REGISTERED NUMBER: 13994152 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HIDAT LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Statement of Financial Position

9

Notes to the Financial Statements

10

DIRECTORS:

O Oakes

T N Murnane

REGISTERED OFFICE:

Unit 1504 Silverstone Park

Silverstone

NN12 8FU

REGISTERED NUMBER:

13994152 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Melville Leighton

AUDITORS:

Accura Audit Limited (Statutory Auditor)

Langley House,

53 Theobald Street,

Borehamwood

WD6 4RT

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of management and operation of a leading racing organisation, together with the delivery of associated research and development initiatives.

REVIEW OF BUSINESS

The profit for the year after tax amounted to £1,129,962 (2024: loss £3,459,677).

No dividends were paid during the year. The directors do not recommend payment of a final dividend.

DIRECTORS

O Oakes has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

W B Oakes - resigned 13 June 2025

M W C Sanwell-Lewis - appointed 9 May 2025

T N Murnane was appointed as a director after 31 December 2025 but prior to the date of this report.

M W C Sanwell-Lewis ceased to be a director after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Accura Audit Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

O Oakes - Director

15 September 2026

Opinion

We have audited the financial statements of Hidat Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks"), we assessed events or conditions that could indicate an incentive or pressure on management to commit fraud, or an opportunity to do so. Our risk assessment procedures included:

•enquiries of management and internal accounting staff regarding the company's policies and procedures for detecting and responding to fraud risks, the internal controls established to mitigate those risks, and whether they had knowledge of any actual, suspected or alleged fraud;

•discussions within the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner, managers and staff with experience of working with companies in this sector, which was relevant to the discussion of where fraud risks may arise.

We communicated identified fraud risks to the engagement team and remained alert to indications of fraud throughout the audit.

As required by auditing standards, we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular, we considered the risk that revenue is recorded in the wrong period, the risk that management may be able to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements.

Our audit procedures included evaluating the design, implementation and operating effectiveness of internal controls relevant to these risks. We also performed substantive procedures, including:

•reviewing journal entries against supporting documentation and checking for unusual journal descriptions;

•assessing significant accounting estimates for bias; and

•obtaining third party confirmations for all bank balance and material debtor and creditor balances.

Laws and regulations

Identifying and responding to risks of material misstatement due to non-compliance

We identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements. In making this assessment, we considered:

•our general commercial and trading industry experience;

•discussions with management, as required by auditing standards;

•inspection of the company's regulatory and legal correspondence; and

•discussions with the directors and other management about their policies and procedures for compliance with laws and regulations.

We communicated these risks throughout the engagement team and remained alert to indications of non-compliance throughout the audit.

The potential effect of laws and regulations on the financial statements varies considerably. The company is subject to UK laws and regulations, including the Companies Act 2006, financial reporting legislation, and taxation legislation (direct and indirect) in the countries in which it operates. We assessed compliance with these laws and regulations as part of our procedures on the related financial statement items.

The company is also subject to other laws and regulations where non-compliance could have a material effect on amounts or disclosures in the financial statements, for example through fines, litigation, or harm to the company's ability to operate. We identified the following as the areas most likely to have such an effect:

•health, safety, welfare and fire safety;

•anti-bribery, fraud and corruption;

•anti-money laundering regulations;

•EU and UK employment law; and

•Motorsport UK and Fédération Internationale de l'Automobile (FIA) regulations.

Auditing standards limit the required procedures for identifying non-compliance with these laws and regulations to enquiry of the directors and other management, and inspection of regulatory and legal correspondence, if any. If a breach of law or regulation is not disclosed to us or evident from relevant correspondence, our audit will not detect it.

There are inherent limitations in these procedures: the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is also higher than the risk of not detecting one due to error, as fraud may involve deliberate concealment, for example through forgery, intentional misrepresentation, or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian Melville Leighton (Senior Statutory Auditor)

for and on behalf of Accura Audit Limited (Statutory Auditor)

Langley House,

53 Theobald Street,

Borehamwood

WD6 4RT

15 September 2026

TURNOVER

-

-

Cost of sales

(341,241

)

(443,366

)

GROSS LOSS

(341,241

)

(443,366

)

Administrative expenses

(2,258,156

)

(3,016,311

)

OPERATING LOSS

(2,599,397

)

(3,459,677

)

Interest payable and similar expenses

6,940

-

LOSS BEFORE TAXATION

4

(2,592,457

)

(3,459,677

)

Tax on loss

5

3,722,419

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,129,962

(3,459,677

)

FIXED ASSETS

Tangible assets

7

292,860

559,051

CURRENT ASSETS

Debtors

8

131,813

914,378

Cash at bank

9

1,663

68,495

133,476

982,873

CREDITORS

Amounts falling due within one year

10

20,267,046

22,512,596

NET CURRENT LIABILITIES

(20,133,570

)

(21,529,723

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,840,710

)

(20,970,672

)

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

(19,850,710

)

(20,980,672

)

SHAREHOLDERS' FUNDS

(19,840,710

)

(20,970,672

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

O Oakes - Director

1.	STATUTORY INFORMATION

Hidat 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 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.

Functional and presentation currency

The company's functional and presentation currency is £ sterling. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed relevant information, including the annual budget, forecast future cash flows and the impact of events occurring after the balance sheet date.

As at 31 December 2025 the company had net liabilities of £19,840,710 compared with £20,960,672 at 31 December 2024. The company continues to rely on the financial support of companies under common control in order to meet its liabilities as they fall due.

