48,586 520,334 64,649 842,845
NET BOOK VALUE
At 31 December 2023 119,697 231,979 641,157 17,772 1,010,605
At 31 December 2022 291,656 29,673 543,933 34,322 899,584

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,206 31,000
Other debtors 131,428 281,684
187,634 312,684

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8)
45,642

10,248
Trade creditors 29,026 147,814
Taxation and social security 5,139 2,985
Other creditors 99,054 146,723
178,861 307,770

OMG RACING LIMITED (REGISTERED NUMBER: 11074788)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8)
57,413

29,036
Other creditors 8,003,335 6,520,286
8,060,748 6,549,322

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 45,642 10,248
Between one and five years 57,413 29,036
103,055 39,284

Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,211 13,817

9. RELATED PARTY DISCLOSURES

During the year, the Company made sales of £1,185,250 for Sponsorship (2022: nil) and purchases of £5,166 (2022: nil) to Lami Vapes Ltd of which A E Gardner is also a director.

The Company made sales of £66,667 for Sponsorship (2022: nil) to RICH OMG Ltd of which A E Lowe was also a director.