| REGISTERED NUMBER: |
| Unaudited Financial Statements For The Year Ended 31 December 2024 |
| for |
| Classic Team Lotus Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements For The Year Ended 31 December 2024 |
| for |
| Classic Team Lotus Limited |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Contents of the Financial Statements |
| For The Year Ended 31 December 2024 |
| Page |
| Company information | 1 |
| Balance sheet | 2 |
| Notes to the financial statements | 3 |
| Classic Team Lotus Limited |
| Company Information |
| For The Year Ended 31 December 2024 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Certified Accountants |
| The Vineyards |
| Knox Lane, Bardwell |
| Bury St Edmunds |
| Suffolk |
| IP31 1AX |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Current assets |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | 10 |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Capital redemption reserve |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements |
| For The Year Ended 31 December 2024 |
| 1. | Statutory information |
| Classic Team Lotus Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Turnover |
| The sources of turnover are race car outing fees, sale of memorabilia and merchandising, fees for servicing |
| cars, parts and labour, recharge of sub contractor labour and other costs. |
| a) Race car outing fees are recognised in the accounting period in which the outing occurs. |
| b) Revenue from memorabilia and merchandising is recognised in the period in which the sale occurred. |
| c) Fees for servicing cars are recognised in the accounting period in which the service is completed. |
| d) Parts and labour sales are recognised in |
| Intangible assets |
| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
| Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
| Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Software | 25% per annum |
| Licensing assets | 33% per annum |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: |
| Land and buildings leasehold | straight line over the life of the lease |
| Plant and machinery | 15% - 20% per annum |
| Fixtures, fittings and equipment | 15% - 20% per annum |
| Motor vehicles | 15% - 20% per annum |
| 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. |
| Investments in subsidiaries |
| Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
| 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. |
| Taxation |
| The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. |
| Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. |
| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction. |
| Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
| All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
| Leasing |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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 the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
| Pension costs and other post-retirement benefits |
| For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs. |
| Classification of financial liabilities |
| 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. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
| Royalties |
| Royalties received in respect of trademarks and copyrights are accounted for on an accruals basis and are presented within other operating income. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Intangible fixed assets |
| Other |
| intangible |
| assets |
| £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Amortisation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | Tangible fixed assets |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 6. | Fixed asset investments |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 | 120 |
| Net book value |
| At 31 December 2024 | 120 |
| At 31 December 2023 | 120 |
| 7. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | Provisions for liabilities |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Income statement during year | ( |
) |
| Balance at 31 December 2024 |
| Classic Team Lotus Limited (Registered number: 02881061) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 70 | 70 |
| 12. | Related party disclosures |
| During the year, the company paid £95,012 (2023: £94,664) to Hethel Investments Limited, an entity with a common director. The payments relate to the rental and insurance charges for the business premises. |
| During the year, the company paid £52,000 (2023: £32,000) to ACB Chapman Will Trust, an entity with a common trustee and director. This relates to services including the use of Trust assets, display and promotion of classic cars owned by the company and storage facilities for company assets including parts, documents and archive. |