REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
TEAMWORKS INNOVATIONS UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
TEAMWORKS INNOVATIONS UK LIMITED |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 July 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TEAMWORKS INNOVATIONS UK LIMITED |
COMPANY INFORMATION |
for the Period 1 July 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Other reserves | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
565,758 | 413,000 |
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 |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 July 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Teamworks Innovations UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's accounting year end was changed to 31st of December to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has obtained a letter of support from its ultimate parent company, Teamworks Innovations, Inc. The directors of Teamworks Innovations, Inc., have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date of the Teamworks Innovations UK Limited audit report. As a result of this commitment, the directors have continued to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value-added tax, and other sales taxes. |
The company has two streams of turnover: |
1. Internal - intercompany |
Internal sales comprise amounts charged to the company's parent company in accordance with their transfer pricing study, turnover is recognised when chargeable costs are incurred. |
2. External - subscription sales |
External sales are recognised on a straight line basis over the life of the contract, which represents the period the client has access to the software. The relevant expenses are also deferred over the same period. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc - Straight line over 5 years |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102. |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 July 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Share-based payments |
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. |
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. |
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 July 2022 to 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
7. | PROVISIONS FOR LIABILITIES |
31.12.23 | 30.6.22 |
£ | £ |
Deferred tax | - | 571 |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 July 2022 to 31 December 2023 |
7. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Unused amounts reversed during period | ( |
) |
Balance at 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
9. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2022 | 356,299 | 6,130 | 362,429 |
Profit for the period | 88,054 | 88,054 |
Share option settlement | - | (13,757 | ) | (13,757 | ) |
Share option reserve | 13,757 | 65,275 | 79,032 |
At 31 December 2023 | 458,110 | 57,648 | 515,758 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"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 a Report of the Auditors 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." |
TEAMWORKS INNOVATIONS UK LIMITED (REGISTERED NUMBER: 07710280) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 July 2022 to 31 December 2023 |
11. | PARENT COMPANY |
The immediate parent company is Identify International Pty Limited, a company incorporated at Level 1, North Tower, 339 Coronation Drive, Milton QLD 4064, Australia. |
The ultimate parent company, Teamworks Innovations Inc, a company incorporated at 122 E Parrish St, Durham, NC 27701, is the largest and only group company to prepare consolidated financial statements. |
12. | SHARE BASED PAYMENTS |
At the beginning of the period, 1st July 2022, a total of 9,000 equity-settled share options were in issue of which 5,000 had vested. Due to the acquisition in the current period a settlement was reached and the remaining 4,000 immediately vested and the associated charge accelerated. |
Following the acquisition, equity-settled share options under a new plan were issued in the year totalling 1,068,820 granted. Of these, 150,745 were forfeited in the current period due to employees leaving employment before vesting and exercise. This therefore leaves 918,075 still in issue as at the period end. Of those, 267,998 have vested by the period end and are therefore exercisable. No share options were exercised during the current period, nor any expired during the current period. The only vesting requirements for the issued equity-settled share options is term of service, becoming fully vested after 4 years of issue. The weighted average fair value of options granted in the period was $0.28. The fair valuation methodology utilised was the Black Scholes method, being deemed appropriate due to the relatively straight forward capital structure being assessed. A total share based payment expense of £65,275 was recognised in the year (2022: £6,130), accumulating in equity. |