Contents of the Financial Statements
for the Period Ended 31 December 2025
Directors' report period ended
31 December 2025
The directors present their report with the financial statements of the company for the period ended 31 December 2025
Principal activities of the company
Directors’ report
The directors present their annual report and the audited financial statements for F50 League GB Limited (“the Company”) from 1 January 2025 to 31 December 2025.
SailGP (the “League”) is designed to be an annual sailing circuit featuring the world’s best sailors racing in identical 50 foot (‘F50’) advanced foiling catamarans. In fiscal year 2021 and 2022, a total of 7 and 8 events were held respectively. In fiscal year 2023 and 2024 a total of 10 and 8 events were held across three seasons. In fiscal year 2024 and 2025 a total of 8 and 12 events were held across two seasons. The long-term vision of the League is to build a commercially sustainable sports property that competes with global racing circuits with regular and repeated events in iconic locations.
Financial risk management objectives and policies
The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Company’s policies approved by the directors, which provide written principles on the use of financial derivatives to manage these risks. The Group does not use derivative financial instruments for speculative purposes.
Cash flow risk
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
Credit risk
The Company’s principal financial assets are cash and cash equivalents ,trade and other receivables.
The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, as there is minimal external receivables with the majority held within the Group. The ultimate parent company has provided a signed support letter that states it will provide financial support for a period of at least 12 months from the date of approval of these financial statements.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company has reviewed the cash flow forecasts and budgets for the Company and there is a reasonable expectation that the Company has sufficient resources, including additional support from the Group’s sole shareholder to continue in operational existence for the foreseeable future.
Directors
The directors of the company who were in office during the year and up until the date of signing the financial statements, were as follows:
Mr Andrew Thompson
Mr John Massie (Appointed: February 2025)
Future developments
The SailGP championship continues to grow with Season 6 having commenced in November 2025 with 12 events scheduled and 13 teams competing. The long-term vision of the League is to build a commercially sustainable sports property that competes with global racing circuits with regular and repeated events in iconic locations. Season 5 was a second year of operations at the boat building facility in Southampton with plans to add additional Teams to the League in Season 5, resulting in the facility building additional F50 Catamarans, and building critical spares to support damages and repairs during Events. This will result in increased revenue through intercompany recharges and additional mark-up in Season 5.
Directors’ indemnities
Oracle Racing Inc (the “Group”) has made qualifying third-party indemnity provisions for the benefit of its directors including for the Company, which were made during the year and remain in force at the date of approval of the financial statements.
Directors’ confirmations
In the case of each director in office at the date the Directors’ report is approved:
-so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and
-they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information
Dividends
For the year ended 31 December 2025, the Company had authorised and declared total dividends of nil (2024: nil).
Going concern
The directors have reviewed the cash flow forecasts and budgets for the Company and there is a reasonable expectation that the Company has sufficient resources, including additional support from the Group’s sole shareholder to continue in operational existence for the foreseeable future. The ultimate parent company has provided a signed support letter to that effect, for a period of at least 12 months from the date of approval of these financial statements. The directors have considered the ability and intent of the ultimate parent company to provide this support and is satisfied that this will remain available. Thus the directors continue to adopt the going concern basis in preparing the annual financial statements.
Subsequent events
The Company has completed its subsequent events evaluation for the period subsequent to the balance sheet date of 31 December 2025, through 23rd July 2026, the date the financial statements were approved to be issued. There are no events that require adjustment or disclosure in the financial statements.
Independent auditors
The auditors were appointed in accordance with the provisions of s487 of the Companies Act 2006.
PricewaterhouseCoopers LLP have expressed their willingness to continue in office as auditors and appropriate arrangements are being made for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
responsibilities statement
Statement of directors’ responsibilities in respect of the financial statements
The directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).
Under company law, 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 the financial statements, the directors are required to:
-select suitable accounting policies and then apply them consistently;
-state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
-make judgements and accounting estimates that are reasonable and prudent; and
-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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also 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.
