Caseware UK (AP4) 2023.0.135 2023.0.135 falsetrue2022-11-01cycling team22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12252328 2022-11-01 2023-10-31 12252328 2021-11-01 2022-10-31 12252328 2023-10-31 12252328 2022-10-31 12252328 c:Director1 2022-11-01 2023-10-31 12252328 d:MotorVehicles 2022-11-01 2023-10-31 12252328 d:MotorVehicles 2023-10-31 12252328 d:MotorVehicles 2022-10-31 12252328 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12252328 d:OfficeEquipment 2022-11-01 2023-10-31 12252328 d:OfficeEquipment 2023-10-31 12252328 d:OfficeEquipment 2022-10-31 12252328 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12252328 d:ComputerEquipment 2022-11-01 2023-10-31 12252328 d:ComputerEquipment 2023-10-31 12252328 d:ComputerEquipment 2022-10-31 12252328 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12252328 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12252328 d:CurrentFinancialInstruments 2023-10-31 12252328 d:CurrentFinancialInstruments 2022-10-31 12252328 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12252328 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12252328 d:ShareCapital 2023-10-31 12252328 d:ShareCapital 2022-10-31 12252328 d:RetainedEarningsAccumulatedLosses 2023-10-31 12252328 d:RetainedEarningsAccumulatedLosses 2022-10-31 12252328 c:FRS102 2022-11-01 2023-10-31 12252328 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12252328 c:FullAccounts 2022-11-01 2023-10-31 12252328 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12252328 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: 12252328





 
Team On Form Ltd          
 
Financial statements          

For the year ended 31 October 2023          

 
Team On Form Ltd
Registered number: 12252328

Balance sheet
As at 31 October 2023


2023

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
12,625
32,563

Current assets
  

Debtors
 5 
4,789
23,976

Cash at bank and in hand
 6 
38,655
55,493

  
43,444
79,469

Creditors: amounts falling due within one year
 7 
(30,424)
(74,504)

Net current assets
  
 
 
13,020
 
 
4,965

  

Net assets
  
25,645
37,528


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
25,643
37,526

  
25,645
37,528


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 24 July 2024.






Andrew Paine
Director


The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
Team On Form Ltd
 
 
 
Notes to the financial statements
For the year ended 31 October 2023

1.


General information

Team On Form Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is C/O Perkins Garages Ltd, Dunmow Road, Rayne, Braintree, CM77 6SA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
Team On Form Ltd
 
 
 
Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
Team On Form Ltd
 
 
 
Notes to the financial statements
For the year ended 31 October 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rates:

Motor vehicles
-
25%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

Page 4

 
Team On Form Ltd
 
 
 
Notes to the financial statements
For the year ended 31 October 2023

4.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 November 2022
39,479
5,908
3,121
48,508


Disposals
(20,829)
-
-
(20,829)



At 31 October 2023

18,650
5,908
3,121
27,679



Depreciation


At 1 November 2022
14,245
1,024
676
15,945


Charge for the year
2,295
977
611
3,883


Disposals
(4,774)
-
-
(4,774)



At 31 October 2023

11,766
2,001
1,287
15,054



Net book value



At 31 October 2023
6,884
3,907
1,834
12,625



At 31 October 2022
25,234
4,885
2,444
32,563


5.


Debtors

2023
2022
£
£


Trade debtors
3,175
308

Corporation tax recoverable
523
523

Prepayments and accrued income
1,091
23,145

4,789
23,976



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
38,655
55,493


Page 5

 
Team On Form Ltd
 
 
 
Notes to the financial statements
For the year ended 31 October 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
-
10,000

Trade creditors
4,090
11,158

Other taxation and social security
484
5,046

Accruals and deferred income
25,850
48,300

30,424
74,504


 
Page 6