Teamspace Limited
Annual Report and Unaudited Financial Statements
For the year ended 30 April 2023
Pages for filing with Registrar
Company Registration No. 03465034 (England and Wales)
Teamspace Limited
Company Information
Directors
C Brennan
J Brennan
Secretary
F Brennan
Company number
03465034
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Teamspace Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Teamspace Limited
Balance Sheet
As at 30 April 2023
30 April 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,021,362
1,044,129
Current assets
Debtors
4
107,551
15,399
Cash at bank and in hand
3,278
15,086
110,829
30,485
Creditors: amounts falling due within one year
5
(198,228)
(90,587)
Net current liabilities
(87,399)
(60,102)
Total assets less current liabilities
933,963
984,027
Provisions for liabilities
(135,397)
(135,397)
Net assets
798,566
848,630
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
577,222
577,222
Profit and loss reserves
221,244
271,308
Total equity
798,566
848,630

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Teamspace Limited
Balance Sheet (Continued)
As at 30 April 2023
30 April 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 12 January 2024 and are signed on its behalf by:
C Brennan
Director
Company Registration No. 03465034
Teamspace Limited
Notes to the Financial Statements
For the year ended 30 April 2023
Page 3
1
Accounting policies
Company information

Teamspace Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Teamspace Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 4
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

 

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Teamspace Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 5
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or revaluation
At 1 May 2022
994,200
124,566
1,118,766
Additions
-
0
2,467
2,467
At 30 April 2023
994,200
127,033
1,121,233
Depreciation and impairment
At 1 May 2022
-
0
74,637
74,637
Depreciation charged in the year
-
0
25,234
25,234
At 30 April 2023
-
0
99,871
99,871
Carrying amount
At 30 April 2023
994,200
27,162
1,021,362
At 30 April 2022
994,200
49,929
1,044,129

The historical cost of land and buildings is £281,581 (2022: £281,581).

Teamspace Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
465
13,564
Other debtors
107,086
1,835
107,551
15,399
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
81
-
0
Trade creditors
1,297
1,522
Amounts owed to group undertakings
193,540
72,329
Taxation and social security
-
0
13,426
Accruals and deferred income
3,310
3,310
198,228
90,587
6
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
135,397
135,397
Deferred Tax was unchanged in the year.
Teamspace Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 7
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised, issued and fully paid
50 Ordinary A shares of £1 each
50
50
50 Ordinary B shares of £1 each
50
50
100
100

The ordinary A shares and ordinary B shares rank pari passu in all respects.

8
Revaluation reserve
2023
2022
£
£
At beginning and end of year
577,222
577,222
9
Related party transactions

Included within other debtors at the year end was a balance of £105,098 (2022: £nil) owed by the directors and their relatives. The amount was repaid after the year end.

 

Included within turnover for the year is an amount of £29,899 (2022: £31,704) relating to services invoiced to a related company

10
Control

The company is controlled by C Brennan by virtue of his majority shareholding in the parent company.

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