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Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Team Focus Ltd

Team Focus Ltd (Registered number: 02407579)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 5

Balance Sheet 6

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Team Focus Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R D Childs
R S Facer
E R Facer-Childs





SECRETARY: R D Childs





REGISTERED OFFICE: Bridge House
2 Bridge Avenue
Maidenhead
Berkshire
SL6 1RR





REGISTERED NUMBER: 02407579 (England and Wales)





AUDITORS: Just Audit & Assurance Ltd (Statutory Auditor)
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

Team Focus Ltd (Registered number: 02407579)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was the development and provision of a comprehensive range of online psychometric tools covering ability, personality and career interests, delivered through its bespoke online assessment platform.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R D Childs
R S Facer
E R Facer-Childs

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.



This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





R D Childs - Director


19 June 2024

Report of the Independent Auditors to the Members of
Team Focus Ltd (Registered number: 02407579)

Opinion
We have audited the financial statements of Team Focus Ltd (the 'company') for the year ended 31 December 2023 which comprise the 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 2023 and of its profit 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 Auditors' 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.

Conclusions relating to going concern
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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
Team Focus Ltd (Registered number: 02407579)


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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:

Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:

- obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
- obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
- an understanding of the entity's risk assessment process, including the risk of fraud;
- designing our audit procedures to respond to our risk assessment; and
- performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Jonathan Russell (Senior Statutory Auditor)
for and on behalf of Just Audit & Assurance Ltd (Statutory Auditor)
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

8 July 2024

Team Focus Ltd (Registered number: 02407579)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 253,974 306,017

Cost of sales 119,330 75,601
GROSS PROFIT 134,644 230,416

Administrative expenses 135,478 188,579
OPERATING (LOSS)/PROFIT 5 (834 ) 41,837

Interest receivable and similar income 15,644 11,579
PROFIT BEFORE TAXATION 14,810 53,416

Tax on profit 6 3,734 5,381
PROFIT FOR THE FINANCIAL YEAR 11,076 48,035

OTHER COMPREHENSIVE INCOME
Net Revaluation Gain/(Loss) 5,968 (28,202 )
Income tax relating to other comprehensive
income

(852

)

4,503
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

5,116

(23,699

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

16,192

24,336

Team Focus Ltd (Registered number: 02407579)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - -
Investments 9 32,434 27,318
32,434 27,318

CURRENT ASSETS
Debtors 10 298,627 344,306
Cash at bank 288,964 328,943
587,591 673,249
CREDITORS
Amounts falling due within one year 11 67,186 164,790
NET CURRENT ASSETS 520,405 508,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,839

535,777

PROVISIONS FOR LIABILITIES 12 3,118 2,248
NET ASSETS 549,721 533,529

CAPITAL AND RESERVES
Called up share capital 13 1,075 1,075
Fair value reserve 14 5,827 711
Capital redemption reserve 14 2,925 2,925
Retained earnings 14 539,894 528,818
SHAREHOLDERS' FUNDS 549,721 533,529

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:





R D Childs - Director


Team Focus Ltd (Registered number: 02407579)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Fair Capital
share Retained value redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 1,075 558,783 24,410 2,925 587,193

Changes in equity
Dividends - (78,000 ) - - (78,000 )
Total comprehensive income - 48,035 (23,699 ) - 24,336
Balance at 31 December 2022 1,075 528,818 711 2,925 533,529

Changes in equity
Total comprehensive income - 11,076 5,116 - 16,192
Balance at 31 December 2023 1,075 539,894 5,827 2,925 549,721

Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Team Focus Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are based on historical experience and expectations of future events and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The related party loan has been discounted at the excess of a commercial rate of interest of 4.5% over the interest charged of 2.2%.

Turnover
Income from the sale of services and goods is recognised net at the point of invoice except for income in respect of service contracts where the income is recognised evenly over the life of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office & sundry equipment - 10% on cost

Fixed assets are initially recognised at cost. Purchases of a capital nature under the value of £250 are not capitalised and are instead expended through the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme and pays contributions under automatic enrolment. Contributions payable to the company schemes are charged to the statement of comprehensive income in the period to which they relate.

Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Current asset investments
Listed investments are valued at mid-market price.

Financial instruments
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due.

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probable result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 212,422 257,041
Europe 32,078 34,271
Rest of the world 9,474 14,705
253,974 306,017

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 86,437 83,918
Social security costs 3,243 3,153
Other pension costs 1,015 980
90,695 88,051

The average number of employees during the year was as follows:
31.12.23 31.12.22

Average number employed incl directors 3 3

The remuneration of key management, which include directors and non-executive directors, totalled £46,350 (2022- £45,000).

31.12.23 31.12.22
£    £   
Directors' remuneration 46,350 45,000

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Auditors' remuneration 5,950 5,500
Foreign exchange differences (8 ) (49 )

Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 2,864 10,149

Deferred tax 870 (4,768 )
Tax on profit 3,734 5,381

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 14,810 53,416
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

2,814

10,149

Effects of:
Expenses not deductible for tax purposes 50 -


Deferred Tax 870 (4,768 )
Total tax charge 3,734 5,381

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Net Revaluation Gain/(Loss) 5,968 (852 ) 5,116

31.12.22
Gross Tax Net
£    £    £   
Net Revaluation Gain/(Loss) (28,202 ) 4,503 (23,699 )

7. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares shares of £1 each
Interim - 78,000

Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Office &
sundry
equipment
£   
COST
At 1 January 2023
and 31 December 2023 5,050
DEPRECIATION
At 1 January 2023
and 31 December 2023 5,050
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2023 27,318
Revaluations 5,116
At 31 December 2023 32,434
NET BOOK VALUE
At 31 December 2023 32,434
At 31 December 2022 27,318

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£   
Valuation in 2020 37,481
Valuation in 2021 13,536
Valuation in 2022 (23,699 )
Valuation in 2023 5,116
32,434

10. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 15,351 4,620
Other debtors - 217
VAT 2,524 -
Prepayments and accrued income 11,262 9,979
29,137 14,816

Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DEBTORS - continued
31.12.23 31.12.22
£    £   
Amounts falling due after more than one year:
Other debtors 269,490 329,490

Aggregate amounts 298,627 344,306

A related party loan of £398,791 included in other debtors is stated at amortised cost of £269,490 (2022 - £329,490), discounted at the excess of a commercial rate of interest of 4.5% over the interest charged of 2.2%.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 24,555 5,607
Tax 2,864 10,149
Social security and other taxes 2,734 2,497
VAT - 2,425
Other creditors 372 191
Accruals and Deferred Income 36,661 143,921
67,186 164,790

A related party charge of £75,000 is included in Accruals.

12. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 3,118 2,248

Deferred
tax
£   
Balance at 1 January 2023 2,248
Provided during year 870
Accelerated capital allowances
Fair value reserve
Balance at 31 December 2023 3,118

31.12.231.12.22
££
Accelerated Capital Allowances- -
Fair Value Reserve3,1182,248
3,1182,248

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value:
1,000 Ordinary shares: £1 1,000 1,000
75 'A' Ordinary shares £1 75 75
1,075 1,075


Team Focus Ltd (Registered number: 02407579)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. RESERVES
Fair Capital
Retained value redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 528,818 711 2,925 532,454
Profit for the year 11,076 - - 11,076
Fair value adjustments - 5,116 - 5,116
At 31 December 2023 539,894 5,827 2,925 548,646

15. PENSION COMMITMENTS

During the year the company made contributions to the directors' defined contribution pension schemes totalling £Nil (2022: £Nil) and payments under automatic enrolment totalled £1,015 (2022: £980).

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

RD Childs gave the company's bankers a limited guarantee for £20,000, dated 11th November 1999.

17. ULTIMATE CONTROLLING PARTY

The company is under the control of the director R Childs through his majority shareholding of the Ordinary Shares.