REGISTERED NUMBER: 07047095 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st December 2024

for

RODIN MOTORSPORT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

D Dicker

E J Duncan

REGISTERED OFFICE:

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

REGISTERED NUMBER:

07047095 (England and Wales)

SENIOR STATUTORY AUDITOR:

Patrick duCassé

AUDITORS:

TC Group

Statutory Auditor

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The company reports revenue of £11.897m (2023 - £11.323m), and a loss before taxation of £4.011m (2023 - £4.607m). A decrease in race costs has resulted in the gross loss decreasing from £1.410m in the previous period to £0.473m.

The company placed 1st in GB3 with both driver and team championship .There was a strong performance in the F4 British Championship with both driver and team championship placing 2nd for Rodin.

The financial position of the company at the year end is a net liability of £13.296m (2023 - £11.705m).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks are considered to be the wider global economic environment and the company's continued ability to attract sponsorship revenue. Continued racing success and a wide geographic spread of the sources of sponsorship ensure that the director's remain confident that this risk can be mitigated as far as possible.

The company's operations expose it to a variety of financial risks that include the effect of changes in liquidity and cash flow risk and exchange rate risk.

The company has in place a risk management programme that seeks to limit the possible adverse effects on the financial performance of the company.

The directors have not delegated the responsibility of monitoring financial risk management and the company's finance department implements the policies set by the company's board of directors. The department has specific guidelines agreed by the directors to manage those risks faced by the company.

Liquidity and cash flow risk

The company is primarily funded through intercompany balances and support by its ultimate controlling party. In addition, the company utilises banking facilities and the directors actively consider other sources of funding to ensure that the company has sufficient funds available for operational activities.

Foreign exchange risk

The company receives income and pays costs in both Euros and US dollars. It is the company's policy to continually monitor movements in the exchange rates and to take appropriate action as necessary.

KEY PERFORMANCE INDICATORS

The company constantly monitors a number of key performance indicators to ensure optimal business performance. The directors consider that the race performance in the various championship series in which the company competes, together with sponsorship income and cost base are the key performance indicators of the business.

RESEARCH AND DEVELOPMENT

The company operates a number of research and development programmes. Research and development costs are predominantly in relation to competing in multiple championships, including the Formula 2 Championship and the FIA Euro F3 series.

ON BEHALF OF THE BOARD:

D Dicker - Director

22nd September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company continues to be that of generating sponsorship from running and operating motor racing teams.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

D Dicker

E J Duncan

GOING CONCERN AND FUTURE DEVELOPMENTS

The company meets its working capital requirements through the ongoing support of its owners. Management prepare annual budgets and forecasts in order to ensure that the company has sufficient reserves in order to meet its liabilities as they fall due. These considerations include a review of external economic factors such as the unstable global political environment.

In light of the above the directors believes it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The principal risks and uncertainties facing the company have been considered in the Strategic Report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Dicker - Director

22nd September 2025

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Rodin Motorsport Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

-

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates, through discussions with management and those charged with governance, and also from our detailed understanding of the sector. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010, tax legislation and various race series competition rules, such as FIA F2 and F3 rules and regulations being of significance in the context of Rodin Motorsport Limited and its ongoing activities.

-

We made enquiries with management and those charged with governance to confirm our understanding that the company continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the company to ensure ongoing compliance.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the company's policies and procedures on fraud risks through discussion with the company's management.

-

We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.

-

We communicated those laws and regulations considered relevant to the company and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Patrick duCassé (Senior Statutory Auditor)

For and on behalf of TC Group

Statutory Auditor

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

22nd September 2025

REVENUE

4

11,897,102

11,322,564

Cost of sales

(12,370,438

)

(12,732,661

)

GROSS LOSS

(473,336

)

(1,410,097

)

Distribution costs

(1,723,133

)

(1,479,150

)

Administrative expenses

(1,773,278

)

(1,662,004

)

OPERATING LOSS

6

(3,969,747

)

(4,551,251

)

Interest receivable and similar income

14,718

782

(3,955,029

)

(4,550,469

)

Interest payable and similar expenses

8

(23,250

)

(56,315

)

LOSS BEFORE TAXATION

(3,978,279

)

(4,606,784

)

Tax on loss

9

2,386,917

(259,522

)

LOSS FOR THE FINANCIAL YEAR

(1,591,362

)

(4,866,306

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,591,362

)

(4,866,306

)

FIXED ASSETS

Property, plant and equipment

11

2,307,998

2,013,328

CURRENT ASSETS

Inventories

12

1,099,906

361,659

Debtors

13

4,351,286

2,164,088

Cash at bank and in hand

281,957

371,784

5,733,149

2,897,531

CREDITORS

Amounts falling due within one year

14

20,934,644

16,112,490

NET CURRENT LIABILITIES

(15,201,495

)

(13,214,959

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,893,497

)

(11,201,631

)

PROVISIONS FOR LIABILITIES

15

402,828

503,332

NET LIABILITIES

(13,296,325

)

(11,704,963

)

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

(13,296,425

)

(11,705,063

)

SHAREHOLDERS' FUNDS

(13,296,325

)

(11,704,963

)

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

D Dicker - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100

(6,838,757

)

(6,838,657

)

Changes in equity

Total comprehensive income

-

(4,866,306

)

(4,866,306

)

Balance at 31st December 2023

100

(11,705,063

)

(11,704,963

)

Changes in equity

Total comprehensive income

-

(1,591,362

)

(1,591,362

)

Balance at 31st December 2024

100

(13,296,425

)

(13,296,325

)

1.	STATUTORY INFORMATION

The principal activity of the company continues to be that of generating sponsorship from running and operating motor racing teams.

The company is a private company limited by shares and is registered in England and Wales. The address of its registered office is Suffolk House, George Street, Croydon, CR0 0YN. The address of its principal place of business is 7 Coxbridge Business Park, Alton Road, Farnham, Surrey, GU10 5EH.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006.The financial statements therefore present information about the company as an individual undertaking and not about its group.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. (See note 3).

Going Concern

The directors have considered the financial position of the company at 31st December 2024 and the projected cash flows and financial performance of the company for at least 12 months from the date of approval of these financial statements. They have also taken into consideration the continual financial support of the ultimate controlling party. The directors consider, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the company, the company has adequate resources to continue in operation as a going concern for the foreseeable future.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26 to 12.29;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Rodin Motorsport Holding Limited as at 31st December 2024, which may be obtained from the company's registered office.

Turnover

Turnover comprises revenue recognised by the company in respect of the provision of services, prize money and sponsorship income, exclusive of Value Added Tax.

Turnover from a contract to provide services and sponsorship income is recognised in the period in which the services are provided when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract; and

-

the stage of completion of the contract at the end of the reporting period can be measured reliably.

Prize money is recognised as revenue at the point that it is guaranteed in accordance with the rules of the racing championship.

Tangible fixed assets

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Short leasehold

- 4% straight line

Plant and machinery

- 4% - 25% straight line

Motor vehicles

- 4% - 33% straight line

Computer equipment

- 25% straight line

The assets' residual value, 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 amounts and are recognised in the Statement of Comprehensive Income.

Stocks

Stocks are stated at the lower of cost and the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average purchase price basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, bank loans and amounts loaned to and from related and associated parties.

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 cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the 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 Statement of Financial Position date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 the 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

The company's functional and presentational currency is pound sterling.

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 within administrative expenses in the Statement of Comprehensive Income.

Pension costs and other post-retirement benefits

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities.The director's judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experiences and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates are recognised prospectively.

Recoverability of receivables

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the aging of the receivables, past experience of recoverability, and the credit profile of the debtor.

Determining residual values and useful economic lives of property, plant and equipment

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programme.

Judgement is applied by management when determining the residual values of tangible fixed assets. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

Provision against old and slow moving inventory

The company establishes a provision for slow moving inventory. When determining the provision, the directors consider factors such the age of the inventory, the inventory holding and the continued requirement to hold such inventory.

4.

REVENUE

The whole of turnover is attributed to the principal activity of the company.

