Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Jeremy Kuur 08/12/2010 Lee Matthews 08/12/2010 05 March 2024 The principal activity of the Company during the financial year was the management of rental properties. 07463867 2023-12-31 07463867 bus:Director1 2023-12-31 07463867 bus:Director2 2023-12-31 07463867 2022-12-31 07463867 core:CurrentFinancialInstruments 2023-12-31 07463867 core:CurrentFinancialInstruments 2022-12-31 07463867 core:ShareCapital 2023-12-31 07463867 core:ShareCapital 2022-12-31 07463867 core:RetainedEarningsAccumulatedLosses 2023-12-31 07463867 core:RetainedEarningsAccumulatedLosses 2022-12-31 07463867 core:FurnitureFittings 2022-12-31 07463867 core:OfficeEquipment 2022-12-31 07463867 core:FurnitureFittings 2023-12-31 07463867 core:OfficeEquipment 2023-12-31 07463867 bus:OrdinaryShareClass1 2023-12-31 07463867 bus:OrdinaryShareClass2 2023-12-31 07463867 2023-01-01 2023-12-31 07463867 bus:FilletedAccounts 2023-01-01 2023-12-31 07463867 bus:SmallEntities 2023-01-01 2023-12-31 07463867 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07463867 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07463867 bus:Director1 2023-01-01 2023-12-31 07463867 bus:Director2 2023-01-01 2023-12-31 07463867 core:FurnitureFittings 2023-01-01 2023-12-31 07463867 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 07463867 2022-01-01 2022-12-31 07463867 core:OfficeEquipment 2023-01-01 2023-12-31 07463867 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07463867 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 07463867 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 07463867 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07463867 (England and Wales)

TEAM 2 PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TEAM 2 PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TEAM 2 PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TEAM 2 PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,059 9,731
8,059 9,731
Current assets
Debtors 4 51,114 44,784
Cash at bank and in hand 675,172 638,343
726,286 683,127
Creditors: amounts falling due within one year 5 ( 582,569) ( 568,652)
Net current assets 143,717 114,475
Total assets less current liabilities 151,776 124,206
Provision for liabilities ( 1,280) ( 2,433)
Net assets 150,496 121,773
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 150,396 121,673
Total shareholders' funds 150,496 121,773

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

Directors' responsibilities:

The financial statements of Team 2 Property Management Limited (registered number: 07463867) were approved and authorised for issue by the Director on 05 March 2024. They were signed on its behalf by:

Jeremy Kuur
Director
Lee Matthews
Director
TEAM 2 PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TEAM 2 PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Team 2 Property Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 78 Tor Hill Road, Torquay, Devon, TQ2 5RY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In 2024 the directors made the decision that the Company would undergo an asset sale. As a result of this, the Company is not expected to be in operational existence for the next 12 months and all assets held by the Company have been written down to their expected recoverable amounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Prior year misstatement

In order to provide a more accurate representation of the property management business, certain balances previously held as debtors have been moved to be presented as bank balances with corresponding liabilities.

The impact on the prior year financial statements has been to increase cash by £450,531 and increase liabilities by £450,531, with no impact on net assets.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 17,270 18,319 35,589
Additions 0 1,000 1,000
At 31 December 2023 17,270 19,319 36,589
Accumulated depreciation
At 01 January 2023 10,902 14,956 25,858
Charge for the financial year 955 1,717 2,672
At 31 December 2023 11,857 16,673 28,530
Net book value
At 31 December 2023 5,413 2,646 8,059
At 31 December 2022 6,368 3,363 9,731

4. Debtors

2023 2022
£ £
Amounts owed by directors 44,241 43,347
Other debtors 6,873 1,437
51,114 44,784

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,124 2,376
Amounts owed to directors 62,969 72,352
Accruals 2,976 2,837
Taxation and social security 45,292 38,727
Other creditors 468,208 452,360
582,569 568,652

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90
10 Ordinary B shares of £ 1.00 each 10 10
100 100

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 351 0

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by a director 44,241 43,347
Amounts owed to a director (62,969) (72,352)

Interest has been charged on any overdrawn balances at HMRC official rate and there is no fixed date for repayment.

During the year, dividends were paid to the directors totalling £44,364 (2022: £34,427).