Company Registration No. 03822178 (England and Wales)
TEAMWORKS KARTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
TEAMWORKS KARTING LIMITED
COMPANY INFORMATION
Directors
Mr J M Handley
Mr M A Bryant
Mrs S J Schehtman
Company number
03822178
Registered office
202 Fazeley Street
Birmingham
West Midlands
B5 5SE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
207 High Street
Erdington
Birmingham
B23 6SZ
TEAMWORKS KARTING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
TEAMWORKS KARTING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TEAMWORKS KARTING LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Teamworks Karting Limited for the year ended 28 February 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Teamworks Karting Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Teamworks Karting Limited
and state those matters that we have agreed to state to the Board of Directors of Teamworks Karting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teamworks Karting Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Teamworks Karting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Teamworks Karting Limited. You consider that Teamworks Karting Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Teamworks Karting Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 July 2020
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEAMWORKS KARTING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2020
28 February 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
131,300
138,500
Tangible assets
4
697,942
718,159
Investments
5
80
70
829,322
856,729
Current assets
Stocks
56,326
59,187
Debtors
6
155,274
195,216
Cash at bank and in hand
152,120
83,830
363,720
338,233
Creditors: amounts falling due within one year
7
(1,327,494)
(1,165,785)
Net current liabilities
(963,774)
(827,552)
Total assets less current liabilities
(134,452)
29,177
Creditors: amounts falling due after more than one year
8
(252,503)
(354,624)
Net liabilities
(386,955)
(325,447)
Capital and reserves
Called up share capital
10
107
107
Share premium account
752,466
752,466
Revaluation reserve
84,040
84,040
Profit and loss reserves
(1,223,568)
(1,162,060)
Total equity
(386,955)
(325,447)
TEAMWORKS KARTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2020
28 February 2020
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 July 2020 and are signed on its behalf by:
Mr M A Bryant
Director
Company Registration No. 03822178
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 4 -
1
Accounting policies
Company information
Teamworks Karting Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
202 Fazeley Street, Birmingham, West Midlands, B5 5SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
7% on cost
Plant and equipment
20% on reducing balance
Computer equipment
33% on cost
Individual plant and
equipment
are revalued every three to five years, with the surplus or deficit on book value
being transferred to the revaluation reserve. A deficit in excess of any previously recognised surplus over
depreciated cost relating to the same plant or
equipment
, or the reversal of such deficit, is charged or credited to
the profit and loss account. A deficit that represents a clear consumption of economic benefits is charged to the
profit and loss account regardless of any such previous surplus.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Management charges paid represent amounts paid to subsidiary undertakings to contribute towards overheads.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2019 - 11).
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2019 and 28 February 2020
147,000
Amortisation and impairment
At 1 March 2019
8,500
Amortisation charged for the year
7,200
At 28 February 2020
15,700
Carrying amount
At 28 February 2020
131,300
At 28 February 2019
138,500
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2019
635,318
1,496,349
102,081
2,233,748
Additions
7,760
111,328
4,740
123,828
At 28 February 2020
643,078
1,607,677
106,821
2,357,576
Depreciation and impairment
At 1 March 2019
404,054
1,038,084
73,451
1,515,589
Depreciation charged in the year
26,787
113,916
3,342
144,045
At 28 February 2020
430,841
1,152,000
76,793
1,659,634
Carrying amount
At 28 February 2020
212,237
455,677
30,028
697,942
At 28 February 2019
231,264
458,265
28,630
718,159
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Plant and equipment
75,937
38,449
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 8 -
5
Fixed asset investments
2020
2019
£
£
Investments
80
70
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2019
70
Additions
10
At 28 February 2020
80
Carrying amount
At 28 February 2020
80
At 28 February 2019
70
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
14,384
24,352
Other debtors
20,954
67,824
35,338
92,176
Deferred tax asset
119,936
103,040
155,274
195,216
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
86,260
138,759
Amounts owed to group undertakings
689,243
682,080
Taxation and social security
102,568
69,142
Other creditors
449,423
275,804
1,327,494
1,165,785
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 9 -
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
194,275
232,232
Other creditors
58,228
122,392
252,503
354,624
9
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Hire purchase contracts
86,299
90,401
Bank loans
194,275
232,232
280,574
322,633
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10,700,000 Ordinary A of 0.001p each
107
107
107
107
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 10 -
12
Control
Ultimate parent company
The ultimate parent company is
Teamworks Karting Holdings
Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M A Bryant and Mrs S J Schehtman,
by virtue of their interest in the
ultimate parent company.
2020-02-28
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16 July 2020
CCH Software
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Mr M A Bryant
Mrs S J Schehtman
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