REGISTERED NUMBER: 02881061 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Classic Team Lotus Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J E Chapman

C K Chapman

Secretary:

C K Chapman

Registered office:

Potash Lane

Hethel

Norfolk

NR14 8EY

Registered number:

02881061 (England and Wales)

Accountants:

SMD Accounts LLP

Chartered Certified Accountants

The Vineyards

Knox Lane, Bardwell

Bury St. Edmunds

Suffolk

IP31 1AX

Fixed assets

Intangible assets

4

15,511

32,497

Tangible assets

5

133,107

212,370

Investments

6

120

120

148,738

244,987

Current assets

Stocks

1,531,088

1,479,132

Debtors

7

427,843

441,258

Cash at bank and in hand

658,840

492,493

2,617,771

2,412,883

Creditors

Amounts falling due within one year

8

305,355

347,301

Net current assets

2,312,416

2,065,582

Total assets less current liabilities

2,461,154

2,310,569

Provisions for liabilities

10

-

4,662

Net assets

2,461,154

2,305,907

Capital and reserves

Called up share capital

11

70

70

Capital redemption reserve

28

28

Retained earnings

2,461,056

2,305,809

Shareholders' funds

2,461,154

2,305,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

C K Chapman - Director

1.	Statutory information

Classic Team Lotus 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.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group.

The financial statements present information about the company as an individual entity and not about its group.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Thus directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

The sources of turnover are race car outing fees, sale of memorabilia and merchandising, fees for servicing cars, parts and labour, recharge of sub contractor labour and other costs.

a) Race car outing fees are recognised in the accounting period in which the outing occurs.

b) Revenue from memorabilia and merchandising is recognised in the period in which the sale occurred.

c) Fees for servicing cars are recognised in the accounting period in which the service is completed.

d) Parts and labour sales are recognised in the accounting period in which the customer takes delivery of the part or in which the service is completed

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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold

straight line over the life of the lease

Plant and machinery

15% - 20% per annum

Fixtures, fittings and equipment

15% - 20% per annum

Motor vehicles

15% - 20% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Leasing

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Royalties

Royalties received in respect of trademarks and copyrights are accounted for on an accruals basis and are presented within other operating income.

3.	Employees and directors

The average number of employees during the year was 21 (2024 - 22 ) .

4.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 January 2025

and 31 December 2025

57,667

Amortisation

At 1 January 2025

25,170

Charge for year

16,986

At 31 December 2025

42,156

Net book value

At 31 December 2025

15,511

At 31 December 2024

32,497

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 January 2025

673,374

634,313

1,307,687

Additions

-

6,653

6,653

Disposals

-

(123,983

)

(123,983

)

At 31 December 2025

673,374

516,983

1,190,357

Depreciation

At 1 January 2025

635,163

460,154

1,095,317

Charge for year

12,015

50,326

62,341

Eliminated on disposal

-

(100,408

)

(100,408

)

At 31 December 2025

647,178

410,072

1,057,250

Net book value

At 31 December 2025

26,196

106,911

133,107

At 31 December 2024

38,211

174,159

212,370

6.	Fixed asset investments

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Cost

At 1 January 2025

and 31 December 2025

100

20

120

Net book value

At 31 December 2025

100

20

120

At 31 December 2024

100

20

120

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

333,283

345,449

Other debtors

94,560

95,809

427,843

441,258

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

141,188

81,107

Taxation and social security

81,564

98,114

Other creditors

82,603

168,080

305,355

347,301

9.	Leasing agreements

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

2025

2024

£

£

Within one year

91,785

91,785

Between one and five years

53,541

145,326

145,326

237,111

10.	Provisions for liabilities

2024

£

Deferred tax

Accelerated capital allowances

4,662

Deferred

tax

£

Balance at 1 January 2025

4,662

Credit to Income Statement during year

(9,678

)

Balance at 31 December 2025

(5,016

)

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

70

Ordinary

£1

70

70

12.	Related party disclosures

During the year, the company paid £93,751 (2024: £95,012) to Hethel Investments Limited, an entity with a common director. The payments relate to the rental and insurance charges for the business premises.

During the year, the company paid £52,000 (2024: £52,000) to ACB Chapman Will Trust, an entity with a common trustee and director. This relates to services including the use of Trust assets, display and promotion of classic cars owned by the company and storage facilities for company assets including parts, documents and archive.