REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Team Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Team Properties Limited |
Team Properties Limited (Registered number: 08409670) |
Contents of the Financial Statements |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Team Properties Limited |
Company Information |
for the year ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lancaster House |
Sopwith Crescent |
Shotgate |
Wickford |
Essex |
SS11 8YU |
Team Properties Limited (Registered number: 08409670) |
Abridged Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 5 |
The directors acknowledge their 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 Properties Limited (Registered number: 08409670) |
Abridged Balance Sheet - continued |
31 March 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Team Properties Limited (Registered number: 08409670) |
Notes to the Financial Statements |
for the year ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Team Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Government grants |
Government grants are recognised as due to the company, when all the conditions for the grant have been met. |
Grants that compensate the company for expenses incurred are recognised as income in the periods in which the expenses are recognised. |
Capital based grants are included within accruals and deferred income and credited to the trading profit over the expected useful life of the assets concerned. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at 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. |
Team Properties Limited (Registered number: 08409670) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 | 58 |
NET BOOK VALUE |
At 31 March 2022 | 58 |
At 31 March 2021 | 58 |
Team Properties Limited (Registered number: 08409670) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
The following is a subsidiary undertaking of Waverley Developments H & I Limited: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
5. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2021 |
Profit for the year |
At 31 March 2022 |
Team Properties Limited (Registered number: 08409670) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
6. | RELATED PARTY DISCLOSURES |
During the year, the company received management charges of £24,500 (2021: £25,750) from Waverley Developments Limited, a company under the control of Team Properties Limited, and £8,500 (2021: £0) from Team Precision Engineering Limited, a company controlled by the director, Mr JJJ McSweeney. |