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REGISTERED NUMBER: 02881061 (England and Wales)















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: CK Chapman
JE Chapman





Secretary: CK Chapman





Registered office: Potash Lane
Hethel
Norfolk
NR14 8EY





Registered number: 02881061 (England and Wales)





Accountants: SMD Accounts LLP
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 32,497 25,756
Tangible assets 5 212,370 272,789
Investments 6 120 120
244,987 298,665

Current assets
Stocks 1,479,132 1,113,045
Debtors 7 441,258 633,675
Cash at bank and in hand 492,493 408,240
2,412,883 2,154,960
Creditors
Amounts falling due within one year 8 347,301 248,868
Net current assets 2,065,582 1,906,092
Total assets less current liabilities 2,310,569 2,204,757

Provisions for liabilities 10 4,662 15,401
Net assets 2,305,907 2,189,356

Capital and reserves
Called up share capital 11 70 70
Capital redemption reserve 28 28
Retained earnings 2,305,809 2,189,258
Shareholders' funds 2,305,907 2,189,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:





CK Chapman - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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:

Software25% per annum
Licensing assets33% 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 leaseholdstraight line over the life of the lease
Plant and machinery15% - 20% per annum
Fixtures, fittings and equipment15% - 20% per annum
Motor vehicles15% - 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 22 (2023 - 22 ) .

4. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 January 2024 37,667
Additions 20,000
At 31 December 2024 57,667
Amortisation
At 1 January 2024 11,911
Charge for year 13,259
At 31 December 2024 25,170
Net book value
At 31 December 2024 32,497
At 31 December 2023 25,756

5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2024 643,841 577,960 1,221,801
Additions 29,533 56,353 85,886
At 31 December 2024 673,374 634,313 1,307,687
Depreciation
At 1 January 2024 546,266 402,746 949,012
Charge for year 88,897 57,408 146,305
At 31 December 2024 635,163 460,154 1,095,317
Net book value
At 31 December 2024 38,211 174,159 212,370
At 31 December 2023 97,575 175,214 272,789

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 100 20 120
Net book value
At 31 December 2024 100 20 120
At 31 December 2023 100 20 120

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 345,449 270,896
Other debtors 95,809 362,779
441,258 633,675

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 81,107 39,075
Taxation and social security 98,114 49,436
Other creditors 168,080 160,357
347,301 248,868

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 91,785 91,785
Between one and five years 145,326 275,355
237,111 367,140

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 4,662 15,401

Deferred
tax
£   
Balance at 1 January 2024 15,401
Credit to Income statement during year (10,739 )
Balance at 31 December 2024 4,662

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: £    £   
70 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.