Registration number:
Teamson UK Ltd
for the Year Ended 31 December 2022
Teamson UK Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Teamson UK Ltd
Company Information
Directors |
W Su A Tsai Su G Woods |
Registered office |
|
Auditors |
|
Teamson UK Ltd
Strategic Report for the Year Ended 31 December 2022
The directors present their strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the company is retail of furniture and furnishings.
Fair review of the business
The directors aim to present a comprehensive review of the business during the year and its position at the year end.
The company continues to be affected by significant challenges including but not limited to; - downward trend in consumer spending; - escalating import costs and weakened currency; - price inflation; - increased labour charges.
These challenges as well as the cost of living crisis and the Ukraine conflict have impacted the business in 2022 and into 2023.
During 2023 there has been an enhanced focus and strategy as the company has continued to extend its reach into the full EMEA region, where the company has enjoyed good growth in the Netherlands, Poland and other Eastern European countries.
In recent months we launched partnerships with over 40 new sales channels, mostly tier 1 business partners who are established and well-respected online retailers in their regions and categories.
These new partnerships will significantly reduce our reliance on the UK market and also on specific retailers. For 2024 we fully expect to realise the benefits of this strategy by way of increased revenue and improved margin.
Key Performance Indicators
Sales have fallen during 2022 from £7.31m to £5.64m with the cost of living crisis affecting consumer spending patterns.
Overall net assets total £410k (2021 - £2.61m) following a net loss generated for the year. The trading subsidiaries remain strong and the group continues to remain supportive.
Teamson UK Ltd
Strategic Report for the Year Ended 31 December 2022
Principal risks and uncertainties
The prinicipal commercial risks to the business remain the challenges faced as we continue to work through the cost of living crisis. The prevailing economic climate will continue to affect the demand and requirement for our products, to manage this risk we continue to expand into the EMEA regions and launch new channels to reduce our reliance on a specific country or sales channel.
To manage the risk of currency fluctuation we work with market leaders in currency exchange and constantly monitor the position, forecast and forward purchase where beneficial.
Trade debtors are monitored to ensure that credit control procedures are being implemented and we regularly track the performance of all channels to ensure levels of bad debt continue to decrease.
Import costs, increased fuel prices and the constant fluctuation in the operational costs are reviewed regularly and calculated into the sales price to ensure we remain as profitable whilst also as competitive as possible.
Approved and authorised by the
|
Teamson UK Ltd
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The group's principal financial instruments comprise bank balances, bank loans, hire purchase contracts and group borrowings,
Bank balances are held in a way that achieves a competitive rate of interest. Bank borrowings are in respect of an invoice discounting facility. Group borrowings enable the company to purchase in advance for seasonal ranges to ensure stock levels are high to meet customer demands.
Future developments
We continue to invest into SKU content and product assets, including enhanced translation of content, thus ensuring as we enter these new markets that we maximise the opportunity and present ourselves in the most professional manner to deliver the anticipated growth and success.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
|
Teamson UK Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Teamson UK Ltd
Independent Auditor's Report to the Members of Teamson UK Ltd
Opinion
We have audited the financial statements of Teamson UK Ltd (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, which indicates that the company incurred a net loss of £2,198,464 during the year ended 31 December 2022 and as at that date, it had net assets of £409,782. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting including obtaining direct confirmation from group and connected parties that no repayment of liabilities will be sought until the company is in a position to do so.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Teamson UK Ltd
Independent Auditor's Report to the Members of Teamson UK Ltd
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Teamson UK Ltd
Independent Auditor's Report to the Members of Teamson UK Ltd
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
We obtained an understanding of the legal and regulatory frameworks that are applicable to this company and its sector and determined that the most significant are those relating to the reporting framework and the relevant UK tax legislation. |
• |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. |
• |
As an audit engagement team, we assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur and considered the opportunities and incentives that may exist within the company for fraud. We considered the controls that the company has established to address the risks identified to prevent, deter and detect fraud; and how the management and directors monitor those controls. |
• |
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Those procedures involved: - enquiries of management and those charged with governance; - journal entry testing; - assessing whether judgements in making accounting estimates are indicative of a potential bias; and – evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
• |
Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included revenue recognition and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
• |
We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Teamson UK Ltd
Independent Auditor's Report to the Members of Teamson UK Ltd
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shropshire
SY2 6LG
Teamson UK Ltd
Profit and Loss Account for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross (loss)/profit |
( |
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating loss |
(2,186,172) |
(883,273) |
|
Income from shares in group undertakings |
- |
( |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(12,292) |
(32,671) |
||
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
Teamson UK Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2022
2022 |
2021 |
|
Loss for the year |
( |
( |
Foreign currency translation gains |
- |
|
Total comprehensive income for the year |
( |
( |
Teamson UK Ltd
(Registration number: 10653521)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,745,988 |
3,745,988 |
|
Retained earnings |
(3,336,206) |
(1,137,742) |
|
Shareholders' funds |
409,782 |
2,608,246 |
Approved and authorised by the
|
Teamson UK Ltd
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
|
Loss for the year |
- |
( |
( |
At 31 December 2022 |
|
( |
|
Share capital |
Foreign currency translation |
Retained earnings |
Total |
|
At 1 January 2021 |
|
( |
( |
|
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
( |
( |
New share capital subscribed |
|
- |
- |
|
At 31 December 2021 |
|
- |
( |
|
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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 United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Going concern
The financial statements have been prepared on a going concern basis.
