Company Registration No. 03822178 (England and Wales)
TEAMWORKS KARTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
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
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 2018
- 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 2018 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 profit 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
23 July 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEAMWORKS KARTING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
3
72,000
-
Tangible assets
4
645,469
647,097
Investments
5
50
40
717,519
647,137
Current assets
Stocks
61,973
66,362
Debtors
6
108,183
85,972
Cash at bank and in hand
134,446
247,727
304,602
400,061
Creditors: amounts falling due within one year
7
(978,758)
(1,160,640)
Net current liabilities
(674,156)
(760,579)
Total assets less current liabilities
43,363
(113,442)
Creditors: amounts falling due after more than one year
8
(318,402)
(287,811)
Net liabilities
(275,039)
(401,253)
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
(1,111,652)
(1,237,866)
Total equity
(275,039)
(401,253)
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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
TEAMWORKS KARTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2018 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 2018
- 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
Prior period error
The prior year comparatives have been restated to remove a share issue included in error. The overall effect on the balance sheet is a reduction is share capital £24 and a reduction in share premium of £14,976. Also creditors increased by £15,000 and debtors increased by £17,000. The adjustment has resulted in no profit effect.
1.3
Going concern
The financial statements have been prepared on a going concern basis. The directors acknowledge the continued
financial support of the parent company.
The directors have also
implemented
significant measures to reduce operating expenses and fixed costs. As a result,
the directors have concluded that they have a reasonable expectation that the company will have adequate
resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue
to adopt the going concern basis in preparing the annual report and accounts.
1.4
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 and other sales related taxes
.
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.
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.
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 5 -
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
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
.
Individual plant and machinery 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 machinery, 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 2018
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 15 (2017 - 39).
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2017
-
Additions
72,000
At 28 February 2018
72,000
Amortisation and impairment
At 1 March 2017 and 28 February 2018
-
Carrying amount
At 28 February 2018
72,000
At 28 February 2017
-
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 March 2017
578,587
1,232,490
77,074
1,888,151
Additions
44,545
85,542
8,501
138,588
At 28 February 2018
623,132
1,318,032
85,575
2,026,739
Depreciation and impairment
At 1 March 2017
321,705
857,379
61,970
1,241,054
Depreciation charged in the year
40,470
90,153
9,593
140,216
At 28 February 2018
362,175
947,532
71,563
1,381,270
Carrying amount
At 28 February 2018
260,957
370,500
14,012
645,469
At 28 February 2017
256,882
375,111
15,104
647,097
Plant and equipment
with a carrying amount of £64,433 were revalued
by
independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar
equipment.
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 8 -
5
Fixed asset investments
2018
2017
£
£
Investments
50
40
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2017
40
Additions
10
At 28 February 2018
50
Carrying amount
At 28 February 2018
50
At 28 February 2017
40
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
13,376
25,322
Corporation tax recoverable
-
19,400
Amounts due from group undertakings
1,487
-
Other debtors
17,398
24,250
32,261
68,972
Deferred tax asset
75,922
17,000
108,183
85,972
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 9 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
42,650
Trade creditors
37,432
42,182
Amounts due to group undertakings
677,298
677,298
Other taxation and social security
94,827
142,227
Other creditors
169,201
256,283
978,758
1,160,640
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
268,854
261,976
Other creditors
49,548
25,835
318,402
287,811
9
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Hire purchase contracts
25,835
71,122
Bank loans
268,854
304,626
294,689
375,748
Bank loans are secured by fixed charges over all assets.
Hire purchase contracts are secured against the assets to which they relate.
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10,700,000 Ordinary A of 0.001p each
107
107
11
Related party transactions
TEAMWORKS KARTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
11
Related party transactions
(Continued)
- 10 -
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.
12
Control
Ultimate parent company
Teamworks Karting Holdings Limited is regarded by the directors as being the company's ultimate parent
company.
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.
2018-02-28
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false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
23 July 2018
Mr J M Handley
Mr M A Bryant
Mrs S J Schehtman
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