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Registered number: 02894323









TEAM WEST LIMITED









GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TEAM WEST LIMITED
 
 
COMPANY INFORMATION


Directors
Knut Wilberg 
James Swift 
Kari Wilberg 




Company secretary
James Swift



Registered number
02894323



Registered office
St Mary's House
Netherhampton

Salisbury

Wiltshire

SP2 8PU




Independent auditors
Clifford Fry & Co LLP (Statutory auditors)

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
TEAM WEST LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of income and retained earnings
9
Consolidated balance sheet
10
Company balance sheet
11 - 12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 38


 
TEAM WEST LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
Vision
We remain focused on our vision of producing excellent pizzas and delivering them fast!
Organisational Structure and Governance
The Board convenes on a quarterly basis and is chaired by the MD. The Board consists of three working directors. Weekly meetings are held with the senior leadership team, with representation from Sales, Operations, Finance and IT. 

Business review
 
The year has been affected by the cost of living crisis, and like everyone, we have had to adapt to the economic conditions and continue to service our customers' needs. Fortunately, there has been a move from restaurants to takeaway food to save money over the period and this has allowed us to maintain a good level of turnover and profitability.
Turnover decreased 6.5% compared to the same period in the prior year - £12.4m compared to £13.3m.
The Gross Profit Margin of 34.5% showed a decrease against the previous year of 39.5%. The operational net return for the Group was -£7,336 which is a -0.06% return on the overall revenue.

Principal risks and uncertainties
 
Quality of service
The Group has vast experience of making and delivering pizzas through robust procedure, operational and marketing systems which are reviewed on a regular basis.  We constantly strive to improve the quality of our overall procedures and continue to invest to achieve this.
• The Market Place
Although, we do not have control over the wider economy, the confidence is that for the foreseeable future there will always be a demand for home delivered food. This is reinforced by the population generally reducing travel and reducing the use of in house hospitality and food venues which continues to improve the takeaway market place.
The directors therefore remain optimistic that opportunities still exist to expand, and that the business continues to be in a strong and stable position to take advantage of the future potential in the market place.
• Quality of staff
Our staff remain our priority and we still appraise and train all of our staff to be the best they can to ensure the quality of our services. We are here to service our customers, and we never forget that continued growth is not possible if our staff are not able to service their needs.

Page 1

 
TEAM WEST LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Financial key performance indicators
 
Sales decline 6.5% (2022 - Sales growth 7.4%)
• Gross Profit Margin 34.5% (2022 39.5%)
• Overheads 34.2% (2022 33.8%)
• Operating Profit Margin -0.06% (2022 5.8%)
• Net Assets £0.91m (2022  £1.55m)

Other key performance indicators
 
Future Developments
We anticipate this year will be a similar year to the previous one with growth being limited by the present economic slowdown.


This report was approved by the board on 31 January 2024 and signed on its behalf.



................................................
James Swift
Director

Page 2

 
TEAM WEST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £27,009 (2022 - £480,357).

The directors have paid a final dividend of £675,008 (2022 - £664,809).

Directors

The directors who served during the year and their interests in the Group's issued share capital were:

Ordinary shares
of £1 each

31/3/23

1/4/22


Knut Wilberg 
1,250
1,250
James Swift 
2,500
2,500
Kari Wilberg 
1,250
1,250


Future developments

The Group continues to trade successfully with no material future developments planned.

Page 3

 
TEAM WEST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Engagement with employees

To deliver great food we need our employees to be skilled and confident. Employees have the opportunity to develop a range of transferable skills from the moment they start. In terms of communicating and listening to our teams, we have regular meetings with our staff and engage with them on developments within the Group There are also regular cascade meetings with area managers and managers, the managers will then relay anything they feel they need to share with their teams. The Group has a wallet incentive scheme where employees collect pieces of pizza which can then be exchanged for vouchers and a referral scheme to encourage existing staff to find new employees.

Disabled employees

The Group gives full consideration to applications for employment from people with disabilities where the requirements of the job can be adequately fulfilled by such a person. Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsClifford Fry & Co LLP (Statutory auditors)will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2024 and signed on its behalf.
 





