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Registration number: 08406829

Team HG Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Team HG Limited

Contents

Directors' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Team HG Limited

Directors' Report for the Year Ended 31 January 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors of the company

The directors who held office during the year were as follows:

Gavin Cocliff

Natalie Cocliff

Principal activity

The principal activity of the company is that of specialised design activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Gavin Cocliff
Director

 

Team HG Limited

(Registration number: 08406829)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

40,919

58,924

Current assets

 

Debtors

6

63,780

51,474

Cash at bank and in hand

 

134,577

97,309

 

198,357

148,783

Creditors: Amounts falling due within one year

7

(110,271)

(108,590)

Net current assets

 

88,086

40,193

Total assets less current liabilities

 

129,005

99,117

Creditors: Amounts falling due after more than one year

7

(43,461)

(66,207)

Provisions for liabilities

(7,775)

(10,206)

Net assets

 

77,769

22,704

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

77,669

22,604

Shareholders' funds

 

77,769

22,704

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Gavin Cocliff
Director

 

Team HG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26 Dale Court
Avenue Lodeve
South Kirkby
Pontefract
WF9 3FL

These financial statements were authorised for issue by the Board on 10 October 2023.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Team HG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Team HG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,142

11,788

 

Team HG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

49,635

72,862

122,497

Additions

-

2,202

2,202

Disposals

(9,165)

-

(9,165)

At 31 January 2023

40,470

75,064

115,534

Depreciation

At 1 February 2022

13,208

50,365

63,573

Charge for the year

7,341

5,801

13,142

Eliminated on disposal

(2,100)

-

(2,100)

At 31 January 2023

18,449

56,166

74,615

Carrying amount

At 31 January 2023

22,021

18,898

40,919

At 31 January 2022

36,427

22,497

58,924

6

Debtors

Current

2023
£

2022
£

Trade debtors

59,314

51,296

Prepayments

4,310

178

Other debtors

156

-

 

63,780

51,474

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

25,038

25,234

Trade creditors

 

14,027

45,334

Taxation and social security

 

66,251

34,890

Accruals and deferred income

 

1,250

1,000

Other creditors

 

3,705

2,132

 

110,271

108,590

 

Team HG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

43,461

66,207

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,167

34,167

Hire purchase contracts

19,294

32,040

43,461

66,207

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

5,000

9,134

Hire purchase contracts

5,026

5,790

Other borrowings

5,012

310

25,038

25,234