Teamsport Indoor Karting (Brighton) Ltd 07588058 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the operation of indoor go karting tracks. Digita Accounts Production Advanced 6.30.9574.0 true true 07588058 2022-07-01 2023-06-30 07588058 2023-06-30 07588058 bus:Consolidated 2023-06-30 07588058 core:RetainedEarningsAccumulatedLosses 2023-06-30 07588058 core:ShareCapital 2023-06-30 07588058 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07588058 core:BetweenTwoFiveYears 2023-06-30 07588058 core:MoreThanFiveYears 2023-06-30 07588058 core:WithinOneYear 2023-06-30 07588058 core:FurnitureFittingsToolsEquipment 2023-06-30 07588058 core:LandBuildings 2023-06-30 07588058 bus:SmallEntities 2022-07-01 2023-06-30 07588058 bus:Audited 2022-07-01 2023-06-30 07588058 bus:FullAccounts 2022-07-01 2023-06-30 07588058 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07588058 bus:RegisteredOffice 2022-07-01 2023-06-30 07588058 bus:Director1 2022-07-01 2023-06-30 07588058 bus:Director2 2022-07-01 2023-06-30 07588058 bus:Director3 2022-07-01 2023-06-30 07588058 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07588058 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 07588058 core:LandBuildings 2022-07-01 2023-06-30 07588058 core:LeaseholdImprovements 2022-07-01 2023-06-30 07588058 core:PlantMachinery 2022-07-01 2023-06-30 07588058 countries:EnglandWales 2022-07-01 2023-06-30 07588058 2022-06-30 07588058 core:FurnitureFittingsToolsEquipment 2022-06-30 07588058 core:LandBuildings 2022-06-30 07588058 2021-07-01 2022-06-30 07588058 2022-06-30 07588058 core:RetainedEarningsAccumulatedLosses 2022-06-30 07588058 core:ShareCapital 2022-06-30 07588058 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 07588058 core:BetweenTwoFiveYears 2022-06-30 07588058 core:MoreThanFiveYears 2022-06-30 07588058 core:WithinOneYear 2022-06-30 07588058 core:FurnitureFittingsToolsEquipment 2022-06-30 07588058 core:LandBuildings 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 07588058

Prepared for the registrar

Teamsport Indoor Karting (Brighton) Ltd

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Teamsport Indoor Karting (Brighton) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Teamsport Indoor Karting (Brighton) Ltd

Company Information

Directors

D Gaynor

D J Wilkinson

S A Wooldridge

Registered office

1 Endeavour Place
Coxbridge Business Park
Alton Road
Farnham
Surrey
GU10 5EH

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Teamsport Indoor Karting (Brighton) Ltd

(Registration number: 07588058)
Balance Sheet as at 30 June 2023

Notes

2023
 £

2022
 £

Fixed assets

 

Tangible assets

5

1,014,662

629,416

Current assets

 

Stocks

15,090

12,007

Debtors

6

150,544

184,528

 

165,634

196,535

Creditors: Amounts falling due within one year

7

(531,774)

(504,184)

Net current liabilities

 

(366,140)

(307,649)

Total assets less current liabilities

 

648,522

321,767

Deferred tax liabilities

(129,801)

(6,336)

Net assets

 

518,721

315,431

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

518,621

315,331

Total equity

 

518,721

315,431

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 


D J Wilkinson
Director

 

Teamsport Indoor Karting (Brighton) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Endeavour Place
Coxbridge Business Park
Alton Road
Farnham
Surrey
GU10 5EH

 

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' effective January 2016 and has taken advantage of the small company exemptions available in section 1A of FRS 102 to produce reduced disclosure accounts.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Luigi Topco Limited.

The financial statements of Luigi Topco Limited may be obtained from Companies House.

Going concern

As noted in the Directors Report, after reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Teamsport Indoor Karting (Brighton) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets is 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 over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the term of the lease

Plant and machinery

Over three to six years

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Teamsport Indoor Karting (Brighton) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
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.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

2023
 No.

2022
 No.

Average number of employees

27

28

 

Teamsport Indoor Karting (Brighton) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

4

Auditors' remuneration

Audit fees are borne by Go Karting For Fun Limited, a fellow subsidiary of Luigi Topco Limited, and are not recharged.

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 July 2022

840,883

162,375

1,003,258

Additions

90,904

462,652

553,556

At 30 June 2023

931,787

625,027

1,556,814

Depreciation

At 1 July 2022

264,480

109,362

373,842

Charge for the year

71,688

96,622

168,310

At 30 June 2023

336,168

205,984

542,152

Carrying amount

At 30 June 2023

595,619

419,043

1,014,662

At 30 June 2022

576,403

53,013

629,416

 

6

Debtors

2023
 £

2022
 £

Trade debtors

216

-

Amounts owed by group undertakings

-

102,368

Other debtors

114,556

28,750

Prepayments

35,772

53,410

 

150,544

184,528

 

7

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

45,337

277,588

Amounts owed to group undertakings

210,490

-

Other creditors

67,034

54,921

Accrued expenses

189,007

127,875

Corporation tax liability

19,906

43,800

531,774

504,184

 

Teamsport Indoor Karting (Brighton) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

8

Obligations under lease and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

256,432

256,432

Later than one year and not later than five years

1,025,728

1,025,728

Later than five years

833,931

1,090,363

2,116,091

2,372,523

The amount of non-cancellable operating lease payments recognised as an expense during the year was £256,432 (2022 - £242,840).

 

9

Contingent liabilities

The company is party to a cross guarantee arrangement with other group companies totalling £88,974,492 (2022 - £82,596,301).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is TeamSport Racing Limited, incorporated in England and Wales.

 The ultimate parent is Luigi Topco Limited, incorporated in England and Wales.

 

 

11

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 October 2023 was James Morter, who signed for and on behalf of Hazlewoods LLP.