All turnover arose within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

as restated

£

£

Wages and salaries

3,203,461

3,026,797

Social security costs

346,152

326,088

Other pension costs

56,978

53,507

3,606,591

3,406,392

The average number of employees during the year was as follows:

31.12.24

31.12.23

as restated

Racing and production

55

55

Administration

9

8

64

63

31.12.24

31.12.23

as restated

£

£

Directors' remuneration

-

-

6.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.24

31.12.23

as restated

£

£

Other operating leases

657

51,631

Depreciation - owned assets

956,523

607,161

Loss/(profit) on disposal of fixed assets

173,303

(148

)

Auditor remuneration

14,000

14,000

Auditor remuneration for non audit work

3,525

1,500

Foreign exchange differences

13,307

(53,556

)

7.	EXCEPTIONAL ITEMS

31.12.24

31.12.23

as restated

£

£

Exceptional costs

(48,911

)

(185,622

)

Exceptional costs relate to an EU VAT balance of £48,911 that is no longer recoverable (2023 - £185,622).

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

as restated

£

£

Penalties & fines

1,756

-

Bank interest payable

-

36,882

Bank charges

21,494

19,433

23,250

56,315

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.24

31.12.23

as restated

£

£

Current tax:

UK corporation tax

(2,286,413

)

-

Deferred tax:

Accelerated capital allowances

(100,504

)

259,522

Tax on loss

(2,386,917

)

259,522

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

as restated

£

£

Loss before tax

(3,978,279

)

(4,606,784

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

(994,570

)

(1,082,594

)

Effects of:

Expenses not deductible for tax purposes

96,855

3,133

Income not taxable for tax purposes

(33

)

(35

)

Capital allowances in excess of depreciation

(119,234

)

(89,103

)

Deferred tax movement

(100,504

)

259,522

Research & development tax credits

(1,427,448

)

-

Prior year R&D tax credit

(858,965

)

-

R&D enhanced deduction

(1,444,169

)

-

Tax losses

2,461,151

1,168,599

Total tax (credit)/charge

(2,386,917

)

259,522

Changes to the UK corporation tax rates were introduced by the Finance Bill 2021. These changes include an increase in the corporation tax rate from 19% to 25% from 1 April 2023.

10.	PRIOR YEAR ADJUSTMENT

The prior period comparatives have been restated as follows:

Changes to the balance sheet

At 31 December 2023

As previously reported

Adjustments

As restated

£

£

£

Creditors

Directors' loan account

-

(865,980

)

(865,980

)

Other creditors

(4,241,140

)

594,862

(3,646,278

)

Net liabilities

(11,433,844

)

(271,118

)

(11,704,963

)

Reserves

Profit and loss account

(11,433,944

)

(271,118

)

(11,705,063

)

Total reserves

(11,433,844

)

(271,118

)

(11,704,963

)

Reconciliation of changes in retained earnings

31 December 2023

£

Adjustments made

Cost of sales

271,118

271,118

Retained earnings

271,118

271,118

Directors Loan Account Transactions

An adjustment has been made moving £865,980 of loans that had been posted as an other creditor, to the directors' loan account. This is a balance sheet movement and therefore does not impact the retained earnings.

Related Party Transactions

During the year it was noted that recharges relating to prepaid fixed asset expenditure had not been recognised correctly. This has been corrected in these accounts by way of a prior year adjustment to other creditors, reducing the brought forward retained earnings by £271,118.

11.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2024

1,004,270

1,572,115

3,685,628

23,704

6,285,717

Additions

-

396,223

1,027,482

16,329

1,440,034

Disposals

-

(14,250

)

-

-

(14,250

)

Reclassification

269,127

(92,091

)

(177,036

)

-

-

At 31st December 2024

1,273,397

1,861,997

4,536,074

40,033

7,711,501

DEPRECIATION

At 1st January 2024

469,753

1,305,640

2,485,705

11,291

4,272,389

Charge for year

44,337

117,989

782,690

11,507

956,523

Eliminated on disposal

-

(13,250

)

187,841

-

174,591

Reclassification

213,979

(79,849

)

(134,130

)

-

-

At 31st December 2024

728,069

1,330,530

3,322,106

22,798

5,403,503

NET BOOK VALUE

At 31st December 2024

545,328

531,467

1,213,968

17,235

2,307,998

At 31st December 2023

534,517

266,475

1,199,923

12,413

2,013,328

12.	INVENTORIES

31.12.24

31.12.23

as restated

£

£

Stocks

1,099,906

361,659

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade debtors

613,890

413,680

Other debtors

2,068

6,872

Tax

1,427,448

884,384

VAT

271,188

392,773

Prepayments and accrued income

2,036,692

466,379

4,351,286

2,164,088