Company Registration No. 06737150 (England and Wales)
Team Up Sports Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Team Up Sports Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Team Up Sports Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
unaudited and restated
Notes
£
£
£
£
Current assets
Debtors
5
1,778
2,225
Cash at bank and in hand
201,970
74,980
203,748
77,205
Creditors: amounts falling due within one year
6
(251,242)
(105,148)
Net current liabilities
(47,494)
(27,943)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(47,495)
(27,944)
Total equity
(47,494)
(27,943)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
J Agostino
Director
Company Registration No. 06737150
Team Up Sports Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Team Up Sports Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company acknowledges that the ongoing trading losses of the business, as well as the current economic uncertainties raise a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. The nature of the Company is that of a cost centre for the parent company with all revenue received via intercompany recharge of costs incurred. The agreement for recharges does not always cover all costs in their entirety causing the Company to be loss making in the current year. The Company during the year and post year end had the financial support of the ultimate parent company. The Company has measures to control overheads and cash flow in line with changes in business activity.

 

The Company has received assurances that they will continue to be supported by DaySmart Holdings, LLC, the parent Company, for a period of not less than 12 months from the signing of these financial statements. DaySmart Holdings, LLC is highly profitable and is projected to continue this trend for a period of not less than 12 months from the signing of the financial statements.

 

The directors have therefore deemed it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements, acknowledging the nature of the material uncertainty which exists and is disclosed appropriately.

1.3
Turnover

The company's turnover is wholly derived from the rendering of services for the operational support, ongoing maintenance, and further development of software platforms on behalf of its parent company, Team Up Sports, Inc. Revenue is recognised in the period in which the related services are rendered based on a recharge of the costs incurred to render those services. Recharges are calculated based on actual costs incurred during the reporting period and is recorded in the same period in which the associated cost is recognised.

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:

Fixtures and fittings
3 years straight line
Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
7,990
Disposals
(7,990)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
7,990
Eliminated in respect of disposals
(7,990)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
5
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Other debtors
1,778
-
0
Prepayments and accrued income
-
0
2,225
1,778
2,225
Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
6
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Amounts owed to group undertakings
168,207
11,048
Taxation and social security
50,249
75,470
Other creditors
1,714
2,058
Accruals and deferred income
31,072
16,572
251,242
105,148
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
1
1
1

On 6 March 2023 there was a subdivision of existing share capital from 1 share issued at a nominal value of £1, to 100 shares issued with a nominal value of £0.01.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to note 1.2 of the financial statements, which describes the impact of the economic uncertainty on the results and financial position of the company.

 

Note 1.2 discloses that the forecasts which support the going concern basis of accounting are reliant upon assumptions regarding the continued financial support from the parent company. It is unclear as to how long current conditions will continue and how long such measures will be required and will be available.

 

As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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

 

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

Senior Statutory Auditor:
Lorenzo Mosca
Statutory Auditors:
Saffery LLP
Date of audit report:
4 June 2025
Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
9
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.

10
Parent company

The company's immediate parent undertaking is Daysmart Holdings, LLC, a company registered in the US. Daysmart Holdings, LLC is the smallest and largest group for which consolidated accounts are prepared. Consolidated accounts of the group are available at 312 S. State St., 2nd Floor Ann Arbor, MI 4104.

 

The directors do not consider there to be any one controlling party of the company.

Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
11
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
53,886
(51,661)
2,225
Creditors due within one year
Taxation
(20,060)
(55,410)
(75,470)
Other creditors
(348,222)
318,544
(29,678)
Net assets
(239,416)
211,473
(27,943)
Capital and reserves
Profit and loss reserves
(239,417)
211,473
(27,944)
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
770,935
65,307
836,242
Administrative expenses
(855,998)
146,166
(709,832)
(Loss)/profit for the financial period
(124,399)
211,473
87,074
Notes to reconciliation
Amounts owed to group undertakings

An amount of £211,473 that relates to 2022 has be restated in the 2022 accounts. This amount relates to the correction of amounts owed to group undertakings to ensure that the balances owed at the year end aligns with the parent company. This resulted in an impairment loss being recognised in the income statement.

Other debtors

An amount of £51,661 that relates to 2022 has been restated in the 2022 accounts. This relates to the correction of other debtors that incorrectly contained balances that were due to the parent company. These amounts have been reanalysed in the statement of financial position in line with other amounts owed to group companies.

Other creditors

An amount of £55,410 that relates to 2022 has been restated in the 2022 accounts. This relates to the correction of other creditors which had incorrectly contained payroll taxes. These amounts have been reanalysed in the statement of financial position in line with other payroll taxes.

Team Up Sports Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
11
Prior period adjustment (continued)
9
Recognition of bonus expenditure

An amount of £65,306 that relates to 2022 has been restated in the 2022 accounts. This relates to the correction of amounts owed to group undertakings for annual bonus payments to be correctly recognised in the accounts. This resulted in an increase in wages and social security expenditure being recognised in the income statement.

 

In addition, £65,306 was also recognised to the correction of amounts owed to group undertakings, to ensure the corresponding increase in the intercompany recharge of operating expenditure was correctly recognised in the accounts. This resulted in an increase in intercompany revenues being recognised in the income statement. The overall impact on profit in the income statement in 2022 is nil.

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