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REGISTERED NUMBER: 08189133 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

TEAMO MARINE SAFETY PRODUCTS LIMITED

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TEAMO MARINE SAFETY PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: Mr L Mead





REGISTERED OFFICE: Unit 7, Flanders Industrial Estate
Flanders Road
Hedge End
Southampton
Hampshire
SO30 2FZ





REGISTERED NUMBER: 08189133 (England and Wales)






TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,330 2,521
1,330 2,521

CURRENT ASSETS
Stocks - 32,624
Debtors 6 91,889 91,382
Cash at bank 4 12
91,893 124,018
CREDITORS
Amounts falling due within one year 7 145,944 120,900
NET CURRENT (LIABILITIES)/ASSETS (54,051 ) 3,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

(52,721

)

5,639

CREDITORS
Amounts falling due after more than one
year

8

(13,515

)

(24,968

)

PROVISIONS FOR LIABILITIES (253 ) (479 )
NET LIABILITIES (66,489 ) (19,808 )

CAPITAL AND RESERVES
Called up share capital 157 157
Share premium 372,032 372,032
Retained earnings (438,678 ) (391,997 )
(66,489 ) (19,808 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

BALANCE SHEET - continued
31 AUGUST 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





Mr L Mead - Director


TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Teamo Marine Safety Products Limited 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
Following a restructuring of the business during the year and the success in securing certifications for its products, the Director is satisfied that the business is on track to achieve a turnaround in profitability during FY24 and beyond. The company has secured funding to support operating costs for the foreseeable future. The Director loan remains subordinated and the new operating model will ensure the company has sufficient resources to meet its financial obligations as they fall due. Accordingly, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

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 - 20% straight line
Fixtures and fittings - 20% straight line
Computer equipment - 25% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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.


TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued
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 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.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 15,980 1,194 17,174
AMORTISATION
At 1 September 2022
and 31 August 2023 15,980 1,194 17,174
NET BOOK VALUE
At 31 August 2023 - - -
At 31 August 2022 - - -

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022
and 31 August 2023 2,197 923 4,055 7,175
DEPRECIATION
At 1 September 2022 1,641 584 2,429 4,654
Charge for year 333 156 702 1,191
At 31 August 2023 1,974 740 3,131 5,845
NET BOOK VALUE
At 31 August 2023 223 183 924 1,330
At 31 August 2022 556 339 1,626 2,521

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 91,889 91,382

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,458 3,692
Taxation and social security 16,195 16,195
Other creditors 118,291 101,013
145,944 120,900

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 13,515 24,968