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REGISTERED NUMBER: 11034788 (England and Wales)















Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

M.I.S Motorsport Limited

M.I.S Motorsport Limited (Registered number: 11034788)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Notes to the Consolidated Financial Statements 13


M.I.S Motorsport Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C Tyrrell
I P Campbell
C Cavaliere





REGISTERED OFFICE: Unit 1B, Station Court
Station Road
Guisley
Leeds
West Yorkshire
LS20 8EY





REGISTERED NUMBER: 11034788 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
Chartered Accountants &
Statutory Auditors
3rd Floor
56 Wellington Street
Leeds
West Yorkshire
LS1 2EE

M.I.S Motorsport Limited (Registered number: 11034788)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
MIS Motorsport reported £1.9m of income compared to £1.7m in 2022 (excluding income from discontinued US business) and an operating profit of £796k in 2023 compared to £460k in 2022 due to cost savings made throughout the year.

Looking ahead, we expect income to increase as the company widens its product offering and accesses new insurance markets with further expense efficiencies being realised.

EVENTS SINCE THE END OF THE YEAR
At the time of signing the accounts the company is in discussion with a third party about the possibility of that party acquiring the Commercial Business of MIS Motorsport. The Commercial business accounts for c40% of the company's Revenue.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C Tyrrell
I P Campbell
C Cavaliere

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
Under section 487(2) of the Companies Act 2006, Haines Watts Leeds LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.


M.I.S Motorsport Limited (Registered number: 11034788)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





I P Campbell - Director


24 September 2024

Report of the Independent Auditors to the Members of
M.I.S Motorsport Limited

Opinion
We have audited the financial statements of M.I.S Motorsport Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
M.I.S Motorsport Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
M.I.S Motorsport Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations (and with FCA regulations);
- we identified the laws and regulations applicable to the group through discussions with directors and other management; and from our commercial knowledge and experience of this sector
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to misstatement, including obtaining
an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the group's remuneration policies.

To address the risk of fraud through management bias and override of controls, including the impact on revenue recognition, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosure to underlying supporting documentation; and
- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion


Report of the Independent Auditors to the Members of
M.I.S Motorsport Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Chartered Accountants &
Statutory Auditors
3rd Floor
56 Wellington Street
Leeds
West Yorkshire
LS1 2EE

25 September 2024

M.I.S Motorsport Limited (Registered number: 11034788)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,877,155 1,705,918

Cost of sales 469,806 412,191
GROSS PROFIT 1,407,349 1,293,727

Administrative expenses 635,751 846,278
771,598 447,449

Other operating income 24,723 12,298
OPERATING PROFIT 6 796,321 459,747

Interest receivable and similar income 73 -
796,394 459,747

Interest payable and similar expenses - 15
PROFIT BEFORE TAXATION 796,394 459,732

Tax on profit 7 129,861 55,891
PROFIT FOR THE FINANCIAL YEAR 666,533 403,841

OTHER COMPREHENSIVE INCOME
FX movement on translation of subsidiary 286 5,889
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

286

5,889
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

666,819

409,730

Profit attributable to:
Owners of the parent 666,533 403,841

Total comprehensive income attributable to:
Owners of the parent 666,819 409,730

M.I.S Motorsport Limited (Registered number: 11034788)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 676,653 975,150
Tangible assets 10 12,801 9,108
Investments 11 - -
689,454 984,258

CURRENT ASSETS
Debtors 12 703,529 657,176
Cash at bank 112,622 42,156
816,151 699,332
CREDITORS
Amounts falling due within one year 13 201,672 118,386
NET CURRENT ASSETS 614,479 580,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,303,933

1,565,204

PROVISIONS FOR LIABILITIES 19,446 11,307
NET ASSETS 1,284,487 1,553,897

CAPITAL AND RESERVES
Called up share capital 250,010 250,010
Other reserves (8,035 ) (8,321 )
Retained earnings 1,042,512 1,312,208
1,284,487 1,553,897

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





I P Campbell - Director


M.I.S Motorsport Limited (Registered number: 11034788)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 654,815 950,192
Tangible assets 10 12,801 9,108
Investments 11 33,693 33,693
701,309 992,993

CURRENT ASSETS
Debtors 12 561,109 547,091
Cash at bank 112,281 39,470
673,390 586,561
CREDITORS
Amounts falling due within one year 13 331,499 760,964
NET CURRENT ASSETS/(LIABILITIES) 341,891 (174,403 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,043,200

818,590

PROVISIONS FOR LIABILITIES 19,446 11,307
NET ASSETS 1,023,754 807,283

CAPITAL AND RESERVES
Called up share capital 250,010 250,010
Retained earnings 773,744 557,273
1,023,754 807,283

Company's profit/(loss) for the financial
year

60,393

(4,231

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





I P Campbell - Director


M.I.S Motorsport Limited (Registered number: 11034788)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 250,010 1,422,080 (14,210 ) 1,657,880

Changes in equity
Dividends - (513,713 ) - (513,713 )
Total comprehensive income - 403,841 5,889 409,730
Balance at 31 December 2022 250,010 1,312,208 (8,321 ) 1,553,897

Changes in equity
Dividends - (936,229 ) - (936,229 )
Total comprehensive income - 666,533 286 666,819
Balance at 31 December 2023 250,010 1,042,512 (8,035 ) 1,284,487

M.I.S Motorsport Limited (Registered number: 11034788)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 250,010 1,075,217 1,325,227

Changes in equity
Dividends - (513,713 ) (513,713 )
Total comprehensive income - (4,231 ) (4,231 )
Balance at 31 December 2022 250,010 557,273 807,283

Changes in equity
Dividends - 156,078 156,078
Total comprehensive income - 60,393 60,393
Balance at 31 December 2023 250,010 773,744 1,023,754

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

M.I.S Motorsport 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 General Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current uncertain wider economic conditions, and the current resources available, the Director has concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts

Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

All subsidiaries have been included in the consolidation under the acquisition method.

Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover comprises the fair value of the commission received or receivable for the sale of insurance policies in the ordinary course of the company's activities. Turnover is shown net of sales tax, returns, rebates and discounts.

The group recognises revenue when:
- A policy has been sold and is non-refundable;
- the amount of revenue can be reliably measured
- and it is probable that future economic benefits with flow to the entity.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of eight years.

Goodwill, which has arose on consolidation after acquiring a subsidiary in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Leasehold improvements - 15% reducing balance
Office equipment - 25% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exists. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating unit that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. 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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Employee benefits
Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

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

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these key judgements and estimates have been made include the amortisation of goodwill and intangible assets.

5. EMPLOYEES AND DIRECTORS

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

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 4,149 4,746
Goodwill amortisation 315,808 315,809
Development costs amortisation 2,055 1,625

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 125,706 59,186

Deferred tax 4,155 (3,295 )
Tax on profit 129,861 55,891

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
FX movement on translation of subsidiary 286 - 286

2022
Gross Tax Net
£    £    £   
FX movement on translation of subsidiary 5,889 - 5,889

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 January 2023 2,767,227 18,100 2,785,327
Additions - 19,366 19,366
At 31 December 2023 2,767,227 37,466 2,804,693
AMORTISATION
At 1 January 2023 1,804,202 5,975 1,810,177
Amortisation for year 315,808 2,055 317,863
At 31 December 2023 2,120,010 8,030 2,128,040
NET BOOK VALUE
At 31 December 2023 647,217 29,436 676,653
At 31 December 2022 963,025 12,125 975,150

Company
Development
Goodwill costs Totals
£    £    £   
COST
At 1 January 2023 2,736,029 18,100 2,754,129
Additions - 19,366 19,366
At 31 December 2023 2,736,029 37,466 2,773,495
AMORTISATION
At 1 January 2023 1,797,962 5,975 1,803,937
Amortisation for year 312,688 2,055 314,743
At 31 December 2023 2,110,650 8,030 2,118,680
NET BOOK VALUE
At 31 December 2023 625,379 29,436 654,815
At 31 December 2022 938,067 12,125 950,192

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 15,832 15,832
Additions 5,520 2,323 7,843
Disposals - (3,784 ) (3,784 )
At 31 December 2023 5,520 14,371 19,891
DEPRECIATION
At 1 January 2023 - 6,724 6,724
Charge for year 368 3,781 4,149
Eliminated on disposal - (3,783 ) (3,783 )
At 31 December 2023 368 6,722 7,090
NET BOOK VALUE
At 31 December 2023 5,152 7,649 12,801
At 31 December 2022 - 9,108 9,108

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 15,832 15,832
Additions 5,520 2,323 7,843
Disposals - (3,784 ) (3,784 )
At 31 December 2023 5,520 14,371 19,891
DEPRECIATION
At 1 January 2023 - 6,724 6,724
Charge for year 368 3,781 4,149
Eliminated on disposal - (3,783 ) (3,783 )
At 31 December 2023 368 6,722 7,090
NET BOOK VALUE
At 31 December 2023 5,152 7,649 12,801
At 31 December 2022 - 9,108 9,108

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 33,693
NET BOOK VALUE
At 31 December 2023 33,693
At 31 December 2022 33,693


Direct subsidiary undertaking
M.I.S Motorsport Ireland Limited, a trading company, registered in Ireland. As of 1 September 2024, the company has officially changed it's name to M.I.S Commercial Limited.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 345,894 308,227 204,821 198,142
Amounts owed by group undertakings 335,803 332,034 335,803 332,034
Other debtors 7,500 - 7,500 -
Prepayments 14,332 16,915 12,985 16,915
703,529 657,176 561,109 547,091

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts - 13 - -
Amounts owed to group undertakings - - 160,333 721,010
Tax 124,109 60,883 102,253 -
Social security and other taxes 18,965 18,524 18,965 18,524
Other creditors 5,936 1,843 5,938 1,843
Accruals and deferred income 52,662 37,123 44,010 19,587
201,672 118,386 331,499 760,964

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

M.I.S Motorsport Limited (Registered number: 11034788)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 20,000 15,665
Between one and five years 68,869 30,025
88,869 45,690

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 20,000 15,665
Between one and five years 68,986 30,025
88,986 45,690

15. SECURED DEBTS

The bank has fixed and floating charge over the assets and undertaking of the group.

16. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for the benefit of some employees and makes contributions to the personal pension schemes of the directors. The assets of the scheme are administered by trustees in a fund independent from those of the group.

The total contributions paid in the year amounted to £13,826 (2022: £12,574). Included within creditors at the year end is an amount owed to the pension scheme totalling £2,144 (2022: £1,843).

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

18. POST BALANCE SHEET EVENTS

At the time of signing the accounts the company is in discussion with a third party about the possibility of that party acquiring the Commercial Business of MIS Motorsport. The Commercial business accounts for c40% of the company's Revenue.

19. ULTIMATE PARENT COMPANY

The ultimate parent company at the year end is Ornella Group Limited, a company registered in Ireland.