Registration number: 04486516

Alan Mann Racing Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 10

Alan Mann Racing Limited

Company Information

Directors

Mr Darren McDermott Mr Iain Muir Mr Henry Mann Mr Thomas Mann

Registered office

Unit 5a, Threshold Way Fairoaks Airport Chobham Woking GU24 8HU

Auditors

Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent Perth PH1 5JN

Alan Mann Racing Limited

(Registration number: 04486516)
Statement of Financial Position as at 31 July 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	35,946	42,384
Current assets
Stocks	5	319,523	242,902
Debtors	6	185,438	75,503
Cash at bank and in hand		30,763	6,693
		535,724	325,098
Creditors: Amounts falling due within one year	7	(1,327,503)	(927,032)
Net current liabilities		(791,779)	(601,934)
Total assets less current liabilities		(755,833)	(559,550)
Creditors: Amounts falling due after more than one year	7	(142,002)	(149,239)
Net liabilities		(897,835)	(708,789)
Capital and reserves
Called up share capital	8	1,800,002	1,800,002
Share premium reserve		779,799	779,799
Retained earnings		(3,477,636)	(3,288,590)
Shareholders' deficit		(897,835)	(708,789)

These accounts 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 September 2025 and signed on its behalf by:
 

......................................... Mr Darren McDermott Director

......................................... Mr Iain Muir Director

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 5a, Threshold Way
Fairoaks Airport
Chobham
Woking
GU24 8HU

These financial statements were authorised for issue by the Board on 4 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 4 September 2025 was Alexander J Fyfe M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young, Statutory Auditor.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

Asset class	Depreciation method and rate
Plant & machinery	10% straight line
Office equipment	10% straight line
Fixtures & fittings	10% straight line
Motor vehicles	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2023 - 6).

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2023	99,840	28,000	127,840
At 31 July 2024	99,840	28,000	127,840
Depreciation
At 1 November 2023	77,156	8,300	85,456
Charge for the period	4,338	2,100	6,438
At 31 July 2024	81,494	10,400	91,894
Carrying amount
At 31 July 2024	18,346	17,600	35,946
At 31 October 2023	22,684	19,700	42,384

5

Stocks

	2024 £	2023 £
Other inventories	319,523	242,902

6

Debtors

Current	2024 £	2023 £
Trade debtors	17,406	30,166
Prepayments	38,988	42,347
Other debtors	129,044	2,990
	185,438	75,503

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	21,134	19,998
Trade creditors		145,706	115,429
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	362,261	-
Taxation and social security		14,548	18,105
Accruals and deferred income		5,600	4,222
Other creditors		778,254	769,278
		1,327,503	927,032

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured.

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	142,002	149,239

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured.

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1,800,002	1,800,002	1,800,002	1,800,002

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	33,333	-
Hire purchase contracts	108,669	149,239
	142,002	149,239

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	20,000	19,998
Hire purchase contracts	1,134	-
	21,134	19,998

Alan Mann Racing Limited

Notes to the Financial Statements for the Period from 1 November 2023 to 31 July 2024

10	Related party transactions

Summary of transactions with other related parties

During the year loan accounts operated between Companies with common directors and shareholders. At the year end the balances due by Alan Mann Racing Limited was as follows:

DRVN Automotive Ltd: £62,174 (2023: £nil)
DRVN Advanced Engineering Ltd: £30,000 (2023: £nil)
Easy Heat Systems Ltd: £270,086 (2023: £nil)
 

11	Parent and ultimate parent undertaking

The company's immediate parent is DRVN Automotive Ltd, incorporated in Scotland.