REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
ANDRETTI FORMULA E LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
ANDRETTI FORMULA E LIMITED (REGISTERED NUMBER: 09243026) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
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. |
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 |
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 |
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 |
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 |
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 |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost or valuation |
At 1 October 2022 |
Revaluations | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
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 |
Additions |
At 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
Corporation tax | ( |
) |
Accruals and deferred income |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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. |