As at 31 December 2022 the company had net assets of £410k. Included within the current liabilities balance of £7,428,472 is £6,427,322 that is due to fellow group and connected companies, which will not request repayment of these balances unless the company has sufficient resources in which to do so.
After reviewing the company and group forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future, via support from its parent and connected company.
Management have reviewed the business plan for the year ended 31 December 2024 and to 31 March 2025, which includes the results of implementing a number of strategic plans in 2023 to reduce costs and improve stock control and which they believe will return the business to a profitable position in the future.
Summary of disclosure exemptions
As a subsidiary undertaking which meets the definition of a qualifying entity, it is claiming the exemption from preparing a cash flow statement in FRS 102, paragraph 1.12(b).
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Name of parent of group
These financial statements are consolidated in the financial statements of Teamson Group.
The financial statements of Teamson Group may be obtained from 3F, No 36, Nanjing W. Rd., Datong District, Taipei City, Taiwan 10352.
Exemption from preparing group accounts
The financial statements contain information about Teamson UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Teamson Group, a company incorporated in Cayman Islands.
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised.
The key estimates used in the financial statements relate to the useful economic lives of the tangible fixed assets and the stock provision.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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 |
Motor vehicles |
25% straight line |
Fixtures and fittings |
33% straight line |
Computer equipment |
25% straight line |
Other fixed assets |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
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.
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2022 |
2021 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
2022 |
2021 |
|
UK |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2022 |
2021 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2022 |
2021 |
|
Gain/loss on disposal of property, plant and equipment |
|
- |
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Operating loss |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Other interest receivable and similar income |
2022 |
2021 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2022 |
2021 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2022 |
2021 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2022 |
2021 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Directors' remuneration |
The directors' remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
- |
|
110,950 |
131,797 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2022 |
2021 |
|
Received or were entitled to receive shares under long term incentive schemes |
- |
|
Auditors' remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
Taxation compliance services |
- |
|
All other assurance services |
|
|
|
|
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Total tax charge/(credit) |
- |
- |
As at 31 December 2022 the company has trading tax losses carried forward of £3,338,589.
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 January 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
- |
( |
At 31 December 2022 |
|
|
|
|
Depreciation |
||||
At 1 January 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2022 |
|
|
|
|
Carrying amount |
||||
At 31 December 2022 |
|
|
|
|
At 31 December 2021 |
|
|
|
|
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2022 |
2021 |
|
Motor vehicles |
34,313 |
40,829 |
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2022 |
|
At 31 December 2022 |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
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 |
|
2022 |
2021 |
|||
Subsidiary undertakings |
||||
|
L10 530 Collins Street, Melbourne VIC 30000 Australia |
|
|
|
|
Zekeringstraat 17 A, Amsterdam 1014BM Netherlands |
|
|
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1280 Lakes Pkwy, STE 200, Lawrenceville GA 30043-5869 USA |
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Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
2021 |
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Finished goods and goods for resale |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Cash and cash equivalents |
2022 |
2021 |
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Cash at bank |
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Cash on hand |
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- |
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Creditors |
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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1,295,317 |
1,147,846 |
Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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3,745,900 |
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3,745,900 |
Loans and borrowings |
Obligations under HP and finance lease liabilities are secured against the assets to which they relate.
Bank borrowings are secured by a fixed and floating charge over the tangible assets of the company.
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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- |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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Teamson UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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Related party transactions |
At 31 December 2022 the company had a balance due from one of its directors of £4,867 (2022 - £5,109), which is included in Other debtors.
Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 3F No 36, Nanjing W. Rd, Datong Dist, Taipei City, Taiwan 10352