|
Registered number: 09537398
MOTORSPORT STATS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
MOTORSPORT STATS LTD
COMPANY INFORMATION
|
|
S Ramirez (resigned 1 September 2023)
|
|
|
T Chadwick (appointed 13 September 2023, resigned 15 March 2024)
|
|
|
J Gray (appointed 26 March 2024)
|
|
|
G Stolper (appointed 26 March 2024, resigned 30 July 2024)
|
|
|
G Gatto (appointed 30 July 2024)
|
|
|
J Hinton (appointed 30 July 2024)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ecovis Wingrave Yeats LLP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOTORSPORT STATS LTD
CONTENTS
|
|
|
|
|
|
Notes to the Financial Statements
|
|
|
|
MOTORSPORT STATS LTD
REGISTERED NUMBER: 09537398
BALANCE SHEET
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2025.
The notes on pages 2 to 11 form part of these financial statements.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Motorsport Stats Ltd is a private Company, limited by shares, incorporated in England and Wales. The registered office and principle place of business is Fora, 2 Stephen Street, London, England, W1T 1AN. The registered company number is 09537398.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has reported a profit for the year including exceptional income amounting to £3,185,896 (2022 - loss of £234,344) and at the year end the Company's current liabilities exceeded its current assets by £246,155 (2022 - £3,362,450).
Since inception, the Company has relied on funding from group companies and its ultimate beneficial owner. In June 2023 the Company was acquired by Motorsport Network Media UK Limited, and the ultimate parent entity is now GMF Motorsport Investor LP which is ultimately owned by G Fegel. GMF Motorsport Investor LP has confirmed, although not provided a guarantee, that it will provide such financial support as necessary to the Company to enable it to continue to meet its liabilities as they fall due.
The directors arecommitted to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements and given the recent investments in the business the indications of support from the ultimate parent company and ultimate controlling party, the director continues to adopt the going concern basis of accounting.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
|
|
|
|
|
|
|
|
Straight line over 10 years
|
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
Straight line over 3 years
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
|
Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Impairments charged on intangible assets are included within administrative expenses in the Statement of comprehensive income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Deferred tax asset
The Company has not recorded a deferred tax asset of £753,151 (2022 - £727,104) relating to the accumulated losses and other deductions of the Company as there is uncertainty as to when future profits will arise within this company.
|
|
The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
|
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest-free and repayable on demand
|
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured and repayable on demand. Interest of 6.25% per annum is charged in relation to cash advances from group undertakings. No interest is charged on intercompany balances which have arisen as a result of a transfer of assets excluding cash.
Included within amounts owed to group undertakings is an amount totalling £2,231 (2022 - £2,017,091) owing to Autosport Media UK Ltd, a wholly owned group company in the prior year.
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1 (2022 - 1) Ordinary share of £1.00
|
|
|
|
|
Ordinary shares are non-redeemable, carry the right to vote on the basis of one vote per share, the right to participate in a dividend and the right to participate in a distribution of capital in proportion to the number of shares held.
|
Profit and loss account
The profit and loss account includes all current period retained profits and losses. All are available for distribution.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is part of a VAT group including other group companies incorporated in England and Wales. All companies within the VAT group are jointly and severally liable for each other's VAT liabilities.
|
|
Related party transactions
|
The Company has taken advantage of the exemption contained within FRS 102 from disclosing transactions with entities that were wholly owned group companies during the year.
During the year, expenses totalling £47,461 (2022 – £Nil) were recharged to the Company from group companies under common ownership that were not wholly owned during the year.
As at the year end, the Company owed £2,231 (2022 - £Nil) to group companies under common ownership that were not wholly owned at the year end.
Prior to the Company being acquired during the year, balances with former group companies within the Motorsport Network LLC group were written off in full amounting to a total income of £3,290,087 (2022 - £Nil).
Up to 18 June 2023 the immediate parent company was Autosport Media UK Ltd, a company incorporated in England and Wales. On 19 June 2023, 100% of the Ordinary share capital of the Company was acquired by Motorsport Network Media UK Limited, a company incorporated in England and Wales.
As at year end the ultimate controlling party was G M Fegel by virtue of his indirect majority shareholding in Motorsport Network Media UK Limited.
|
|
MOTORSPORT STATS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
|
|
In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements. The Company has reported a profit for the year including exceptional income amounting to £3,185,896 (2022 - loss of £234,344) and at the year end the Company's current liabilities exceeded its current assets by £246,155 (2022 - £3,262,450).
Since inception, the Company has relied on funding from group companies and its ultimate beneficial owner. In June 2023 the Company was acquired by Motorsport Network Media UK Limited, and the ultimate parent entity is now GMF Motorsport Investor LP which is ultimately owned by G Fegel. GMF Motorsport Investor LP has confirmed, although not provided a guarantee, that it will provide such financial support as necessary to the Company to enable it to continue to meet its liabilities as they fall due.
As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
|
The audit report was signed on 14 May 2025 by Stuart Hinds (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
|