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REGISTERED NUMBER: 09243026 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

ANDRETTI FORMULA E LIMITED

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3


ANDRETTI FORMULA E LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







Directors: C W Hobson
J F Thormann
D Towriss





Registered office: Unit 1 Mead Court Thorpe Mead
Thorpe Way Industrial Estate
Banbury
OX16 4RZ





Registered number: 09243026 (England and Wales)

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 23,446 47,632
Tangible assets 5 1,086,181 896,368
1,109,627 944,000

Current assets
Debtors 6 2,233,871 2,167,775
Cash at bank and in hand 143,144 35,116
2,377,015 2,202,891
Creditors
Amounts falling due within one year 7 (11,449,171 ) (2,763,533 )
Net current liabilities (9,072,156 ) (560,642 )
Total assets less current liabilities (7,962,529 ) 383,358

Capital and reserves
Called up share capital 100 100
Retained earnings (7,962,629 ) 383,258
Shareholders' funds (7,962,529 ) 383,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





J F Thormann - Director


ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. Statutory information

Andretti Formula E 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 (£).


Figures in the accounts are rounded to the nearest £.

The principal activity of the company in the period under review was that of an automobile racing team.

The prior period financial statements were prepared for a 9-month period from 1 January 2022 to 30 September 2022. Therefore, the comparative figures for the period ended 30 September 2022 are not entirely comparable.

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 as modified by the revaluation of certain assets.

Going concern
In 2023, Andretti Formula E Limited faced considerable expense as the FIA Formula E World Championship switched to the next generation of racing car (Gen3). This required all teams to invest heavily, with new chassis, traction batteries and a variety of new support infrastructure. The team also embarked on a new relationship with Porsche as its powertrain supplier. This did mean however, that the price of the powertrain lease rose significantly (although capped under the regulations). On the positive side, the FIA introduced a new "cost cap" regulation that limited the amount that could be spent on engineering, R&D, operations and spare parts. The sponsorship market continued to be challenging but the team was successful in retaining its primary sponsor (albeit at a lower income level) and also attracted two new partners. Despite the financial challenges, the team was successful on the race track, winning the Driver's World Championship and finishing in 3rd place overall in the team standings.

The directors have received confirmation that the ultimate parent company will continue to support the company for the foreseeable future, and for a minimum period of 12 months from the date of approval of these financial statements. The directors have made enquiries of its ultimate parent, and have received appropriate assurances, that the ultimate parent company is in a position to provide the necessary support for the foreseeable future.

Taking this into account the directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of funding from related companies and mitigating actions that can be taken during that period.

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable from the operation of a racing car team and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises turnover when the amount of turnover can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Sponsorship turnover is recognised on the basis of individual contracts and is spread across the lifetime of the contract, with any conditional elements recognised on the fulfilment of relevant conditions.

Prize money turnover is recognised at the conclusion of the relevant Formula E season, including conditional elements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are comprised of cryptocurrency held at fair value under the revaluation basis. Cryptocurrency is held at an amount based on market valuations and remeasured at fair value on an annual basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment: 5 years
Plant and Machinery: 3 to 15 years
Motor Vehicles: 2 to 5 years

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the statement of financial position date in the countries where the company operates and generates income.

Research & development tax reliefs are recognised when they meet the definition of an asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. Accounting policies - continued

Finance costs
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

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.

Debtors
Short-term debtors are measured at the transaction price.

Creditors
Short-term creditors are measured at the transaction price.

3. Employees and directors

The average number of employees during the year was 10 (2022 - 6 ) .

4. Intangible fixed assets
Other
intangible
assets
£
Cost or valuation
At 1 October 2022 47,632
Revaluations (24,186 )
At 30 September 2023 23,446
Net book value
At 30 September 2023 23,446
At 30 September 2022 47,632

Cost or valuation at 30 September 2023 is represented by:

Other
intangible
assets
£
Valuation in 2023 23,446

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. Tangible fixed assets
Plant and Motor Office
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 October 2022 229,823 711,664 16,484 957,971
Additions 276,184 3,286 91,376 370,846
At 30 September 2023 506,007 714,950 107,860 1,328,817
Depreciation
At 1 October 2022 16,576 44,479 548 61,603
Charge for year 94,603 66,445 19,985 181,033
At 30 September 2023 111,179 110,924 20,533 242,636
Net book value
At 30 September 2023 394,828 604,026 87,327 1,086,181
At 30 September 2022 213,247 667,185 15,936 896,368

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 239,574 765,009
Other debtors 42,598 44,048
VAT 97,337 48,753
Prepayments and accrued income 1,854,362 1,309,965
2,233,871 2,167,775

7. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans 5,634,548 105,000
Trade creditors 4,216,409 2,394,291
Corporation tax 62 (8,809 )
Accruals and deferred income 1,598,152 273,051
11,449,171 2,763,533

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 24,642 77,750
Between one and five years 84,149 19,500
108,791 97,250

ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. Related party disclosures

During the year, the company received a loan of £6,265,237 (2022 - £105,000) from Andretti Autosport Holding Company, LLC, a company under common ownership. The loan is unsecured, interest-free and repayable on demand. However, interest of £73,631 (2022 - £nil) incurred by Andretti Autosport Holding Company, LLC on borrowings on behalf of the company was recharged to the company. £651,341 (2022 - £105,000) remains outstanding at the year end and is included within other loans. Trade-related balances payable by the company to Andretti Autosport Holding Company, LLC of £2,589,555 (2022 - £nil) are included within trade creditors. Trade-related balances receivable by the company from Andretti Autosport Holding Company, LLC of £187 (2022 - £nil) are included within trade debtors.

During the year, the company received a loan of £4,733,746 (2022 - £nil) from Motorsport Investment Holdings LLC, a company under common ownership. The loan is unsecured, interest-free and repayable on demand. £4,733,746 (2022 - £nil) remains outstanding to Motorsport Investment Holdings LLC at the year end and is included within other loans.

During the year, the company received a loan of £324,575 (2022 - £nil) from Andretti Formula E, LLC, a company under common ownership. The loan is unsecured, interest-free and repayable on demand. £249,461 (2022 - £nil) remains outstanding to Andretti Formula E, LLC at the year end and is included in other loans. Trade-related balances payable by the company to Andretti Formula E, LLC of £343,979 (2022 - £nil) are included within trade creditors. Trade-related balances receivable by the company from Andretti Formula E, LLC of £71,879 (2022 - £nil) are included within trade debtors.

During the year, the company entered into transactions with Andretti United Extreme E Limited, a company under common ownership. Trade-related balances receivable by the company from Andretti United Extreme E Limited of £101,962 (2022 - £nil) are included within trade debtors.