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Company No: 07254452 (England and Wales)

TEAM DAYTONA LIMITED

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

TEAM DAYTONA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TEAM DAYTONA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
TEAM DAYTONA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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
TEAM DAYTONA LIMITED

BALANCE SHEET

As at 31 December 2023
TEAM DAYTONA LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 106,542 99,989
106,542 99,989
Current assets
Stocks 43,196 41,695
Debtors 4 61,603 44,231
Cash at bank and in hand 21,627 17,055
126,426 102,981
Creditors: amounts falling due within one year 5 ( 900,572) ( 877,463)
Net current liabilities (774,146) (774,482)
Total assets less current liabilities (667,604) (674,493)
Net liabilities ( 667,604) ( 674,493)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 667,606 ) ( 674,495 )
Total shareholder's deficit ( 667,604) ( 674,493)

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 Team Daytona Limited (registered number: 07254452) 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
TEAM DAYTONA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TEAM DAYTONA 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

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 £.

Going concern

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services related to racing and events provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

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.

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, 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:

Land and buildings 3 - 15 years straight line
Plant and machinery 3 - 7 years straight line
Fixtures and fittings 3 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
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.

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. 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

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 25 26

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 178,993 63,543 7,280 249,816
Additions 0 24,032 3,524 27,556
At 31 December 2023 178,993 87,575 10,804 277,372
Accumulated depreciation
At 01 January 2023 93,472 51,303 5,052 149,827
Charge for the financial year 11,830 8,132 1,041 21,003
At 31 December 2023 105,302 59,435 6,093 170,830
Net book value
At 31 December 2023 73,691 28,140 4,711 106,542
At 31 December 2022 85,521 12,240 2,228 99,989

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 43,272 22,869
Prepayments 18,331 21,362
61,603 44,231

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 861,859 833,336
Accruals and deferred income 34,564 36,519
Other creditors 4,149 7,608
900,572 877,463

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 60,000 60,000
between one and five years 240,000 240,000
after five years 60,000 120,000
360,000 420,000

7. Related party transactions

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.