The directors have obtained written confirmations from those companies that they will provide financial support for at least twelve months from the date of approval of these financial statements and will not seek repayment of existing balances during that period.

The directors have considered this support, together with the projected cash flows, and believe that the company will have adequate resources to continue in operational existence for the foreseeable future.

The reliance on continued financial support indicates the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. However, based on the level of financial support available, the directors consider that it remains appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

In applying the company’s accounting policies, the directors are required to make judgements and estimates that affect the amounts recognised in the financial statements.

Judgements involve decisions made when applying accounting policies in situations where the outcome is uncertain. The uncertainty is about how the accounting policy should be applied, rather than the numerical amount to report.

Estimates involve assumptions about future events or conditions that are inherently uncertain. The uncertainty is about quantifying an amount in the financial statements.

The directors base their judgements and estimates on historical experience and other factors they consider reasonable under the circumstances. Actual outcomes may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the period of revision if they affect only that period, or in the period of revision and future periods if both are affected.

Judgements

The directors have not made any critical judgements in applying the company’s accounting policies that are expected to have a material effect on the financial statements.

Estimates

The key sources of estimation uncertainty that could materially affect the financial statements are:

Doubtful Debt Provisions

Provisions for doubtful debts are determined based on the directors’ assessment of the recoverability of individual receivables. This assessment considers the ageing of balances, specific knowledge of customers’ financial circumstances, and historical patterns of default. The directors apply a prudent approach in estimating the likelihood of non-recovery.

Tangible fixed assets

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

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Fixtures and fittings

- 20% straight line

Computer equipment

- 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or

cancelled.

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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Finance costs are recognised in the profit and loss in the year in which they are incurred.

Cash and cash equivalents

Cash is represented by cash in hand and in 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 9 ) .

4.	LOSS BEFORE TAXATION

The loss is stated after charging:

31.12.25

31.12.24

as restated

£

£

Depreciation - owned assets

266,191

365,710

Loss on disposal of fixed assets

-

37,388

Auditors' remuneration

7,200

7,200

Foreign exchange differences

1,075

585

Pension costs

3,256

24,106

5.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.25

31.12.24

as restated

£

£

Current tax:

UK corporation tax

(3,722,419

)

-

Tax on loss

(3,722,419

)

-

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

as restated

£

£

Loss before tax

(2,592,457

)

(3,459,677

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(648,114

)

(864,919

)

Effects of:

Expenses not deductible for tax purposes

266,191

-

Deferred tax asset not recognised

381,923

864,919

Adjustment in respect of prior years (R&D tax credit)

(3,722,419

)

-

Total tax credit

(3,722,419

)

-

6.	PRIOR YEAR ADJUSTMENT

During the year, the directors identified that legal expenses of £10,000 relating to the year ended 31 December 2024 had not been recognised in the financial statements for that year. The omission has been corrected by restating the comparative figures.

The prior period adjustment reduced profit after taxation for the year ended 31 December 2024 by £10,000, increased accruals by £10,000, and reduced opening retained earnings at 1 January 2025 by £10,000.

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

1,234,716

DEPRECIATION

At 1 January 2025

675,665

Charge for year

266,191

At 31 December 2025

941,856

NET BOOK VALUE

At 31 December 2025

292,860

At 31 December 2024

559,051

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Trade debtors

45,000

4,792

Other debtors

86,813

909,586

131,813

914,378

9.	CASH AT BANK

31.12.25

31.12.24

as restated

£

£

Bank account no. 1

1,663

68,495

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Trade creditors

53,329

1,534

Amounts owed to group undertakings

20,086,937

22,401,738

Taxation and social security

-

7,512

Other creditors

126,780

101,812

20,267,046

22,512,596

The £20,086,937 balance classified as amounts owed to group undertakings represents sums owed to fellow group companies. In the prior year, this balance was presented within other creditors, as the company was not a member of the group at that time.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

as restated

£

£

100

Ordinary

£100

10,000

10,000

12.	RELATED PARTY DISCLOSURES

At 31 December 2025 the company owed £20,086,937 (2024: £22,401,738) to group companies. These balances are unsecured, interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

On 17 July 2024, the Company was sold by its then parent company, Hitech Global Holdings Limited, to Mr. O Oakes. As Mr. O Oakes had an existing controlling interest in Hitech Global Holdings Limited, the ultimate controlling party of the Company both before and after this transaction remained Mr. O Oakes by virtue of his indirect control through the parent company's shareholding structure.

On 1 October 2025, the Board approved the sale of the Company to Racing Knowledge HK Ltd, a company incorporated in Hong Kong, registered at 40th Floor, Dah Sing Financial Centre, No. 248 Queen's Road East, Wan Chai, Hong Kong. Racing Knowledge HK Ltd is the Company's immediate parent undertaking.

As at the date of approval of these financial statements, the ultimate controlling party is Mr L Guocai by virtue of his controlling shareholding in Racing Knowledge HK Ltd.

Racing Knowledge HK Ltd has not yet prepared consolidated financial statements incorporating the results of the Company.

14.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,256 (2024: £24,106). Contributions of £nil (2024: £7,512) were outstanding to the fund at the balance sheet date and are included in other creditors.

15.	DEFERRED TAXATION

As at 31 December 2025, the company had timing differences arising from fixed assets amounting to £103,473 (2024: £139,762) and trading tax losses of £6,272,350 (2024: £5,013,162) available to offset against future profits. No deferred tax asset has been recognised in respect of these due to the unpredictability of future profit streams.

Closing deferred tax has been calculated at the tax rates that are expected to apply for the period when the asset is realised or the liability is settled.