Company registration number 03822178 (England and Wales)
TEAMWORKS KARTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TEAMWORKS KARTING LIMITED
COMPANY INFORMATION
Directors
Mr M A Bryant
Mrs S J Schehtman
Mr I Seager
(Appointed 9 May 2024)
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 29 FEBRUARY 2024
- 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 29 February 2024 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 https://www.icaew.com/regulation.

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
19 June 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEAMWORKS KARTING LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
4,828
Tangible assets
5
1,148,502
789,693
Investments
6
70
60
1,148,572
794,581
Current assets
Stocks
96,796
103,030
Debtors
7
368,708
201,859
Cash at bank and in hand
391,934
883,842
857,438
1,188,731
Creditors: amounts falling due within one year
8
(420,145)
(436,373)
Net current assets
437,293
752,358
Total assets less current liabilities
1,585,865
1,546,939
Creditors: amounts falling due after more than one year
9
(66,667)
(116,667)
Provisions for liabilities
11
(146,119)
(123,388)
Net assets
1,373,079
1,306,884
Capital and reserves
Called up share capital
12
107
107
Revaluation reserve
84,040
84,040
Profit and loss reserves
1,288,932
1,222,737
Total equity
1,373,079
1,306,884

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 29 February 2024 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 29 FEBRUARY 2024
29 February 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2024 and are signed on its behalf by:
Mr M A Bryant
Director
Company registration number 03822178 (England and Wales)
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 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 29 FEBRUARY 2024
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 cost and replacement 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 29 FEBRUARY 2024
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

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)
2024
2023
£
£
Loans written off
-
0
241,251

During 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:

2024
2023
Number
Number
Total
15
15
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
37,000
Amortisation and impairment
At 1 March 2023
32,172
Amortisation charged for the year
4,828
At 29 February 2024
37,000
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
4,828
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023
753,988
1,956,779
168,528
2,879,295
Additions
135,093
443,547
20,869
599,509
Disposals
(7,875)
(4,829)
(288)
(12,992)
At 29 February 2024
881,206
2,395,497
189,109
3,465,812
Depreciation and impairment
At 1 March 2023
509,972
1,483,629
96,001
2,089,602
Depreciation charged in the year
36,033
182,366
9,309
227,708
At 29 February 2024
546,005
1,665,995
105,310
2,317,310
Carrying amount
At 29 February 2024
335,201
729,502
83,799
1,148,502
At 28 February 2023
244,016
473,150
72,527
789,693
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
70
60
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
60
Additions
20
Disposals
(10)
At 29 February 2024
70
Carrying amount
At 29 February 2024
70
At 28 February 2023
60
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,992
9,893
Amounts owed by group undertakings
311,300
156,800
Other debtors
29,416
35,166
368,708
201,859
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
75,694
73,743
Amounts owed to group undertakings
68,823
53,729
Taxation and social security
113,423
155,716
Other creditors
112,205
103,185
420,145
436,373
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
66,667
116,667
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
10
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
116,667
166,667
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
2024
2023
£
£
Deferred tax liabilities
146,119
123,388
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.001p each
10,730,000
1,073,000
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 controlling interest in the ultimate parent company.

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