Company No:
Contents
DIRECTORS | Mr C Graham |
Mr D Lee |
REGISTERED OFFICE | C/O Daytona Sandown Park Limited |
More Lane | |
Esher | |
KT10 8AN | |
United Kingdom |
COMPANY NUMBER | 07254452 (England and Wales) |
CHARTERED ACCOUNTANTS | GRAVITA III LLP |
Aldgate Tower | |
2 Leman Street | |
London | |
E1 8FA | |
United Kingdom |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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106,542 | 99,989 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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126,426 | 102,981 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (774,146) | (774,482) | ||
Total assets less current liabilities | (667,604) | (674,493) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Team Daytona Limited (registered number:
Mr D Lee
Director |
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.
Team Daytona 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 the revaluation of freehold properties and to include investment properties and 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 £.
The company has net current liabilities of £774,146 (2022: £774,482) at the reporting date which suggests that the going concern basis may not be appropriate. However, the directors have given assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
Short term benefits
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received.
Land and buildings |
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Plant and machinery |
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Fixtures and fittings |
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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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the term of relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed.
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.
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.
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. 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, loans from fellow group companies, are initially recognised at transaction price. 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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Accruals and deferred income |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Daytona Group Holdings Limited is the ultimate parent company, 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.
On 27 May 2016 the director, Mr C Graham made a charge against the company of all undertakings property and assets to secure his personal guarantee made on a loan held in Daytona Motorsport Management Limited. The charges contain fixed, floating and negative pledge.