................................................
James Swift
Secretary

Page 4

 
TEAM WEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM WEST LIMITED
 

Opinion


We have audited the financial statements of Team West Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
TEAM WEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM WEST LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TEAM WEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM WEST LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to,  the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
TEAM WEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM WEST LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Allenby FCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditors)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

31 January 2024
Page 8

 
TEAM WEST LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,401,235
13,266,335

Cost of sales
  
(8,127,161)
(8,021,229)

Gross profit
  
4,274,074
5,245,106

Distribution costs
  
(269,023)
(326,265)

Administrative expenses
  
(3,969,884)
(4,154,235)

Other operating income
 5 
-
25,261

Operating profit
 6 
35,167
789,867

Interest receivable and similar income
 10 
-
67

Interest payable and similar expenses
 11 
(42,503)
(23,382)

(Loss)/profit before tax
  
(7,336)
766,552

Tax on (loss)/profit
 12 
34,345
(286,195)

Profit after tax
  
27,009
480,357

  

  

Retained earnings at the beginning of the year
  
1,549,220
1,733,672

Profit for the year attributable to the owners of the parent
  
27,009
480,357

Dividends declared and paid
  
(675,008)
(664,809)

Retained earnings at the end of the year
  
901,221
1,549,220

  

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 38 form part of these financial statements.

Page 9

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
391,794
394,544

Tangible assets
 15 
895,109
949,075

  
1,286,903
1,343,619

Current assets
  

Stocks
 17 
60,532
57,649

Debtors: amounts falling due within one year
 18 
3,105,604
2,773,011

Cash at bank and in hand
 19 
25,295
46,587

  
3,191,431
2,877,247

Creditors: amounts falling due within one year
 20 
(3,220,390)
(2,302,861)

Net current (liabilities)/assets
  
 
 
(28,959)
 
 
574,386

Total assets less current liabilities
  
1,257,944
1,918,005

Creditors: amounts falling due after more than one year
 21 
(291,487)
(236,106)

Provisions for liabilities
  

Deferred taxation
 25 
(60,236)
(127,679)

  
 
 
(60,236)
 
 
(127,679)

Net assets
  
906,221
1,554,220


Capital and reserves
  

Called up share capital 
 26 
5,000
5,000

Profit and loss account
 27 
901,221
1,549,220

Equity attributable to owners of the parent Company
  
906,221
1,554,220


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




................................................
James Swift
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 10

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
27,500
30,250

Tangible assets
 15 
592,619
578,725

Investments
 16 
403,444
403,444

  
1,023,563
1,012,419

Current assets
  

Stocks
 17 
24,896
23,710

Debtors: amounts falling due within one year
 18 
4,538,722
4,160,197

Cash at bank and in hand
 19 
297
1,187

  
4,563,915
4,185,094

Creditors: amounts falling due within one year
 20 
(4,393,659)
(3,366,886)

Net current assets
  
 
 
170,256
 
 
818,208

Total assets less current liabilities
  
1,193,819
1,830,627

  

Creditors: amounts falling due after more than one year
 21 
(287,598)
(236,106)

Provisions for liabilities
  

Deferred taxation
 25 
-
(65,478)

  
 
 
-
 
 
(65,478)

Net assets excluding pension asset
  
906,221
1,529,043

Net assets
  
906,221
1,529,043


Capital and reserves
  

Called up share capital 
 26 
5,000
5,000

Profit and loss account brought forward
  
1,524,043
1,733,672

Profit for the year
  
52,186
455,180

Other changes in the profit and loss account

  

(675,008)
(664,809)

Profit and loss account carried forward
  
901,221
1,524,043

  
906,221
1,529,043


Page 11

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.


................................................
James Swift
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 12

 
TEAM WEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
27,009
480,357

Adjustments for:

Amortisation of intangible assets
2,750
24,750

Depreciation of tangible assets
199,301
244,059

Loss on disposal of tangible assets
(17,450)
33,299

Government grants
-
(1,561)

Interest paid
42,503
23,382

Interest received
-
(67)

Taxation charge
(34,345)
286,195

(Increase)/decrease in stocks
(2,883)
3,896

(Increase) in debtors
(76,957)
(26,596)

(Increase) in amounts owed by group
31,325
(620,753)

(Increase) in amounts owed by participating interests
(271,976)
(70,451)

Increase in creditors
321,332
47,557

Increase in amounts owed to group
246,916
268,498

Increase in amounts owed to participating interests
134,226
279,223

Corporation tax (paid)
(104,712)
(407,599)

Net cash generated from operating activities

497,039
564,189


Cash flows from investing activities

Purchase of intangible fixed assets
-
(55,000)

Purchase of tangible fixed assets
(217,640)
(448,457)

Sale of tangible fixed assets
89,755
157,859

Government grants received
-
1,561

Interest received
-
67

HP interest paid
(24,574)
(12,183)

