Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruetrue2023-01-01falseNo description of principal activity55false 12462401 2023-01-01 2023-12-31 12462401 2022-01-01 2022-12-31 12462401 2023-12-31 12462401 2022-12-31 12462401 2022-01-01 12462401 c:Director3 2023-01-01 2023-12-31 12462401 d:CurrentFinancialInstruments 2023-12-31 12462401 d:CurrentFinancialInstruments 2022-12-31 12462401 d:Non-currentFinancialInstruments 2023-12-31 12462401 d:Non-currentFinancialInstruments 2022-12-31 12462401 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12462401 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12462401 d:ShareCapital 2023-12-31 12462401 d:ShareCapital 2022-12-31 12462401 d:ShareCapital 2022-01-01 12462401 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12462401 d:RetainedEarningsAccumulatedLosses 2023-12-31 12462401 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12462401 d:RetainedEarningsAccumulatedLosses 2022-12-31 12462401 d:RetainedEarningsAccumulatedLosses 2022-01-01 12462401 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12462401 c:OrdinaryShareClass1 2023-12-31 12462401 c:FRS102 2023-01-01 2023-12-31 12462401 c:Audited 2023-01-01 2023-12-31 12462401 c:FullAccounts 2023-01-01 2023-12-31 12462401 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12462401 d:Subsidiary1 2023-01-01 2023-12-31 12462401 d:Subsidiary1 1 2023-01-01 2023-12-31 12462401 d:Subsidiary2 2023-01-01 2023-12-31 12462401 d:Subsidiary2 1 2023-01-01 2023-12-31 12462401 d:WithinOneYear 2023-12-31 12462401 d:WithinOneYear 2022-12-31 12462401 d:BetweenOneFiveYears 2023-12-31 12462401 d:BetweenOneFiveYears 2022-12-31 12462401 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12462401 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12462401









TEAMWORK COMMERCE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TEAMWORK COMMERCE LIMITED
REGISTERED NUMBER:12462401

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
14,840
14,840

  
14,840
14,840

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
19,562

Debtors: amounts falling due within one year
 5 
423,025
302,859

Cash at bank and in hand
  
30,153
30,969

  
453,178
353,390

Creditors: amounts falling due within one year
 6 
(2,779,908)
(2,126,844)

Net current liabilities
  
 
 
(2,326,730)
 
 
(1,773,454)

  

Net liabilities
  
(2,311,890)
(1,758,614)


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
(2,321,890)
(1,768,614)

Shareholders' deficit
  
(2,311,890)
(1,758,614)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income 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 by: 

P Willis
Director

Date: 20 June 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
TEAMWORK COMMERCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10,000
(1,014,491)
(1,004,491)


Comprehensive income for the year

Loss for the year
-
(754,123)
(754,123)



At 1 January 2023
10,000
(1,768,614)
(1,758,614)


Comprehensive income for the year

Loss for the year
-
(553,276)
(553,276)


At 31 December 2023
10,000
(2,321,890)
(2,311,890)


Page 2

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Teamwork Commerce Limited is a private company, limited by shares, domiciled and incorporated in
England and Wales (registered number: 12462401). The registered office address is 1 Princeton Mews,
167-169 London Road, Surrey, KT2 6PT.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. 
The directors have carefully reviewed the future prospects of the Company and its future cash flows. The directors have prepared budgets and forecasts for the next 12 months from the date of sign off of these financial statements, which show that parent company support will be required as the Company builds up its revenues in the form of additional funding and not calling the outstanding balance due to the parent company, Retail Cloud Technologies LLC. 
The directors have discussed funding requirements with the parent company and have assessed that they have a reasonable expectation, with the continuing support of the parent company, that the Company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements. Retail Cloud Technologies LLC gave funding to the Company to start-up the operations and will provide the operational and financial support needed for the Company to continue trading as a going concern for no less than 12 months from the date of sign off of these financial statements. A letter was obtained from Retail Cloud Technologies LLC confirming this support.

Page 3

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once
the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual
interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022- 5).

Page 5

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiaries

£



Cost or valuation


At 1 January 2023
20,219



At 31 December 2023

20,219



Impairment


At 1 January 2023
5,379



At 31 December 2023

5,379



Net book value



At 31 December 2023
14,840



At 31 December 2022
14,840


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Teamwork Technology (Shanghai) CO., LTD
Unit 2102, Grand Gateway Tower 2 No. 3, Hong Qiao Road, Xu Hui District, Shanghai, China
Ordinary
100%
Teamwork Commerce PTY Limited
C/- Terence Rooney, 12 Malcolm Street, Narrabeen, NSW 2101, Australia
Ordinary
100%

Page 6

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Deposits
-
19,562


2023
2022
£
£

Due within one year

Trade debtors
3,684
6,264

Amounts owed by group undertakings
384,829
285,203

Prepayments and accrued income
34,512
11,392

423,025
302,859



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
695
9,692

Amounts owed to group undertakings
2,747,571
2,084,072

Other taxation and social security
894
4,647

Accruals and deferred income
30,748
28,433

2,779,908
2,126,844



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1.00 each
10,000
10,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. 


Page 7

 
TEAMWORK COMMERCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
36,212
106,264

Later than 1 year and not later than 5 years
-
36,212

36,212
142,476


9.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


10.


Controlling party

The immediate and ultimate parent undertaking is Retail Cloud Technologies LLC, a company registered in the United States of America. 
The largest and small group of undertaking for which the group accounts for year ended 31 December 2023 have been drawn up, is headed by Retail Cloud Technologies LLC. Copies of the Group accounts are available from 380 Park Place Blvd, Suite 250 Clearwater, Florida, United States, 33759


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 21 June 2024 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 8