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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants & |
Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
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 |
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 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Company's profit/(loss) for the financial year |
60,393 |
(4,231 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
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 |
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 |
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 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings | 335,803 | 332,034 |
Other debtors | 7,500 | - | 7,500 | - |
Prepayments | 14,332 | 16,915 |
703,529 | 657,176 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | 13 |
Amounts owed to group undertakings | - | - |
Tax | 124,109 | 60,883 |
Social security and other taxes | 18,965 | 18,524 |
Other creditors | 5,936 | 1,843 |
Accruals and deferred income | 52,662 | 37,123 |
201,672 | 118,386 |
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 |
Between one and five years |
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. |