Net cash from investing activities

(152,459)
(356,153)
Page 13

 
TEAM WEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
59,938
-

Repayment of loans
-
(101,274)

Repayment of/new finance leases
19,032
1,718

Dividends paid
(675,008)
(664,809)

Interest paid
(17,929)
(11,199)

Net cash used in financing activities
(613,967)
(775,564)

Net (decrease) in cash and cash equivalents
(269,387)
(567,528)

Cash and cash equivalents at beginning of year
(39,914)
527,614

Cash and cash equivalents at the end of year
(309,301)
(39,914)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
25,295
46,587

Bank overdrafts
(334,596)
(86,501)

(309,301)
(39,914)


The notes on pages 16 to 38 form part of these financial statements.

Page 14

 
TEAM WEST LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

46,587

(21,292)

25,295

Bank overdrafts

(86,501)

(248,095)

(334,596)

Debt due after 1 year

(197,167)

(46,050)

(243,217)

Debt due within 1 year

(128,612)

(16,144)

(144,756)

Finance leases

(89,286)

(19,032)

(108,318)


(454,979)
(350,613)
(805,592)

The notes on pages 16 to 38 form part of these financial statements.

Page 15

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Team West Limited is a private company limited by share capital, incorporated and registered in England and Wales. The principal activity of the Company and its subsidiaries is that of making and delivering pizzas. The Group's registered office and number are detailed on the Company information page. The Group trades from multiple addresses but the principal place of business is 301 Windrush, Highworth, Swindon, SN6 7ED.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The financial statements are presented in Sterling (£) and rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2016.

Audit exempt subsidiaries
The subsidiaries Bath Pizza Limited (05129511), DJS Pizza Limited (04533102) and Yate Pizza Limited (05353089) are exempt from the requirements of the act relating to the audit of individual accounts. This is due to the parent company filing a statement s479c.

Page 16

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Franchise fee
-
5
years
Legal and acquisition costs
-
5
years
Goodwill
-
10
years
Lease premium
-
20
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, both reducing balance and straight line.

Depreciation is provided on the following basis:

Property improvements
-
10-20% Reducing balance/Straight line
Plant and machinery
-
15-25% Reducing balance
Motor vehicles
-
20% Reducing balance
Fixtures and fittings
-
15% Reducing balance
Office equipment
-
15% Reducing balance
Integral Features
-
15% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that the financial statements are materially impacted by their use of judgements.


4.


Turnover

2023
2022
£
£

Pizza sales
12,401,235
13,266,335

12,401,235
13,266,335


All turnover arose within the United Kingdom.

Page 21

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
1,561

Insurance claims receivable
-
550

JRS income
-
23,150

-
25,261



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
50,221
52,770


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,470
20,550

Page 22

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,896,803
3,644,206
1,914,860
1,689,571

Cost of defined contribution scheme
41,961
36,853
22,307
17,980

-
-
-
-

3,938,764
3,681,059
1,937,167
1,707,551

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,896,803
3,644,206
1,914,860
1,689,571

Cost of defined contribution scheme
41,961
36,853
22,307
17,980

3,938,764
3,681,059
1,937,167
1,707,551


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
294
290
142
150


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
9,096
8,844

9,096
8,844


Page 23

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
-
67

-
67


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
16,431
9,668

Other loan interest payable
1,498
1,531

Finance leases and hire purchase contracts
24,574
12,183

42,503
23,382


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
33,098
158,516


Deferred tax


Origination and reversal of timing differences
(67,443)
127,679


Taxation on (loss)/profit on ordinary activities
(34,345)
286,195
Page 24

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(7,336)
766,552


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(1,394)
145,645

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,407
4,529

Capital allowances for year in excess of depreciation
31,085
8,342

Other timing differences leading to an increase (decrease) in taxation
(67,443)
127,679

Total tax charge for the year
(34,345)
286,195


13.