Directors’ confirmations
In the case of each director in office at the date the directors’ report is approved:
-so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and
-they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Disabled Employees
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group and the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee engagement
The Company focuses on maintaining an engaged, high-performing workforce and operating its business responsibly. Engagement with staff continues through all-staff meetings and regular internal communications sharing business and financial updates. Various team forums enable colleagues to provide feedback, which directly informed the introduction of a new performance management tool to better align personnel with business objectives.
Streamlined Energy and Carbon Report
This statement presents F50 League GB Limited’s carbon footprint for Scope 1, 2 and 3 emissions based on SECR legislation. This is our first year of reporting against SECR. In reporting this year, F50 League GB Limited consumed 926,215 kWh of energy associated with Scope 1 and 2 emissions, across our UK based office in London, our boat building facility in Southampton, and our UK events held throughout the reporting period. The carbon dioxide emissions associated with this energy have been calculated for location-based scenarios at 1,539 of carbon dioxide equivalent (tCO2e), respectively. Due to varied data availability and formats, kWh is not always available for each scope 3 emissions category and has therefore not been disclosed, but management is working to enhance data capture processes to enable full energy disclosures in future reporting periods.
SailGP appoints a third-party sustainability consultancy to calculate its Greenhouse Gas (GHG) emissions in alignment with the GHG Protocol. The reported kWh and tonnes of CO2e in the table below have been rounded to whole units in order to simplify reporting. Data is verified to a limited level of assurance against ISO 14064-3: Greenhouse gases - Part 3: Specification with guidance for the validation and verification of greenhouse gas assertions standard.
Intensity ratio (tCO2e/FTE) 5.13
Directors’ confirmations
In the case of each director in office at the date the directors’ report is approved:
-so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and
-they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Company policy on disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group and the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Directors
The director shown below has held office during the whole of the period from
1 January 2025
to
31 December 2025
Andrew Thompson
The director shown below has held office during the period of
8 February 2025
to
31 December 2025
Jonathan Massie
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
24 July 2026
And signed on behalf of the board by:
Name: Andrew Thompson
Status: Director
Profit And Loss Account
for the Period Ended
31 December 2025
|
2025
|
2024
|
|
£
|
£
|
| Turnover: |
59,547
|
41,004
|
| Cost of sales: |
(
58,019
)
|
(
40,104
)
|
| Gross profit(or loss): |
1,528
|
900
|
| Administrative expenses: |
(
1,296
)
|
(
661
)
|
| Operating profit(or loss): |
232
|
239
|
| Interest receivable and similar income: |
|
44
|
| Interest payable and similar charges: |
(
33
)
|
|
| Profit(or loss) before tax: |
199
|
283
|
| Tax: |
(
65
)
|
(
232
)
|
| Profit(or loss) for the financial year: |
134
|
51
|
Balance sheet
As at
31 December 2025
|
Notes |
2025
|
2024
|
|
|
£
|
£
|
| Called up share capital not paid: |
|
0
|
0
|
| Fixed assets |
| Tangible assets: |
3 |
4,285
|
5,124
|
| Total fixed assets: |
|
4,285
|
5,124
|
| Current assets |
| Stocks: |
4 |
420
|
173
|
| Debtors: |
5 |
29,491
|
100,403
|
| Cash at bank and in hand: |
|
408
|
299
|
| Total current assets: |
|
30,319
|
100,875
|
| Creditors: amounts falling due within one year: |
6 |
(
13,886
)
|
(
85,415
)
|
| Net current assets (liabilities): |
|
16,433
|
15,460
|
| Total assets less current liabilities: |
|
20,718
|
20,584
|
| Total net assets (liabilities): |
|
20,718
|
20,584
|
| Capital and reserves |
| Called up share capital: |
|
1
|
1
|
| Share premium account: |
|
22,495
|
22,495
|
| Profit and loss account: |
|
(1,778 )
|
(1,912 )
|
| Total Shareholders' funds: |
|
20,718
|
20,584
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
This report was approved by the board of directors on
24 July 2026
and signed on behalf of the board by:
Name:
Andrew Thompson
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2025
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Intercompany recharges
In the current year, the principal activity of the Company was commercial management and operational
resources for the SailGP events and the London based headquarters. F50 League GB Limited incurs
charges and then recharges other group companies at cost with up to a 5% mark up on the events, personnel
related and London office costs, resulting in revenue being earned.
