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Registered number: 02894323









TEAM WEST LIMITED









GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
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 - 37


 
TEAM WEST LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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 continued to be 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 by 9% (2023 decreased by 7%) compared to the same period in the prior year - £11,308,420 compared to £12,401,235. 
The Gross Profit Margin of 36% showed a increase against the previous year of 34%. The operational net return for the company was £1,229,525 which is a 11% 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 2024

Financial key performance indicators
 
Sales decline 9% (2023 7%)
• Gross Profit Margin 36% (2023 34%)
• Overheads 37% (2023 34%)
• Operational Net Profit 11% (2023 -0.06%)
• Net Assets £1,810,896 (2023 £906,221) 

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 16 February 2025 and signed on its behalf.



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

Page 2

 
TEAM WEST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

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 £1,233,559 (2023 - £27,009).

The directors have paid a final dividend of £328,884 (2023 - £675,008).

Directors

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

Ordinary shares
of £1 each

31/3/24

1/4/23


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 2024

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 16 February 2025 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 2024, 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 2024 and of the Group's profit 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

16 February 2025
Page 8

 
TEAM WEST LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,308,868
12,401,235

Cost of sales
  
(7,240,066)
(8,127,161)

Gross profit
  
4,068,802
4,274,074

Distribution costs
  
(300,885)
(269,023)

Administrative expenses
  
(3,870,628)
(3,969,884)

Operating (loss)/profit
 5 
(102,711)
35,167

Profit on disposal of investment in subsidiaries
  
1,367,673
-

Interest receivable and similar income
 9 
354
-

Interest payable and similar expenses
 10 
(35,791)
(42,503)

Profit/(loss) before tax
  
1,229,525
(7,336)

Tax on profit/(loss)
 11 
4,034
34,345

Profit after tax
  
1,233,559
27,009

  

  

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

Profit for the year attributable to the owners of the parent
  
1,233,559
27,009

Dividends declared and paid
 12 
(328,884)
(675,008)

Retained earnings at the end of the year
  
1,805,896
901,221

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 37 form part of these financial statements.

Page 9

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
290,792
391,794

Tangible assets
 14 
843,876
895,109

  
1,134,668
1,286,903

Current assets
  

Stocks
 16 
55,892
60,532

Debtors: amounts falling due within one year
 17 
4,081,524
3,105,604

Cash at bank and in hand
 18 
151,515
25,295

  
4,288,931
3,191,431

Creditors: amounts falling due within one year
 19 
(3,390,787)
(3,220,390)

Net current assets/(liabilities)
  
 
 
898,144
 
 
(28,959)

Total assets less current liabilities
  
2,032,812
1,257,944

Creditors: amounts falling due after more than one year
 20 
(165,714)
(291,487)

Provisions for liabilities
  

Deferred taxation
 24 
(56,202)
(60,236)

  
 
 
(56,202)
 
 
(60,236)

Net assets
  
1,810,896
906,221


Capital and reserves
  

Called up share capital 
 25 
5,000
5,000

Profit and loss account
 26 
1,805,896
901,221

Equity attributable to owners of the parent Company
  
1,810,896
906,221


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 February 2025.




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

The notes on pages 16 to 37 form part of these financial statements.

Page 10

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
24,750
27,500

Tangible assets
 14 
620,971
592,619

Investments
 15 
305,092
403,444

  
950,813
1,023,563

Current assets
  

Stocks
 16 
26,140
24,896

Debtors: amounts falling due within one year
 17 
5,715,698
4,538,722

Cash at bank and in hand
 18 
297
297

  
5,742,135
4,563,915

Creditors: amounts falling due within one year
 19 
(4,699,642)
(4,393,659)

Net current assets
  
 
 
1,042,493
 
 
170,256

Total assets less current liabilities
  
1,993,306
1,193,819

  

Creditors: amounts falling due after more than one year
 20 
(164,158)
(287,598)

Provisions for liabilities
  

Deferred taxation
 24 
(18,252)
-

  
 
 
(18,252)
 
 
-

Net assets
  
1,810,896
906,221


Capital and reserves
  

Called up share capital 
 25 
5,000
5,000

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

Profit for the year
  
1,233,559
52,186

Other changes in the profit and loss account

  

(328,884)
(675,008)

Profit and loss account carried forward
  
1,805,896
901,221

  
1,810,896
906,221


Page 11

 
TEAM WEST LIMITED
REGISTERED NUMBER: 02894323
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 February 2025.


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

The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
TEAM WEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,233,559
27,009

Adjustments for:

Amortisation of intangible assets
2,750
2,750

Depreciation of tangible assets
165,411
199,301

Loss on disposal of tangible assets
(1,350,924)
(17,450)

Interest paid
35,791
42,503

Interest received
(354)
-

Taxation charge
(4,034)
(34,345)

Decrease/(increase) in stocks
4,640
(2,883)

(Increase) in debtors
(123,621)
(76,957)

(Increase) in amounts owed by group
165,850
31,325

(Increase) in amounts owed by participating interests
(978,432)
(271,976)

Increase in creditors
538,754
321,332

Increase in amounts owed to group
(15,560)
246,916

Increase in amounts owed to participating interests
(221,768)
134,226

Corporation tax (paid)
(69,929)
(104,712)

Net cash generated from operating activities

(617,867)
497,039


Cash flows from investing activities

Sale of intangible assets
98,252
-

Purchase of tangible fixed assets
(308,296)
(217,640)

Sale of tangible fixed assets
177,369
89,755

Sale of unlisted and other investments
1,367,673
-

Interest received
354
-

HP interest paid
(18,059)
(24,574)

Net cash from investing activities

1,317,293
(152,459)
Page 13

 
TEAM WEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
59,938

Repayment of loans
(146,091)
-

Repayment of/new finance leases
(63,816)
19,032

Dividends paid
(328,884)
(675,008)

Interest paid
(17,732)
(17,929)

Net cash used in financing activities
(556,523)
(613,967)

Net increase/(decrease) in cash and cash equivalents
142,903
(269,387)

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

Cash and cash equivalents at the end of year
(166,398)
(309,301)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
151,515
25,295

Bank overdrafts
(317,913)
(334,596)

(166,398)
(309,301)


The notes on pages 16 to 37 form part of these financial statements.

Page 14

 
TEAM WEST LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

25,295

126,220

151,515

Bank overdrafts

(334,596)

16,683

(317,913)

Debt due after 1 year

(243,217)

101,413

(141,804)

Debt due within 1 year

(144,756)

(232,429)

(377,185)

Finance leases

(108,318)

63,816

(44,502)


(805,592)
75,703
(729,889)

The notes on pages 16 to 37 form part of these financial statements.

Page 15

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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

Interest income

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

 
2.6

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.

 
2.7

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 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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 2024

2.Accounting policies (continued)

 
2.10

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

 
2.11

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 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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 2024

2.Accounting policies (continued)

 
2.18

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

 
2.19

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

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
11,282,543
12,392,835

Other income
13,257
-

Rent receivable
13,068
8,400

11,308,868
12,401,235


All turnover arose within the United Kingdom.

Page 21

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
49,651
50,221


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,000
21,470



7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,843,504
3,896,803
1,998,677
1,914,860

Cost of defined contribution scheme
40,968
41,961
22,025
22,307

3,884,472
3,938,764
2,020,702
1,937,167


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
257
294
140
142

Page 22

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
9,096
9,096

9,096
9,096



9.


Interest receivable

2024
2023
£
£


Other interest receivable
354
-

354
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
16,510
16,431

Other loan interest payable
169
1,498

Finance leases and hire purchase contracts
18,059
24,574

Other interest payable
1,053
-

35,791
42,503


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
33,098


Deferred tax


Origination and reversal of timing differences
(4,034)
(67,443)


Tax on profit/(loss)
(4,034)
(34,345)
Page 23

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,229,525
(7,336)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
307,381
(1,394)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
688
523

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,712
3,407

Capital allowances for year in excess of depreciation
13,553
30,562

Other timing differences leading to an increase (decrease) in taxation
(1,391)
(67,443)

Non-taxable income
(341,918)
-

Other tax charge (relief) on exceptional items
(14,750)
-

Losses
27,691
-

Total tax charge for the year
(4,034)
(34,345)


12.


Dividends

2024
2023
£
£


Dividends
328,884
675,008

328,884
675,008

Page 24

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets

Group





Franchise fee
Legal & acquisition costs
Lease premium
Goodwill
Total

£
£
£
£
£



Cost


At 1 April 2023
15,000
11,623
55,000
689,794
771,417


Disposals
-
-
-
(98,252)
(98,252)



At 31 March 2024

15,000
11,623
55,000
591,542
673,165



Amortisation


At 1 April 2023
15,000
11,623
27,500
325,500
379,623


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



At 31 March 2024

15,000
11,623
30,250
325,500
382,373



Net book value



At 31 March 2024
-
-
24,750
266,042
290,792



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



Page 25

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           13.Intangible assets (continued)

Company




Franchise fee
Lease premium
Goodwill
Total

£
£
£
£



Cost


At 1 April 2023
7,500
55,000
59,000
121,500



At 31 March 2024

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



Amortisation


At 1 April 2023
7,500
27,500
59,000
94,000


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



At 31 March 2024

7,500
30,250
59,000
96,750



Net book value



At 31 March 2024
-
24,750
-
24,750



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

Page 26

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


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 2023
1,102,759
261,115
525,746
914,976
162,495
2,967,091


Additions
83,147
118,664
79,092
16,363
11,030
308,296


Disposals
(76,606)
(34,499)
(157,960)
(76,380)
-
(345,445)



At 31 March 2024

1,109,300
345,280
446,878
854,959
173,525
2,929,942



Depreciation


At 1 April 2023
882,621
140,616
200,019
728,259
120,467
2,071,982


Charge for the year on owned assets
46,033
18,245
55,583
25,631
7,821
153,313


Charge for the year on financed assets
-
-
12,098
-
-
12,098


Disposals
(9,978)
(15,661)
(70,369)
(55,319)
-
(151,327)



At 31 March 2024

918,676
143,200
197,331
698,571
128,288
2,086,066



Net book value



At 31 March 2024
190,624
202,080
249,547
156,388
45,237
843,876



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

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


2024
2023
£
£



Motor vehicles
53,470
169,311

53,470
169,311

Page 27

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Company






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

£
£
£
£
£

Cost or valuation


At 1 April 2023
630,026
226,616
487,210
282,202
1,626,054


Additions
83,147
118,664
79,092
16,363
297,266


Disposals
(76,018)
-
(157,960)
-
(233,978)



At 31 March 2024

637,155
345,280
408,342
298,565
1,689,342



Depreciation


At 1 April 2023
470,634
124,955
182,233
255,613
1,033,435


Charge for the year on owned assets
26,777
18,245
53,530
4,770
103,322


Charge for the year on financed assets
-
-
11,373
-
11,373


Disposals
(9,390)
-
(70,369)
-
(79,759)



At 31 March 2024

488,021
143,200
176,767
260,383
1,068,371



Net book value



At 31 March 2024
149,134
202,080
231,575
38,182
620,971



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






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


2024
2023
£
£



Motor vehicles
45,492
160,607

45,492
160,607

Page 28

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
403,444


Disposals
(98,352)



At 31 March 2024
305,092





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 29

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 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
121,094

Beast Pizza Limited
-
-

DJS Pizza Limited
1,000
171,446

Yate Pizza Limited
50,075
107,287


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
55,892
60,532
26,140
24,896

55,892
60,532
26,140
24,896



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
30
200
30
200

Amounts owed by connected companies
1,600,078
1,765,928
3,455,925
3,363,096

Amounts owed by associated undertakings
1,811,237
832,805
1,811,237
832,805

Other debtors
582,905
400,877
402,294
288,540

Prepayments and accrued income
87,274
105,794
46,212
54,081

4,081,524
3,105,604
5,715,698
4,538,722


Page 30

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
151,515
25,295
297
297

Less: bank overdrafts
(317,913)
(334,596)
(317,913)
(328,109)

(166,398)
(309,301)
(317,616)
(327,812)


Page 31

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
317,913
334,596
317,913
328,109

Bank loans
97,822
142,500
97,822
142,500

Trade creditors
433,718
323,030
274,463
164,687

Amounts owed to connected companies
1,068,927
1,084,487
2,877,945
2,806,433

Amounts owed to other participating interests
299,245
521,013
298,959
521,013

Corporation tax
-
30,212
-
-

Other taxation and social security
521,881
518,253
318,068
262,197

Obligations under finance lease and hire purchase contracts
20,592
60,048
18,006
57,715

Other creditors
329,407
28,086
329,407
27,594

Accruals and deferred income
301,282
178,165
167,059
83,411

3,390,787
3,220,390
4,699,642
4,393,659



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Obligations under finance lease and hire purchase contracts
20,592
60,048
18,006
57,715

Bank loans
97,822
142,500
97,822
142,500

Bank overdrafts
317,193
334,596
317,913
328,109

435,607
537,144
433,741
528,324

There is a balance within Other creditors due to the director's as follows :-
James Swift, £234,856 (2023 - £2,256).
Knut Wilberg £7,212 (2023 - £NIL)
Kari Wilberg £37,324 (2023 - £NIL)

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 32

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
141,804
243,217
141,804
243,217

Net obligations under finance leases and hire purchase contracts
23,910
48,270
22,354
44,381

165,714
291,487
164,158
287,598



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
141,804
243,217
141,804
243,217

Net obligations under finance leases and hire purchase contracts
23,910
48,270
22,354
44,381

165,714
291,487
164,158
287,598

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.




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
97,822
142,500
97,822
142,500

Amounts falling due 1-2 years

Bank loans
141,804
243,217
141,804
243,217



239,626
385,717
239,626
385,717


Page 33

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
20,598
60,048
18,006
57,715

Between 1-5 years
23,910
48,270
22,354
44,381

44,508
108,318
40,360
102,096


23.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
151,515
25,295




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

Page 34

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Deferred taxation


Group



2024


£






At beginning of year
(60,236)


Charged to profit or loss
4,034



At end of year
(56,202)

Company


2024


£






Charged to profit or loss
(18,252)



At end of year
(18,252)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(56,202)
(60,236)
(18,252)
-

(56,202)
(60,236)
(18,252)
-


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £1 each
5,000
5,000



26.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 35

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


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 £40,968 (2023 - £41,961) . Contributions totalling £9,156 (2023 - £15,478) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 March 2024 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
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
130,268
117,963
102,518
64,518

Later than 1 year and not later than 5 years
196,452
296,581
85,452
121,581

Later than 5 years
37,177
118,626
-
-

363,897
533,170
187,970
186,099

Lease payments recognised in the year as an expense amounted to £179,943 (2023 - £193,899)

Page 36

 
TEAM WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

29.


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 £160,149 (2023 - £35,525) with Thatcham Swift Limited, a company under common control. At the year end the Group was owed £1,590,423 (2023 -  £1,750,572) by Thatcham Swift Limited. 
During the year the Group made transfers totalling £40,831 (2023 – £104,437) with Thatcham Pizza Limited, a company under common control. At the year end the Group owed £297,087 (2023 - £337,918) to Thatcham Pizza Limited.
During the year the Group made transfers totalling £41,092 (2023 – £74,231) with KKWJS  Limited, a company under common control. At the year end the Group owed £311,592 (2023 - £270,500) to KKWJS  Limited.
During the year the Group made transfers totalling £10,893 (2023 – £64,254) with TW Pizza  Limited, a company under common control. At the year end the Group owed £449,822 (2023 - £460,715) to TW Pizza  Limited.
During the year the Group made transfers totalling £198,245 (2023 - £399,021) with Text Management Limited, a company in which the director, Mr James Swift, is also a director. At the year end the Group owed £250,015 (2023 -  £448,260) to Text Management Limited.
During the year the Group made transfers totalling £22,753 (2023 – £265,000) 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 £50,000 (2023 - £72,753) to Text Management (Holdings)  Limited.
During the year the Group made transfers totalling £140,132 (2023 - £239,807) 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 £627,721 (2023 -  £487,589) by COT Automotive Investments Ltd.
During the year the Group made transfers totalling £nil (2023 - £32,170) 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 (2023 -  £345,216) by Gym Factory Swindon I Ltd.
 


30.


Controlling party

There is no overall controlling party.

Page 37