Dividends

2023
2022
£
£


Dividends
675,008
664,809

675,008
664,809

Page 25

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Intangible assets

Group





Franchise fee
Legal & acquisition costs
Lease premium
Goodwill
Total

£
£
£
£
£



Cost


At 1 April 2022
15,000
11,623
55,000
689,794
771,417



At 31 March 2023

15,000
11,623
55,000
689,794
771,417



Amortisation


At 1 April 2022
15,000
11,623
24,750
325,500
376,873


Charge for the year on owned assets
-
-
2,750
-
2,750



At 31 March 2023

15,000
11,623
27,500
325,500
379,623



Net book value



At 31 March 2023
-
-
27,500
364,294
391,794



At 31 March 2022
-
-
30,250
364,294
394,544



Page 26

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
           14.Intangible assets (continued)

Company




Franchise fee
Lease premium
Goodwill
Total

£
£
£
£



Cost


At 1 April 2022
7,500
55,000
59,000
121,500



At 31 March 2023

7,500
55,000
59,000
121,500



Amortisation


At 1 April 2022
7,500
24,750
59,000
91,250


Charge for the year
-
2,750
-
2,750



At 31 March 2023

7,500
27,500
59,000
94,000



Net book value



At 31 March 2023
-
27,500
-
27,500



At 31 March 2022
-
30,250
-
30,250

Page 27

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Tangible fixed assets

Group






Property improve-ments and integral features
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
1,111,505
258,265
468,555
910,191
159,645
2,908,161


Additions
22,121
2,850
185,034
4,785
2,850
217,640


Disposals
(30,867)
-
(127,843)
-
-
(158,710)



At 31 March 2023

1,102,759
261,115
525,746
914,976
162,495
2,967,091



Depreciation


At 1 April 2022
842,156
116,522
191,709
695,521
113,178
1,959,086


Charge for the year on owned assets
49,210
24,094
53,171
32,738
7,289
166,502


Charge for the year on financed assets
-
-
32,799
-
-
32,799


Disposals
(8,745)
-
(77,660)
-
-
(86,405)



At 31 March 2023

882,621
140,616
200,019
728,259
120,467
2,071,982



Net book value



At 31 March 2023
220,138
120,499
325,727
186,717
42,028
895,109



At 31 March 2022
269,349
141,743
276,846
214,670
46,467
949,075

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
169,311
83,488

169,311
83,488

Page 28

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.Tangible fixed assets (continued)


Company






Property improve-ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 April 2022
607,905
223,766
438,812
279,902
1,550,385


Additions
22,121
2,850
169,258
2,300
196,529


Disposals
-
-
(120,860)
-
(120,860)



At 31 March 2023

630,026
226,616
487,210
282,202
1,626,054



Depreciation


At 1 April 2022
442,506
107,140
170,993
251,021
971,660


Charge for the year on owned assets
28,128
17,815
50,963
4,592
101,498


Charge for the year on financed assets
-
-
32,008
-
32,008


Disposals
-
-
(71,731)
-
(71,731)



At 31 March 2023

470,634
124,955
182,233
255,613
1,033,435



Net book value



At 31 March 2023
159,392
101,661
304,977
26,589
592,619



At 31 March 2022
165,399
116,626
267,819
28,881
578,725






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
160,607
83,488

160,607
83,488

Page 29

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
403,444



At 31 March 2023
403,444





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Bath Pizza Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%
Beast Pizza Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%
DJS Pizza Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%
Yate Pizza Limited
St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU
Ordinary
100%

Page 30

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Bath Pizza Limited
63,050
101,037

Beast Pizza Limited
100
86,132

DJS Pizza Limited
1,000
197,388

Yate Pizza Limited
50,075
135,567


17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
60,532
57,649
24,896
23,710

60,532
57,649
24,896
23,710



18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
200
200
200
200

Amounts owed by connected companies
1,765,928
1,797,253
3,363,096
3,308,703

Amounts owed by associated undertakings
832,805
560,829
832,805
560,829

Other debtors
400,877
312,038
288,540
243,831

Prepayments and accrued income
105,794
102,691
54,081
46,634

3,105,604
2,773,011
4,538,722
4,160,197


Page 31

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
25,295
46,587
297
1,187

Less: bank overdrafts
(334,596)
(86,501)
(328,109)
(79,482)

(309,301)
(39,914)
(327,812)
(78,295)


Page 32

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
334,596
86,501
328,109
79,482

Bank loans
142,500
128,612
142,500
128,612

Trade creditors
323,030
265,059
164,687
123,022

Amounts owed to connected companies
1,084,487
837,571
2,806,433
2,376,425

Amounts owed to other participating interests
521,013
386,787
521,013
386,289

Corporation tax
30,212
86,841
-
800

Other taxation and social security
518,253
277,490
262,197
134,292

Obligations under finance lease and hire purchase contracts
60,048
50,347
57,715
50,347

Other creditors
28,086
34,473
27,594
26,096

Accruals and deferred income
178,165
149,180
83,411
61,521

3,220,390
2,302,861
4,393,659
3,366,886



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Obligations under finance lease and hire purchase contracts
60,048
50,347
57,715
50,347

Bank loans
142,500
128,612
142,500
128,612

Bank overdrafts
334,596
86,501
328,109
79,482

537,144
265,460
528,324
258,441

There is a balance within Other creditors due to the director, James Swift, amounting to £2,256.

