REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
INTERNATIONAL TRADING TEAM LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
INTERNATIONAL TRADING TEAM LIMITED |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
INTERNATIONAL TRADING TEAM LIMITED |
Company Information |
for the year ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
Accountants' Report to the Director |
on the Unaudited Financial Statements of |
International Trading Team Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Trading Team Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of International Trading Team Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of International Trading Team Limited and state those matters that we have agreed to state to the director of International Trading Team Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Trading Team Limited and its director for our work or for this report. |
It is your duty to ensure that International Trading Team Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of International Trading Team Limited. You consider that International Trading Team Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of International Trading Team Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | $ | $ |
Current assets |
Stocks |
Debtors: amounts falling due within one year |
5 |
Debtors more than 10 years | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
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. |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
International Trading Team Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
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 at 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 and bank overdrafts. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
$ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Debtors |
2023 | 2022 |
$ | $ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors more 10 yr |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
$ | $ |
Bank loans |
INTERNATIONAL TRADING TEAM LIMITED (REGISTERED NUMBER: 06461818) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Creditors: amounts falling due after more than one year - continued |
2023 | 2022 |
$ | $ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 567,314 | 746,869 |
8. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
$ | $ |
Bank loans |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | $ | $ |
Ordinary | $1 | 240,000 | 240,000 |