REGISTERED NUMBER: 09243026 (England and Wales)

ANDRETTI FORMULA E LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D Towriss

J Gregory

REGISTERED OFFICE:

Unit 1 Mead Court

Thorpe Mead

Thorpe Way Industrial Estate

Banbury

OX16 4RZ

REGISTERED NUMBER:

09243026 (England and Wales)

SENIOR STATUTORY AUDITOR:

M Harrison BA FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

Granville Hall

Granville Road

Leicestershire

LE1 7RU

FIXED ASSETS

Intangible assets

4

70,030

64,029

Tangible assets

5

483,270

817,816

553,300

881,845

CURRENT ASSETS

Debtors

6

2,739,945

2,483,353

Cash at bank and in hand

1,231,917

5,592

3,971,862

2,488,945

CREDITORS

Amounts falling due within one year

7

(805,747

)

(22,306,402

)

NET CURRENT ASSETS/(LIABILITIES)

3,166,115

(19,817,457

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,719,415

(18,935,612

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Capital contribution

25,887,297

-

Retained earnings

(22,167,982

)

(18,935,712

)

SHAREHOLDERS' FUNDS

3,719,415

(18,935,612

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

J Gregory - Director

1.	STATUTORY INFORMATION

Andretti Formula E 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 presentation currency of the financial statements is the Pound Sterling (£).

Figures in the accounts are rounded to the nearest £.

The principal activity of the company in the year under review was that of an automobile racing team.

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 as modified by the revaluation of certain assets.

Going concern

2025 was another challenging year for Andretti Formula E Limited. A number of factors have influenced the business:

- Global inflation meant costs across the board increased

- Many inflationary increases were mandated by the FIA (the sanctioning body) while others were discretionary

- The Cost Cap that was introduced in Season 9 helped limit the spending but was also subject to an inflationary increase

- Following the conclusion of Season 10, driver salaries were increased per previously agreed contracts

On a positive note, regarding the Cost Cap, it was confirmed that the team did indeed come in ‘under the cap’ for the second consecutive season. This was a positive reflection on cost control from the team

side.

In addition, although the sponsorship market continued to be a challenge and the team lost the previous title sponsor, the team was able to replace this loss with an equivalent level of support from the parent company group. The team does anticipate additional sponsorship deals for Season 12. However, as these deals are finalised, the directors have received confirmation that the ultimate parent company will continue to support the company for the foreseeable future. The parent company will also support the team for a minimum period of 12 months from the date of approval of these financial statements.

The team also improved its overall team standings from 10th place at end of Season 10 to 7th Place in Season 11, and will have a new manufacturer partner next year.

The directors have received all assurances that the ultimate parent company is willing and in a financial position to provide the necessary support for the foreseeable future. Taking this into account, the directors consider the going concern basis to be appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the operation of a racing car team and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises turnover when the amount of turnover 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.

Sponsorship turnover is recognised on the basis of individual contracts and is spread across the lifetime of the contract, with any conditional elements recognised on the fulfilment of relevant conditions.

Prize money turnover is recognised at the conclusion of the relevant Formula E season, including conditional elements.

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.

Other intangible assets are comprised of cryptocurrency held at fair value under the revaluation basis. Cryptocurrency is held at an amount based on market valuations and remeasured at fair value on an annual basis. Any gains on revaluation are recognised in profit or loss to the extent that any previous losses on revaluation were recognised in profit or loss, and otherwise are recognised in other comprehensive income. Any losses on revaluation are recognised in other comprehensive income to the extent that any previous gains on revaluation were recognised in other comprehensive income, and otherwise are recognised in profit or loss.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment: 5 years

Plant and Machinery: 3 to 15 years

Motor Vehicles: 2 to 5 years

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings.

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

Research & development tax reliefs are recognised when they meet the definition of an asset.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments

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

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.

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

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.

Debtors

Short-term debtors are measured at the transaction price.

Creditors

Short-term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost or valuation

At 1 October 2024

64,029

Revaluations

6,001

At 30 September 2025

70,030

Net book value

At 30 September 2025

70,030

At 30 September 2024

64,029

Cost or valuation at 30 September 2025 is represented by:

Other

intangible

assets

£

Valuation in 2025

70,030

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 October 2024

631,009

714,950

145,854

1,491,813

Additions

102,141

-

-

102,141

Disposals

(100,000

)

-

-

(100,000

)

At 30 September 2025

633,150

714,950

145,854

1,493,954

Depreciation

At 1 October 2024

228,761

402,502

42,734

673,997

Charge for year

120,912

179,011

36,764

336,687

At 30 September 2025

349,673

581,513

79,498

1,010,684

Net book value

At 30 September 2025

283,477

133,437

66,356

483,270

At 30 September 2024

402,248

312,448

103,120

817,816

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

328,189

1,017,629

Other debtors

47,000

47,000

Corporation Tax

1,656,463

(62

)

VAT

-

5,750

Prepayments and accrued income

708,293

1,413,036

2,739,945

2,483,353

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

-

17,279,568

Trade creditors

754,571

4,825,972

Foreign tax

(5,624

)

(5,757

)

VAT

18,770

-

Accruals and deferred income

38,030

206,619

805,747

22,306,402

8.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

151,092

86,198

Between one and five years

440,641

359,160

591,733

445,358

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

M Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

11.	RELATED PARTY DISCLOSURES

During the previous year, the company received loan amounts from Andretti Autosport Holding Company, LLC, a company under common ownership. The loan was unsecured, interest-free and repayable on demand. Interest of £Nil (2024 - £197,213) incurred by Andretti Autosport Holding Company, LLC on borrowings on behalf of the company was recharged to the company. The loan was waived as part of the acquisition arrangements for the wider group, and £Nil (2024 - £8,581,502) remains outstanding at the year end. Loan balances written off were included in other income. Trade-related balances receivable by the company from Andretti Autosport Holding Company, LLC of £11,620 (2024 - £Nil) are included within trade debtors. Trade-related balances payable by the company to Andretti Autosport Holding Company, LLC of £118,642 (2024 - £2,131,075) are included within trade creditors.

During the previous year, the company received loan amounts from Motorsport Investment Holdings LLC, a company under common ownership. The loan was unsecured, interest-free and repayable on demand. £Nil (2024 - £8,698,066) remains outstanding to Motorsport Investment Holdings LLC at the year end, as the loan was converted into a capital contribution during the year as part of the acquisition arrangements for the wider group, and it was included within other loans. Interest of £1,945,394 (2024: £nil) was charged on this loan.

Trade-related balances payable by the company to Andretti Formula E, LLC of £59,789 (2024 - £23,527) are included within trade creditors. Trade-related balances receivable by the company from Andretti Formula E, LLC of £Nil (2024 - £4,237) are included within trade debtors.

During the year, the company entered into transactions with Andretti United Extreme E Limited, a company under common ownership. Trade-related balances receivable by the company from Andretti United Extreme E Limited of £180,950 (2024 - £174,180) are included within trade debtors.

During the year, the company entered into transactions with Andretti Racing Limited, a company under common ownership. Trade-related balances receivable by the company from Andretti Racing Limited of £Nil (2024 - £169) are included within trade debtors.

12.	CAPITAL CONTRIBUTION

During the year, loan balances due to shareholders amounting to £25,887,297 were waived and recognised as a capital contribution within equity, reflecting the substance of the transaction.