Company Registration No. 03822178 (England and Wales)
TEAMWORKS KARTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
TEAMWORKS KARTING LIMITED
COMPANY INFORMATION
Directors
Mr J M Handley
Mr M A Bryant
Mrs S J Schehtman
Company number
03822178
Registered office
202 Fazeley Street
Birmingham
West Midlands
B5 5SE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
207 High Street
Erdington
Birmingham
B23 6SZ
TEAMWORKS KARTING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
TEAMWORKS KARTING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TEAMWORKS KARTING LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Teamworks Karting Limited for the year ended 28 February 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Teamworks Karting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Teamworks Karting Limited and state those matters that we have agreed to state to the Board of Directors of Teamworks Karting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teamworks Karting Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Teamworks Karting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Teamworks Karting Limited. You consider that Teamworks Karting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Teamworks Karting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
25 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEAMWORKS KARTING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,828
10,114
Tangible assets
5
789,693
781,832
Investments
6
60
60
794,581
792,006
Current assets
Stocks
103,030
79,702
Debtors
7
201,859
523,343
Cash at bank and in hand
883,842
745,006
1,188,731
1,348,051
Creditors: amounts falling due within one year
8
(436,373)
(439,424)
Net current assets
752,358
908,627
Total assets less current liabilities
1,546,939
1,700,633
Creditors: amounts falling due after more than one year
9
(116,667)
(282,029)
Provisions for liabilities
11
(123,388)
(120,480)
Net assets
1,306,884
1,298,124
Capital and reserves
Called up share capital
12
107
107
Revaluation reserve
84,040
84,040
Profit and loss reserves
1,222,737
1,213,977
Total equity
1,306,884
1,298,124

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TEAMWORKS KARTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 and are signed on its behalf by:
Mr M A Bryant
Director
Company Registration No. 03822178
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information

Teamworks Karting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 202 Fazeley Street, Birmingham, West Midlands, B5 5SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
7% on cost
Plant and equipment
20% on reducing balance
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -

Individual plant and equipment are revalued every three to five years, with the surplus or deficit on book value being transferred to the revaluation reserve. A deficit in excess of any previously recognised surplus over depreciated cost relating to the same plant or equipment, or the reversal of such deficit, is charged or credited to the profit and loss account. A deficit that represents a clear consumption of economic benefits is charged to the profit and loss account regardless of any such previous surplus.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.12

Management charges

Management charges paid represent amounts paid to subsidiary undertakings to contribute towards overheads.

2
Exceptional costs/(income)
2023
2022
£
£
Loans written off
241,251
(10)

During this year and in the previous year, loans to connected parties have been written off at the agreement of the directors.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 15 (2022 - 15).

TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
37,000
Amortisation and impairment
At 1 March 2022
26,886
Amortisation charged for the year
5,286
At 28 February 2023
32,172
Carrying amount
At 28 February 2023
4,828
At 28 February 2022
10,114
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2022
698,668
1,867,050
145,963
2,711,681
Additions
55,320
89,728
22,565
167,613
At 28 February 2023
753,988
1,956,778
168,528
2,879,294
Depreciation and impairment
At 1 March 2022
476,568
1,365,348
87,933
1,929,849
Depreciation charged in the year
33,404
118,280
8,068
159,752
At 28 February 2023
509,972
1,483,628
96,001
2,089,601
Carrying amount
At 28 February 2023
244,016
473,150
72,527
789,693
At 28 February 2022
222,099
501,703
58,030
781,832

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and equipment
-
0
48,601
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Investments
60
60
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2022 & 28 February 2023
60
Carrying amount
At 28 February 2023
60
At 28 February 2022
60
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,893
13,206
Amounts owed by group undertakings
156,800
488,172
Other debtors
35,166
21,965
201,859
523,343
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,000
90,523
Trade creditors
73,743
109,194
Amounts owed to group undertakings
53,729
31,180
Taxation and social security
155,716
95,854
Other creditors
103,185
112,673
436,373
439,424
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
116,667
282,029
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
10
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
-
25,212
Bank loans
166,667
372,552
166,667
397,764
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company, and by way of a government-backed guarantee.
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
123,388
120,480
12
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,073,000 Ordinary A of £0.0001p each
107
107
107
107
13
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14
Control

Ultimate parent company

The ultimate parent company is Teamworks Karting Holdings Limited, a company registered in England and Wales.

 

Ultimate controlling party

The ultimate controlling party is Mr M A Bryant and Mrs S J Schehtman, by virtue of their interest in the

ultimate parent company.

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