Setford Racing Ltd

Setford Racing Ltd is a bespoke restoration company, specialising in historic cars. It is based in Droxford, Hampshire.

Founder, Dan Setford, previously worked for many years at one of the country’s leading restorers as a senior technician. But in 2010, he decided to set himself a new challenge and create his own business out of a pure passion for historic cars.

Matt Leech, Audit & Accounts Senior at Rothmans’ Havant office, along with Tax Manager, Ian Fielder, advised Dan on the options for trading and assisted in the incorporation of Setford Racing Ltd, while helping with registering for VAT and setting up a PAYE scheme for the business.

Since its launch, Setford Racing has proved highly successful. After starting out less than four years ago with one unit, the company now operates out of three on the site, and has a growing workforce.

Dan and his team use their expertise to work on every aspect of building and fabricating historic racing cars. They construct some of the world’s most specialist historic engines and vehicles, many of which take part in FIA sports car racing championships all over the world.

Dan has now expanded the business to include bespoke restoration for iconic high-end non-racing cars, such as Rolls-Royce, Bentley, as well as rare marques, for a worldwide customer base.

Last year, Dan also launched a dedicated maintenance and storage company, Hampshire Car Storage to meet international customer demand.

Since the beginning, Dan has relied on the support and advice he gets from Rothmans. As the business continues to grow, Rothmans have assisted with the feasibility review of the ability of the company to take on each employee, reviewing profitability and the amount of chargeable hours that new employees would have to achieve before adding a contribution to the company’s overheads.

Rothmans also advise on the tax position regarding capital expenditure for new equipment and improvements to the trading premises.

Dan says, “I always wanted to set up on my own and Matt, Ian and the team at Rothmans were of huge help in getting the company up and running.

“We have made a profit every year since we started and Rothmans have played an important role in that success. For example, they put the building blocks in place for the day-to-day accounting and bookkeeping processes handled by my partner. The only way we could take on the task of managing this ourselves is through the guidance and advice we received from Matt.

 “Rothmans also run the payroll on behalf of the company. We thought that taking this on ourselves would be a headache, taking many hours’ work each week, but they have made it fantastically simple for us.

“It’s very useful to know that Matt is always there for us at the end of a phone – especially when it comes to querying international financial processes, which are mindbogglingly complex!

“Rothmans also check our quarterly VAT return. We have customers all over the world and Rothmans’ advice on the correct VAT treatment of sales is extremely valuable.

“Any time we need information, we get clear straight answers from Rothmans. Whenever we have gone to Matt and the team with our ideas for expansion, such as setting up the storage arm, their advice and encouragement have allowed us to grow the business without it getting out of control.

“I also use them for my personal tax return.

“I would definitely recommend the firm to others – in fact, when people ask me, I always tell them to go straight to Rothmans!

Rothmans tick all the boxes – they are good value, the service is perfect and I am happy with everything they do for us.”

We have made a profit every year since we started and Rothmans have played an important role in that success.

Dan Setford, Founder, Setford Racing

Dealt with by:

Services covered: