ELECTRIC SEA RACING LIMITED

• ⚠

  Material uncertainty over going concern

  While the Directors have concluded that the adoption of the going concern basis is appropriate, this assessment relies on the successful execution of a number of mitigating actions identified by management. These include securing additional fund raising, managing working capital, reducing discretionary expenditures such as prize money, delaying payment of shareholders' loans, and cancelling non-revenue generating races. The Directors acknowledge that there is uncertainty in the successful delivery of these mitigating actions, and continue to monitor the E1 Group's financial position closely in light of these dependencies. The mitigating actions do not cover al the risks the E1 Group is facing, and there might be other risks that are currently not known or not material that could affect the E1 Group's financial position.

1. ELECTRIC SEA RACING LIMITED 2020-08-25 → present
2. ELECTRIC SEA-CRAFT RACING LIMITED 2020-08-12 → 2020-08-25

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“While the Directors have concluded that the adoption of the going concern basis is appropriate, this assessment relies on the successful execution of a number of mitigating actions identified by management. These include securing additional fund raising, managing working capital, reducing discretionary expenditures such as prize money, delaying payment of shareholders' loans, and cancelling non-revenue generating races. The Directors acknowledge that there is uncertainty in the successful delivery of these mitigating actions, and continue to monitor the E1 Group's financial position closely in light of these dependencies. The mitigating actions do not cover al the risks the E1 Group is facing, and there might be other risks that are currently not known or not material that could affect the E1 Group's financial position.”

Group structure

1. ELECTRIC SEA RACING LIMITED · parent
   1. E1 Racing Italia SRL 100% · Italy · maintain the E1 RaceBirds which will be located in Italy when not racing and market the E1 Championship in Italy
   2. TBE1Racing Limited 95% · United Kingdom · taking part in the UIM E1 Championship

Significant events

• “The 2024 season saw the launch of the E1 Championship with five races in Jeddah (Saudi Arabia), Venice (Italy), Puerto Banus (Spain), Monaco, and Lake Como (Italy). There were nine E1 Championship teams entered in the season, headed up by an exciting roster of celebrity team owners including Tom Brady, Will Smith, Virat Kohli, Marc Anthony and others.”
• “As at 31 December 2024, nine E1 RaceBirds of the initial batch of thirteen have been delivered, in addition to two prototypes. The remaining four E1 RaceBirds for batch 1 were delivered in January 2025.”
• “The most significant of these this year has been the PIF X Electric 360 partnership, launched in January 2024.”
• “The E1 Group is planning to have a second batch of generation 1 E1 RaceBirds and continuing its development, resulting in a generation 2 E1 RaceBird.”
• “On 8 June 2024, the C shares were re-designated as B shares.”
• “No adjusting events have been noted subsequent to year-end.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +4,606.2%

  £563,356 → £26,512,625

• Cash

  -87.6%

  £3,598,918 → £447,446

• Net assets

  -30%

  £20,489,941 → £14,349,740

• Employees

  +71.4%

  21 → 36

• Operating profit

  -3.8%

  -£6,537,933 → -£6,787,553

• Profit before tax

  -11.6%

  -£6,537,933 → -£7,296,565

• Wages

  +94.4%

  £1,331,170 → £2,587,402

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers