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REGISTERED NUMBER: 09268707 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Team Brit Limited

Team Brit Limited (Registered number: 09268707)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Team Brit Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: A Locke





REGISTERED OFFICE: Units B2-B3
Rock Business Park
Washington
RH20 3GR





REGISTERED NUMBER: 09268707 (England and Wales)





ACCOUNTANTS: K H Accounting
12 Montgomery Road
Newbury
Berkshire
RG14 6HU

Team Brit Limited (Registered number: 09268707)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 251,001 132,139

CURRENT ASSETS
Debtors 5 25,925 86,266
Cash at bank 1,799 1,873
27,724 88,139
CREDITORS
Amounts falling due within one year 6 176,876 256,624
NET CURRENT LIABILITIES (149,152 ) (168,485 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,849

(36,346

)

CREDITORS
Amounts falling due after more than
one year

7

11,464

36,798
NET ASSETS/(LIABILITIES) 90,385 (73,144 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 90,285 (73,244 )
SHAREHOLDERS' FUNDS 90,385 (73,144 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Team Brit Limited (Registered number: 09268707)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 April 2025 and were signed by:





A Locke - Director


Team Brit Limited (Registered number: 09268707)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Team Brit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Team Brit Limited (Registered number: 09268707)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 379,099 2,507 2,242 383,848
Disposals (117,699 ) - - (117,699 )
Revaluations 133,900 - - 133,900
At 31 July 2024 395,300 2,507 2,242 400,049
DEPRECIATION
At 1 August 2023 246,961 2,507 2,241 251,709
Charge for year 9,138 - - 9,138
Eliminated on disposal (111,799 ) - - (111,799 )
At 31 July 2024 144,300 2,507 2,241 149,048
NET BOOK VALUE
At 31 July 2024 251,000 - 1 251,001
At 31 July 2023 132,138 - 1 132,139

Cost or valuation at 31 July 2024 is represented by:

Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Valuation in 2024 133,700 - - 133,700
Cost 261,600 2,507 2,242 266,349
395,300 2,507 2,242 400,049

During the year the racing vehicles were revalued to reflect their fair value (insurance value). Two of the vehicles were originally gifted to the company and previously the value as an assets in use had not been recognised.

Team Brit Limited (Registered number: 09268707)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 25,925 23,176
Other debtors - 35,500
Tax - 19,995
VAT - 1,836
Prepayments - 5,759
25,925 86,266

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 40,833 103,056
Other loans 4,000 100,000
Hire purchase contracts - 1,389
Trade creditors 29,665 36,259
Amounts owed to group undertakings 260 -
VAT 41,809 -
Other creditors 59,509 15,120
Accrued expenses 800 800
176,876 256,624

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 11,464 36,798

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Kartforce.