Tangible fixed assets depreciation policy
Owned Assets
Items of property, plant and equipment are stated at cost, less accumulated depreciation and impairment
losses. Subsequent expenditures for conversions and major improvements are also capitalised when they
appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the asset;
otherwise, they are charged to the statement of comprehensive loss as incurred.
Depreciation
Depreciation is calculated using the straight-line method based on cost of the property, plant and
equipment, less any estimated residual value. Depreciation is charged from the date the property, plant and
equipment are available for its intended use over the remaining useful life.
Estimated useful lives are as follows:
General plant and equipment 5 to 12 years
Computer equipment 3 years
Intangible fixed assets amortisation policy
Impairment of non-financial assets
The Company reviews the carrying amount of its non-financial assets at each balance sheet date to
determine if there is any indication the assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment
loss (if any).
When an impairment loss is identified the carrying value of the asset is reduced to the recoverable amount
and the impairment loss is recorded in the statement of comprehensive income. If, in a subsequent period,
the recoverable amount of the asset increases and the increase can be objectively related to an event
occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed
through the statement of comprehensive income.
Other accounting policies
Basis of preparation
The financial statements of the Company have been prepared in accordance with United Kingdom
The financial statements have been
prepared on an accrual basis and under the historical cost convention.
b. Foreign currencies
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
presented in pound
Transactions and balances
Transactions in foreign currencies are translated at the foreign currency exchange rate prevailing at the
date of the transaction or, where required for practicality, a rate approximating that rate. Monetary assets
or liabilities denominated in foreign currencies are translated at the balance sheet date at the foreign
exchange rate prevailing at that date. Foreign exchange differences are recognised in the statement of
comprehensive income.
c. Financial instruments
FRS 102 to all of its financial instruments.
Financial instruments comprise cash and cash equivalents, trade and other receivables, and trade and
other payables.
A financial instrument is recognised if the Company becomes a party to the contractual provisions of the
instrument.
All financial assets and liabilities are initially measured at transaction price (including transaction costs),
except for those financial assets classified as at fair value through profit or loss, which are initially
measured at fair value (which is normally the transaction price excluding transaction costs), unless the
arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the
financial asset or financial liability is measured at the present value of the future payments discounted at a
market rate of interest for a similar debt instrument.
assets expire or if the Company transfers the financial asset to another party without retaining control of
substantially all the risks and rewards o
obligations specified in the contract expire or are discharged or cancelled.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the
original effective interest rate.
a. Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents include cash on hand and deposits on call with
banks with original maturities of three months or less.
b. Receivables
Accounts receivable are amounts due from customers for services performed in the ordinary course of
business. If collection is expected in one year or less they are classified as current assets. If not, they are
presented as non-current assets.
c. Payables
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course
of business from suppliers. Accounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities.
Taxation
Taxation on the profit or loss for the year is the expected tax payable on the taxable income for the year
using tax rates enacted or substantively enacted at the end of the year, adjusted for differences between the
estimated and actual tax payable in prior years.
Taxation is recognised in the statement of comprehensive income.
Deferred tax arises from timing differences that are differences between taxable profits and total
comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date. Unrelieved tax losses and other
deferred tax assets are only recognised when it is probable that they will be recovered against the reversal
of deferred tax liabilities or other future taxable profits.
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.
Share capital
Ordinary shares are classified as equity instruments issued by the Company and are recorded at the amount
of the proceeds to be received, net of direct issue costs.
Notes to the Financial Statements
for the Period Ended 31 December 2025
-
2. Employees
|
2025 |
2024 |
| Average number of employees during the period |
300
|
171
|