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Company No: 06504471 (England and Wales)

DAYTONA MOTORSPORT MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

DAYTONA MOTORSPORT MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DAYTONA MOTORSPORT MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
DAYTONA MOTORSPORT MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr C Graham
A Jagirdar
Mr D Lee
SECRETARY Mr D Lee
REGISTERED OFFICE C/O Daytona Sandown Park Limited
More Lane
Esher
KT10 8AN
United Kingdom
COMPANY NUMBER 06504471 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
DAYTONA MOTORSPORT MANAGEMENT LIMITED

BALANCE SHEET

As at 31 December 2023
DAYTONA MOTORSPORT MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 609,198 647,895
609,198 647,895
Current assets
Stocks 11,173 13,377
Debtors 4 1,518,782 1,428,950
Cash at bank and in hand 546,692 681,806
2,076,647 2,124,133
Creditors: amounts falling due within one year 5 ( 2,013,790) ( 2,032,692)
Net current assets 62,857 91,441
Total assets less current liabilities 672,055 739,336
Creditors: amounts falling due after more than one year 6 ( 133,386) ( 199,498)
Provision for liabilities ( 144,772) ( 158,224)
Net assets 393,897 381,614
Capital and reserves
Called-up share capital 100 100
Profit and loss account 393,797 381,514
Total shareholder's funds 393,897 381,614

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Daytona Motorsport Management Limited (registered number: 06504471) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr D Lee
Director
DAYTONA MOTORSPORT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DAYTONA MOTORSPORT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Daytona Motorsport Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Daytona Sandown Park Limited, More Lane, Esher, KT10 8AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the group management fees receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment vehicle assets ,at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 2 - 5 years straight line
Vehicles 4 - 5 years straight line
not depreciated
Fixtures and fittings 3 years straight line
Other property, plant and equipment 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 17

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 January 2023 189,355 192,895 132,943 1,571,582 2,086,775
Additions 4,067 10,600 5,658 260,941 281,266
Revaluations 0 40,000 0 0 40,000
Disposals ( 3,126) ( 65,000) ( 55,937) ( 816,086) ( 940,149)
At 31 December 2023 190,296 178,495 82,664 1,016,437 1,467,892
Accumulated depreciation
At 01 January 2023 94,145 84,072 128,143 1,132,520 1,438,880
Charge for the financial year 13,544 40,316 4,234 271,171 329,265
Disposals ( 3,126) ( 34,302) ( 55,937) ( 816,086) ( 909,451)
At 31 December 2023 104,563 90,086 76,440 587,605 858,694
Net book value
At 31 December 2023 85,733 88,409 6,224 428,832 609,198
At 31 December 2022 95,210 108,823 4,800 439,062 647,895

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 1,444,358 1,346,826
Corporation tax 19,226 19,226
Other debtors 55,198 62,898
1,518,782 1,428,950

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 66,112 63,830
Trade creditors 329,055 321,490
Amounts owed to Group undertakings 1,307,972 1,316,037
Accruals 18,134 34,189
Taxation and social security 100,223 113,132
Other creditors 192,294 184,014
2,013,790 2,032,692

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 133,386 199,498

The bank loan is secured by unlimited guarantee of Daytona Holdings Limited, Daytona Motorsport Management Limited, Daytona Manchester Limited, Daytona Sandown Park Limited, Daytona Milton Keynes Limited and Team Daytona Limited. The bank loan is also secured by a directors guarantee.

7. Related party transactions

Daytona Group Holdings Limited is the ultimate parent, all the intercompany transactions/balances are with wholly-owned members. These transactions have been concluded under normal market conditions and as such are exempt from disclosure. Accounts are being prepared under FRS 102 Section 1A Small Entities Regime.

As at the balance sheet date, the company was owed £48,833 (2022: £56,965) by the directors of the company. The balances are inclusive of interest charged and are repayable on demand.