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Registered number: 14177274 (England and Wales)














TRACKSMITH UK LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
TRACKSMITH UK LIMITED
 
 
COMPANY INFORMATION


Director
M Taylor 




Registered number
14177274



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
TRACKSMITH UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 8


 
TRACKSMITH UK LIMITED
REGISTERED NUMBER:14177274

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
746,208
407,324

  
746,208
407,324

Current assets
  

Stocks
 5 
139,226
128,256

Debtors: due after more than one year
 6 
57,000
57,000

Debtors: due within one year
 6 
24,208
99,709

Cash at bank and in hand
  
70,827
20,172

  
291,261
305,137

Creditors: due within one year
 7 
(1,669,519)
(843,306)

Net current liabilities
  
 
 
(1,378,258)
 
 
(538,169)

Total assets less current liabilities
  
(632,050)
(130,845)

Creditors: due after more than one year
 8 
(24,541)
(26,917)

  

Net liabilities
  
(656,591)
(157,762)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(656,691)
(157,862)

  
(656,591)
(157,762)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.


The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

M Taylor
Director

Date: 26 November 2024

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

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 following principal accounting policies have been applied:

 
1.2

Going concern

The Company is reliant upon the continued support of its parent company, Tracksmith, Inc. The parent company is monitoring its cash reserves and cash flow projections closely but there are conditions that indicate a material uncertainty in relation to the going concern assumption of the parent company and their resulting ability to provide the necessary support to the Company.
The Director has assessed the ability of the parent company to provide this support based on the most recent results and cash flow forecasts and has concluded that, whilst there is uncertainty, there is sufficient working capital to provide the necessary support for the next twelve months. As a result, the Company has received a written confirmation from the parent company that it will continue to provide financial support for a period of at least twelve months from the date of signing these financial statements. For this reason, the Director has adopted the going concern basis in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 2

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

Turnover

Turnover from sale of goods is in relation to the sale of performance running gear, apparel and accessories. Turnover is recognised at the point of sale in store to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover 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

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
1.5

Operating leases: the Company 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.

Page 3

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.6

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
1.7

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10 years
Fixtures and fittings
-
5 years
Equipment
-
5 years

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 4

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.8

Stocks

Stocks are stated at the lower of cost or 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.

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. No impairment has been considered necessary to date.

 
1.9

Debtors

Debtors are measured at transaction price, less any impairment. They are subsequently measured at amortised cost using the effective interest method.

 
1.10

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. 

 
1.11

Creditors

Creditors are measured at the transaction price and subsequently measured at amortised cost using the effective interest method. Amounts owed to group undertakings are intercompany loans measured at cost. No interest is charged on the loans, which are repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

The auditor drew attention to note 1.2 to the accounts which indicates the existence of a material uncertainty which may cause significant doubt on the Company's ability to continue as a going concern.

The audit report was signed on 26 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the period was 10 (2023 - 4).




Page 5

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Leasehold Improvements
Fixtures and fittings
Equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
392,027
4,690
10,607
407,324


Additions
341,866
85,225
1,896
428,987


Disposals
(18,937)
-
-
(18,937)


Transfers between classes
(50,856)
50,856
-
-



At 31 January 2024

664,100
140,771
12,503
817,374



Depreciation


Charge for the year on owned assets
48,915
20,421
1,830
71,166



At 31 January 2024

48,915
20,421
1,830
71,166



Net book value



At 31 January 2024
615,185
120,350
10,673
746,208



At 31 January 2023
392,027
4,690
10,607
407,324

The tangible fixed assets were not brought into use until part way through the current year. Depreciaiton of any tangible fixed assets acquired prior to this date only commenced on the date when they assets were brought into use. 


5.


Stocks

2024
2023
£
£

Finished goods
139,226
128,256

139,226
128,256


Page 6

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Rent deposit
57,000
57,000

57,000
57,000


The Director considers the impact of discounting this balance to be immaterial to these financial statements. The rental deposit is expected to be recovered in 2027.

2024
2023
£
£

Due within one year

Trade debtors
2,976
-

Other debtors
-
59,250

Prepayments and accrued income
21,232
3,377

Deferred taxation
-
37,082

24,208
99,709



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
22,595

Amounts owed to group undertakings
1,607,626
774,873

Other taxation and social security
29,991
5,327

Other creditors
5,952
-

Accruals and deferred income
25,950
40,511

1,669,519
843,306



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
24,541
26,917

24,541
26,917


Page 7

 
TRACKSMITH UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year/period
37,082
-


Charged to the profit or loss
(37,082)
37,082



At end of year/period
-
37,082

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
-
37,082

-
37,082

The deferred tax asset has been calculated using the main rate of corporation tax at the balance sheet date, being 25%.


10.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than one year
95,000
87,083

Later than one year and not later than five years
245,417
340,417

340,417
427,500


11.


Controlling party

Tracksmith Corporation is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 2711 Centerville Rd, Delaware, Wilmington, Suite 400, 19808.


12.


Post balance sheet events

There were no adjusting or non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.

 
Page 8