Registration number: 02967253

European Minardi Team Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

European Minardi Team Limited

(Registration number: 02967253)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	6,555	18,649
Current assets
Stocks	6	2,062,314	2,167,952
Debtors	7	150,051	159,059
Cash at bank and in hand		115,840	94,830
		2,328,205	2,421,841
Creditors: Amounts falling due within one year	8	(8,280)	(135,939)
Net current assets		2,319,925	2,285,902
Total assets less current liabilities		2,326,480	2,304,551
Creditors: Amounts falling due after more than one year	8	(5,548,117)	(5,514,135)
Net liabilities		(3,221,637)	(3,209,584)
Capital and reserves
Called up share capital	9	100	100
Retained earnings		(3,221,737)	(3,209,684)
Shareholders' deficit		(3,221,637)	(3,209,584)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2026 and signed on its behalf by:
 

......................................... P G Stoddart Director

European Minardi Team Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdon.

The address of its registered office is:
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH
United Kingdom

These financial statements were authorised for issue by the Board on 10 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have considered the loss made in the current financial year, £12k (2024: profit £74k), and the £3.22m of net liabilities at the 2025 year end (2024: £3.21m) in their assessment of the company’s ability to continue as a going concern. The company expects to retain the support of its fellow subsidiary companies and directors, who have formally indicated that they will continue to support the company and not require any repayment of the balances due for a period of at least 12 months from the date of approval of these financial statements.

Given the extent to which it continues to be reliant on the support of its fellow subsidiaries, the Directors recognise a potential material uncertainty exists regarding the company’s ability to continue to operate as a going concern should such support be withdrawn. However, as there is no indication of this being the case as at the date of approval, the directors remain comfortable that the company is a going concern, and are therefore content to prepare the financial statements on a going concern basis with operations confirmed to be supported and continued for a period of at least 12 months.

European Minardi Team Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 September 2026 was Benjamin Hayes BSc FCA, who signed for and on behalf of Wenn Townsend.

The report did note a material uncertainty related to going concern, and drew attention to the going concern section of note 2 in the financial statements, which indicates that the continued support from the company’s fellow subsidiaries will be required in order for the company to continue its activities. There is no indication at the approval date that this support will be withdrawn. The audit opinion is therefore not modified in respect of this matter.

Key sources of estimation uncertainty

Valuation of stock held

The company holds a significant amount of stock of classic cars for future sale. These are included at the balance sheet at cost, subject to review by the directors to ensure that this figure remains less than or equal to net realisable value. Each car is listed with a sale price confirmed as being in excess of the cost it is held at on the balance sheet, although there is an element of uncertainty and judgement inherent in the assessment of value of this type of stock. The carrying amount is £2,062,314 (2024 -£2,167,952).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% straight line
Motor vehicles	25% straight line

European Minardi Team Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

European Minardi Team Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

European Minardi Team Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	612,855	1,201,299	1,814,154
Additions	2,733	-	2,733
Disposals	-	(16,812)	(16,812)
At 31 December 2025	615,588	1,184,487	1,800,075
Depreciation
At 1 January 2025	612,855	1,182,650	1,795,505
Charge for the year	205	4,995	5,200
Eliminated on disposal	-	(7,185)	(7,185)
At 31 December 2025	613,060	1,180,460	1,793,520
Carrying amount
At 31 December 2025	2,528	4,027	6,555
At 31 December 2024	-	18,649	18,649

5	Investments

2025 £

2024 £