REGISTERED NUMBER: 11034788 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

M.I.S. Motorsport Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Tyrrell

C Cavaliere

REGISTERED OFFICE:

Unit 1B, Station Court

Station Road

Guisley

Leeds

West Yorkshire

LS20 8EY

REGISTERED NUMBER:

11034788 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

FIXED ASSETS

Intangible assets

5

26,768

654,815

Tangible assets

6

10,810

12,801

Investments

7

-

33,693

37,578

701,309

CURRENT ASSETS

Debtors

8

4,923,591

561,109

Cash at bank

193,145

112,281

5,116,736

673,390

CREDITORS

Amounts falling due within one year

9

149,155

331,499

NET CURRENT ASSETS

4,967,581

341,891

TOTAL ASSETS LESS CURRENT LIABILITIES

5,005,159

1,043,200

PROVISIONS FOR LIABILITIES

11

4,737

19,446

NET ASSETS

5,000,422

1,023,754

CAPITAL AND RESERVES

Called up share capital

250,010

250,010

Retained earnings

4,750,412

773,744

5,000,422

1,023,754

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 23 December 2025 and were signed on its behalf by:

C Tyrrell - Director

1.	STATUTORY INFORMATION

M.I.S. Motorsport 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments the Directors have concluded, that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover comprises the fair value of the commission received or receivable for the sale of insurance policies in the ordinary course of the company's activities. Turnover is shown net of sales tax, returns, rebates and discounts.

The company recognises revenue when:

- A policy has been sold and is non-refundable;

- the amount of revenue can be reliably measured

- and it is probable that future economic benefits with flow to the entity.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of eight years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Leasehold improvements - 15% reducing balance

Office equipment - 25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exists. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating unit that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

2,736,029

37,466

2,773,495

AMORTISATION

At 1 January 2024

2,110,650

8,030

2,118,680

Charge for year

625,379

2,668

628,047

At 31 December 2024

2,736,029

10,698

2,746,727

NET BOOK VALUE

At 31 December 2024

-

26,768

26,768

At 31 December 2023

625,379

29,436

654,815

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

5,520

14,371

19,891

Additions

2,969

1,711

4,680

Disposals

-

(5,070

)

(5,070

)

At 31 December 2024

8,489

11,012

19,501

DEPRECIATION

At 1 January 2024

368

6,722

7,090

Charge for year

1,302

3,126

4,428

Eliminated on disposal

-

(2,827

)

(2,827

)

At 31 December 2024

1,670

7,021

8,691

NET BOOK VALUE

At 31 December 2024

6,819

3,991

10,810

At 31 December 2023

5,152

7,649

12,801

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

33,693

Additions

1

Disposals

(33,694

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

33,693

Direct subsidiary undertaking

M.I.S Motorsport Ireland Limited, a trading company, registered in Ireland. As of 1 September 2024, the company has officially changed it's name to M.I.S Commercial Limited. On the 30th September 2024, the company was sold to Kingfisher Insurance Services Limited.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

73,863

204,821

Amounts owed by group undertakings

4,806,271

335,803

Other debtors

43,457

20,485

4,923,591

561,109

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

-

160,333

Tax

119,621

102,253

Social security and other taxes

(348

)

18,965

Other creditors

6,242

5,938

Accruals and deferred income

23,640

44,010

149,155

331,499

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

20,000

20,000

Between one and five years

48,986

68,986

68,986

88,986

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

4,737

4,446

Other provisions

-

15,000

4,737

19,446

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2024

4,446

15,000

Provided during year

291

-

Credit to Income Statement during year

-

(15,000

)

Balance at 31 December 2024

4,737

-

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

The audit report was signed on 29 December 2025.

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of some employees and makes contributions to the personal pension schemes of the directors. The assets of the scheme are administered by trustees in a fund independent from those of the company.

The total contributions paid in the year amounted to £13,891 (2023: £13,826).

Included within creditors at the year end is an amount owed to the pension scheme totalling £6,348 (2023: £2,144).

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE PARENT COMPANY

The ultimate parent company at the year end is Ornella Group Limited, a company registered in Ireland.