Teamsport Investments Limited - Period Ending 2021-06-30
Teamsport Investments Limited - Period Ending 2021-06-30
Registration number:
Teamsport Investments Limited
for the
Year Ended 30 June 2021
Teamsport Investments Limited
Profit and Loss Account for the Year Ended 30 June 2021
The company has not traded during the year. During this year, the company received no income and incurred no expenditure and therefore made neither profit nor loss.
Teamsport Investments Limited
(Registration number: 07783683)
Balance Sheet as at 30 June 2021
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2021 |
2020 |
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Fixed assets |
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Investments |
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Creditors: Amounts falling due within one year |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
Director
Teamsport Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' effective January 2016 and has taken advantage of the small company exemptions available in section 1A of FRS 102 to produce reduced disclosure accounts.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Name of parent of group
These financial statements are consolidated in the financial statements of Luigi Topco Limited.
The financial statements of Luigi Topco Limited may be obtained from the company's registered office.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
The financial statements do not contain any significant judgements or estimation uncertainties. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Teamsport Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Financial Instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Employee numbers |
2021 |
2020 |
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Average employee numbers |
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Teamsport Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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England and Wales |
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England and Wales |
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England and Wales |
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Teamsport Racing Limited is held directly by the company, all other subsidiaries are indirect holdings.
Principal activity
The principal activity of Teamsport Racing Limited is that of an intermediate parent company.
With the exception of Go karting for Fun (Crawley) Limited which is dormant and Teamsport Indoor Karting (London) Limited which ceased trading in 2020, the remaining subsidiaries’ principal activity is the operation of indoor go karting tracks.
On 1 March 2021, Linfix Limited transferred their trade and assets to Go Karting For Fun Limited at cost and immediately ceased trading.
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Amounts due to related parties |
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Teamsport Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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108,625 |
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108,625 |
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9,375 |
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9,375 |
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Rights, preferences and restrictions
The different classes of share referred to above carry seperate rights to dividends but, in all other significant respects, rank pari passu. |
Contingent liabilities |
The company is party to a cross guarantee arrangement with other group companies totalling £76,825,899 (2020 - £65,792,769).
Related party transactions |
The company has taken advantage of the exemption from disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is