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Registered number: 10046975
Chris Dittmann Racing Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
LNH Management Solutions Limited
Chartered Certified Accountants
13 Business Centre Innsworth Technology Park
Innsworth Lane
Gloucester
Gloucestershire
GL3 1DL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10046975
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 928,453 692,513
928,453 692,513
CURRENT ASSETS
Stocks 5 31,300 8,343
Debtors 6 3,500 30,593
Cash at bank and in hand 55,132 25,292
89,932 64,228
Creditors: Amounts Falling Due Within One Year 7 (526,225 ) (190,546 )
NET CURRENT ASSETS (LIABILITIES) (436,293 ) (126,318 )
TOTAL ASSETS LESS CURRENT LIABILITIES 492,160 566,195
Creditors: Amounts Falling Due After More Than One Year 8 (183,457 ) (226,115 )
NET ASSETS 308,703 340,080
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 308,603 339,980
SHAREHOLDERS' FUNDS 308,703 340,080
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Dittmann
Director
14/07/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Chris Dittmann Racing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10046975 . The registered office is Unit A3 Northway Trading Estate, Northway Lane, Tewkesbury, Gloucestershire, GL20 8JH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale 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 that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% & 5% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 3 year straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Manufacturing 5 5
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 938,303 25,000 1,587 964,890
Additions 360,000 45,541 237 405,778
Disposals (195,242 ) - - (195,242 )
As at 31 December 2024 1,103,061 70,541 1,824 1,175,426
Depreciation
As at 1 January 2024 266,765 4,688 924 272,377
Provided during the period 53,847 12,347 135 66,329
Disposals (91,733 ) - - (91,733 )
As at 31 December 2024 228,879 17,035 1,059 246,973
Net Book Value
As at 31 December 2024 874,182 53,506 765 928,453
As at 1 January 2024 671,538 20,312 663 692,513
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5. Stocks
2024 2023
£ £
Stock 31,300 8,343
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 27,093
Prepayments and accrued income 1,750 1,750
Other debtors 1,750 1,750
3,500 30,593
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 241,433 132,670
Trade creditors 155,859 102,198
Bank loans and overdrafts 8,670 9,960
Other loans 138,810 -
Corporation tax (100,508 ) (166,881 )
Other taxes and social security 10,707 10,585
VAT 18,296 48,497
Other creditors 3,857 10,692
Accruals and deferred income 1,600 1,550
Director's loan account 47,501 41,275
526,225 190,546
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 172,068 77,242
Loans (Long term liabilities - creditors > 1 year) 11,389 148,873
183,457 226,115
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 241,433 132,670
Later than one year and not later than five years 172,068 77,242
413,501 209,912
413,501 209,912
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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