Details of security provided:

The hire purchase loan is secured on the assets concerned.
The bank loan is secured with a fixed and floating charge over the property or undertaking of the Company.
The bank overdraft is secured via a cross guarantee and debenture across the Team West Group.

Page 33

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
243,217
197,167
243,217
197,167

Net obligations under finance leases and hire purchase contracts
48,270
38,939
44,381
38,939

291,487
236,106
287,598
236,106



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
243,217
197,167
243,217
197,167

Net obligations under finance leases and hire purchase contracts
48,270
38,939
44,381
38,939

291,487
236,106
287,598
236,106

Details of security provided:

The hire purchase loan is secured on the assets concerned.
The bank loan is secured with a fixed and floating charge over the property or undertaking of the Company.




22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
142,500
128,612
142,500
128,612

Amounts falling due 1-2 years

Bank loans
243,217
197,167
243,217
197,167



385,717
325,779
385,717
325,779


Page 34

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
60,048
50,347
57,715
50,347

Between 1-5 years
48,270
38,939
44,381
38,939

108,318
89,286
102,096
89,286


24.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
25,295
46,587
-
1,187




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 35

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Deferred taxation


Group



2023


£






At beginning of year
(127,679)


Charged to profit or loss
67,443



At end of year
(60,236)

Company


2023


£






At beginning of year
(65,478)


Charged to profit or loss
65,478



At end of year
-

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(60,236)
(127,679)
-
(65,478)

(60,236)
(127,679)
-
(65,478)


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000 (2022 - 5,000) Ordinary shares of £1 each
5,000
5,000


Page 36

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

27.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £41,961 (2022 - £36,853) . Contributions totalling £15,478 (2022 - £12,175) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
117,963
149,380
64,518
65,000

Later than 1 year and not later than 5 years
296,581
358,827
121,581
174,132

Later than 5 years
118,626
174,343
-
11,967

533,170
682,550
186,099
251,099

Page 37

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

30.


Related party transactions

The Group is not disclosing transactions with its 100% subsidiaries as it is taking advantage of the exemption available under FRS 102 to not disclose transactions with subsidiaries if wholly owned.
During the year the Group made transfers totalling £35,525 (2022 - £620,751) with Thatcham Swift Limited, a company under common control. At the year end the Group was owed £1,750,572 by (2022 -  £1,786,097) Thatcham Swift Limited. 
During the year the Group made transfers totalling £104,437 (2022 – £147,420) with Thatcham Pizza Limited, a company under common control. At the year end the Group owed £337,918 to (2022 - £233,481) Thatcham Pizza Limited.
During the year the Group made transfers totalling £74,231 (2022 – £2,531) with KKWJS  Limited, a company under common control. At the year end the Group owed £270,500 to (2022 - £196,269 was owed by) KKWJS  Limited.
During the year the Group made transfers totalling £64,254 (2022 – £124,017) with TW Pizza  Limited, a company under common control. At the year end the Group owed £460,715 to (2022 - £396,461) TW Pizza  Limited.
During the year the Group made transfers totalling £399,021 (2022 - £52,306) with Text Management Limited, a company in which the director, Mr James Swift, is also a director. At the year end the Group owed £448,260 to (2022 - by £49,239) Text Management Limited.
During the year the Group made transfers totalling £265,000 (2022 – £231,304) with Text Management (Holdings)  Limited, a company in which the director, Mr James Swift, is also a director and shareholder. At the year end the Group owed £72,753 to (2022 - £337,753) Text Management (Holdings)  Limited.
During the year the Group made transfers totalling £239,807 (2022 - £36,967) with COT Automotive Investments Ltd, a company in which the director, Mr James Swift, is also a director and shareholder. At the year end the Group was owed £487,589 by (2022 -  £247,782) COT Automotive Investments Ltd.
During the year the Group made transfers totalling £32,170 (2022 - £38,280) with Gym Factory Swindon I Ltd, a company in which the director, Mr James Swift, is also a director and shareholder. At the year end the Group was owed £345,216 by (2022 -  £313,046) Gym Factory Swindon I Ltd.


31.


Controlling party

There is no overall controlling party.

Page 38