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REGISTERED NUMBER: 11369657 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Team Pick Limited

Team Pick Limited (Registered number: 11369657)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Team Pick Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: P J Robbins
N I Harvey





REGISTERED OFFICE: The Studio
2 Music House Lane
Norwich
Norfolk
NR1 1QL





REGISTERED NUMBER: 11369657 (England and Wales)





ACCOUNTANTS: Mead Accounting Limited
Chartered Certified Accountants
The Stables
Summer Road
Walsham Le Willows
Suffolk
IP31 3AJ

Team Pick Limited (Registered number: 11369657)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 214,749 214,749

CURRENT ASSETS
Debtors 6 1,978 3,287
Cash at bank 1,571 2,641
3,549 5,928
CREDITORS
Amounts falling due within one year 7 105,046 105,472
NET CURRENT LIABILITIES (101,497 ) (99,544 )
TOTAL ASSETS LESS CURRENT LIABILITIES 113,252 115,205

CREDITORS
Amounts falling due after more than one
year

8

99,277

102,686
NET ASSETS 13,975 12,519

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 13,973 12,517
SHAREHOLDERS' FUNDS 13,975 12,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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 Pick Limited (Registered number: 11369657)

Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 25 October 2023 and were signed on its behalf by:




P J Robbins - Director



N I Harvey - Director


Team Pick Limited (Registered number: 11369657)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Team Pick Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Going concern
The financial statements have been prepared on the going concern basis. The directors expect to meet the day to day cash demands via normal trading but will provide sufficient support so that all short term cash demands can be met and therefore they believe it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is disclosed in the period to which it relates. Income received in advance is treated as deferred income within creditors and income received in arrears is treated as accrued income within debtors.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Team Pick Limited (Registered number: 11369657)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from financial institutions or other related parties.

Debts instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, ,are measured initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Team Pick Limited (Registered number: 11369657)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 214,749
NET BOOK VALUE
At 30 April 2023 214,749
At 30 April 2022 214,749

The directors do not believe there is a difference between the fair value and cost, and therefore there have been no transfers to reserves during the period.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 1,978 1,810
Other debtors - 1,477
1,978 3,287

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts (see note 9) 3,480 3,000
Other loans (see note 9) 33,686 40,121
Corporation tax 341 397
Social security and other taxes 750 505
Directors' current accounts 17,988 12,648
Directors' loan accounts 48,000 48,000
Accruals and deferred income 801 801
105,046 105,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans (see note 9) 99,277 102,686

Team Pick Limited (Registered number: 11369657)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30.4.23 30.4.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 82,557 88,286

9. LOANS

An analysis of the maturity of loans is given below:

30.4.23 30.4.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,480 3,000
Other loans 33,686 40,121
37,166 43,121

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,720 14,400

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 82,557 88,286

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans 102,757 105,686

The bank borrowings are secured by a fixed charge over the company's investment property and a floating charge over the other assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
2 Ordinary £1 2 2