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REGISTERED NUMBER: 12256049 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31st October 2023

for

2 SEAS MOTORSPORT LTD

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


2 SEAS MOTORSPORT LTD

Company Information
for the year ended 31st October 2023







DIRECTORS: I A H Al-Khalifa
N M Cristofaro





SECRETARY: I A H Al-Khalifa





REGISTERED OFFICE: Suffolk House
George Street
Croydon
Surrey
CR0 0YN





REGISTERED NUMBER: 12256049 (England and Wales)





ACCOUNTANTS: Simpson Wreford & Partners
Chartered Accountants
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Statement of Financial Position
31st October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,460,147 1,394,410

CURRENT ASSETS
Debtors 5 554,713 510,952
Cash at bank 22,018 11,525
576,731 522,477
CREDITORS
Amounts falling due within one year 6 674,737 232,221
NET CURRENT (LIABILITIES)/ASSETS (98,006 ) 290,256
TOTAL ASSETS LESS CURRENT LIABILITIES 1,362,141 1,684,666

CREDITORS
Amounts falling due after more than one
year

7

(6,290,888

)

(5,328,255

)

PROVISIONS FOR LIABILITIES (239,671 ) -
NET LIABILITIES (5,168,418 ) (3,643,589 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (5,168,420 ) (3,643,591 )
(5,168,418 ) (3,643,589 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Statement of Financial Position - continued
31st October 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:





N M Cristofaro - Director


2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Notes to the Financial Statements
for the year ended 31st October 2023

1. STATUTORY INFORMATION

2 Seas Motorsport Ltd 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.

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.

Going Concern
The directors have considered the financial position of the company at 31st October 2023 and the projected cash flows and financial performance of the company for at least 12 months from the date of approval of these financial statements. They have also taken into consideration the continual financial support of the ultimate controlling parties. The directors consider, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the company, the company has adequate resources to continue in operation as a going concern for the foreseeable future.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

-the amount of turnover can be measured reliably;
-it is probable that the company will receive the consideration due under the contract; and
-the stage of completion of the contract at the end of the reporting period can be measured reliably.

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Over length of lease
Race cars - 20% on cost
Pit equipment and tools - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Short leasehold - Over length of lease
Race Cars - 20% straight line
Pit equipment and tools - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% straight line

The assets' residual value, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income.

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 statement of financial position date.

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.

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.

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Pit
Short equipment
leasehold Race cars and tools
£    £    £   
COST
At 1st November 2022 2,090 689,421 651,169
Additions 313,690 - 30,778
Disposals (2,090 ) (24,123 ) (118,852 )
At 31st October 2023 313,690 665,298 563,095
DEPRECIATION
At 1st November 2022 1,376 205,404 238,277
Charge for year 45,939 133,060 90,437
Eliminated on disposal (1,376 ) (3,106 ) (58,834 )
At 31st October 2023 45,939 335,358 269,880
NET BOOK VALUE
At 31st October 2023 267,751 329,940 293,215
At 31st October 2022 714 484,017 412,892

2 SEAS MOTORSPORT LTD (REGISTERED NUMBER: 12256049)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2022 9,314 763,146 60,394 2,175,534
Additions 6,691 211,408 3,824 566,391
Disposals (3,966 ) (2,919 ) (1,330 ) (153,280 )
At 31st October 2023 12,039 971,635 62,888 2,588,645
DEPRECIATION
At 1st November 2022 4,911 281,377 49,779 781,124
Charge for year 1,044 135,307 9,515 415,302
Eliminated on disposal (2,150 ) (1,584 ) (878 ) (67,928 )
At 31st October 2023 3,805 415,100 58,416 1,128,498
NET BOOK VALUE
At 31st October 2023 8,234 556,535 4,472 1,460,147
At 31st October 2022 4,403 481,769 10,615 1,394,410

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 129,427 29,308
Amount recoverable on contract - 90,000
Other debtors 98,390 123,914
Tax 229,437 264,938
VAT 12,307 2,792
Prepayments and accrued income 85,152 -
554,713 510,952

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 58,781 970
Social security and other taxes 6,789 11,633
Other creditors 45,628 29,349
Directors' current accounts 301,985 165,527
Accruals and deferred income 261,554 24,742
674,737 232,221

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Other creditors 6,290,888 5,328,255