REGISTERED NUMBER: 09911055 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Motor Sport Projects Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Sianto

SECRETARY:

Grosvenor Secretaries Limited

REGISTERED OFFICE:

Ground Floor

123 Pall Mall, St James's

London

SW1Y 5EA

REGISTERED NUMBER:

09911055 (England and Wales)

CURRENT ASSETS

Debtors: amounts falling due within one year

4

3,509,489

3,026,220

Cash at bank

2,086,836

2,018,997

5,596,325

5,045,217

CREDITORS

Amounts falling due within one year

5

933,856

1,144,529

NET CURRENT ASSETS

4,662,469

3,900,688

TOTAL ASSETS LESS CURRENT LIABILITIES

4,662,469

3,900,688

CAPITAL AND RESERVES

Called up share capital

12,700

12,700

Capital contribution

1,456,539

1,456,539

Retained earnings

3,193,230

2,431,449

SHAREHOLDERS' FUNDS

4,662,469

3,900,688

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 director acknowledges his 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 on behalf of the board by the director and authorised for issue on 25 August 2025 and were signed by:

H Sianto - Director

1.	STATUTORY INFORMATION

Motor Sport Projects 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.

The company's principal place of business address is London Road Bassetts Pole, Sutton Coldfield West, Midlands B75 5SA.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is a participant in a Joint Venture in a form of jointly controlled operations.

The company recognises in its financial statements:

a) the assets that it controls and the liabilities that it incurs, and

b) the expenses that it incurs and its share of the income that it earns from the sale of services by the joint venture.

Summarised financial information of jointly controlled operations:

31.12.2024

31.12.2023

€

€

Current assets

92,330,096

73,690,503

Current liabilities

395,859

-1,468,502

Profit/(Loss) from continuous operations

15,869,957

20,254,176

Significant judgements and estimates

The director makes judgement on the effective interest rate that is used to discount finance lease liabilities to the present value of minimum lease payments.

In preparation of the financial statements, management has made no other significant judgements (apart from those involving estimations which are detailed below) that have a significant effect the assets and liabilities that affect the amounts reported for revenues and expenses during the year.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, any by their nature, will rarely equal the related outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The director makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of the trade and other debtors, management considers factors including the current credit rating of the debtor and the ageing profile of debtors.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the company's activity of participation in a Joint Operations providing participation in FIA World Endurance Championship.

Revenue from all racing packages is recognised on the date of the race.

Revenue from Joint Operations is recognised at the balance sheet date.

Deposit amounts received from customers for whom revenue has not yet been recognised are recorded in the balance sheet within current liabilities

Financial instruments

financial assets and financial liabilities are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the transaction price of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Trade and other receivables are initially measured at transaction price and are subsequently measured at amortised cost, using the effective interest rate method.

For the purpose of the statement of cash flows, cash and cash equivalents comprise cash at bank.

Trade and other payables are initially measured at transaction price and are subsequently measured at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

€

Trade debtors

3,509,489

2,768,805

Prepayments and accrued income

-

257,415

3,509,489

3,026,220

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

€

Trade creditors

334,804

334,789

Tax

253,927

346,222

VAT

345,125

460,167

Accruals and deferred income

-

3,351

933,856

1,144,529

6.	ULTIMATE CONTROLLING PARTY

The controlling party is H Sianto.