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REGISTERED NUMBER: 09582960 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TEAM EDGE LIMITED

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


TEAM EDGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J D Chadwick





REGISTERED OFFICE: 92 George Richards Way
Broadheath
Altrincham
Cheshire
WA14 5ZR





REGISTERED NUMBER: 09582960 (England and Wales)





AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
This report aims to present a balanced view of the development and the performance of the group.

PRINCIPAL ACTIVITIES
The principal activities of the group are the design and sale of leading unbranded sportswear. The group is committed to the provision of high performance non branded clothing for sports teams, clubs & schools together with outstanding customer service and support with the objective of providing affordable high performance team wear.

RESULTS AND DIVIDENDS
The group continued to trade successfully through a period of an unsettled global market which brings on cost base challenges.

Ordinary dividends were paid during the year of £216,222 (2022: £216,222).

The group's results for the year are included within these financial statements.

FUTURE DEVELOPMENTS AND INVESTMENT
The group will continue to invest in the continuous improvement of its existing products and in the development of new innovative products to facilitate sales growth, long term sustainability and efficiency gains across a range of market sectors. This ongoing investment will ensure the group provides ever increasing levels of product quality, performance, customer service and satisfaction.

Cyber security continues to be a focus for investment and is integrated into the organisation wide governance frameworks, including strategy, risk management processes and compliance and audit procedures.

PRINCIPAL RISKS AND UNCERTAINTIES
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Effective working capital management is a priority to ensure the associated risks are controlled and balanced against the challenging market environment in which we operate.

The main financial risks facing the group are those relating to rising labour costs, foreign currency exchange and the widely publicised global supply chain issues and the subsequent rising container costs. The director's policy agreed for managing these financial risks remain unchanged. The director works closely to manage any foreign exchange fluctuations and working directly with fright forwarders to ensure we have secured space on vessels from China to the UK , managing pricing and delays caused by the global impact of the current wars.


NON - FINANCIAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy is robust and have few risks associated. The key business risks and uncertainties affecting the group are considered to relate to a certain level of dependence on the strength of our customer base and any government changes and in addition, the group's ability to maintain adequate continuity of supply chain within the context of global uncertainties on raw material availability and demand.

NON-FINANCIAL INFORMATION STATEMENT
The group's key non-financial indicators are those related to employee health, safety and well-being, training, development, quality, community, and customer satisfaction. The group and our employees continue to support a wide variety of community projects.

SUPPLIERS
The group commits to regular engagement and collaboration with our supply chain and are committed to paying in line with supplier payment terms.


TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

OUR COMMITMENT TO THE ENVIRONMENT
Corporate objectives continue to focus on doing the right thing for our community and the environment in everything we do, we have significantly reduced paper and plastic usage throughout both manufacturing and office activities and continue to find ways of 'recycling and reusing'.

POST BALANCE SHEET EVENTS
Post year end the group reconstruction occurred with CT Holdings Limited demerging following the transfer by way of dividend in specie the fabric trade from Chadwick Textiles Limited. The group operates two distinct trading activities: Fabrics and Garments. The director of the group has separated the two trades for several reasons. The fabric and garments are imported from overseas, and the costs associated with the challenging logistics worldwide have been difficult to manage. The director would like to minimise risk and exposure from adverse trading conditions by separating the two trades as a means of protection going forward. In addition to protecting each trade from the other, the directors of the subsidiary company have been reflecting that each trade has its own challenges, and the separation of the trade will provide two distinct companies with differing objectives. The directors and senior management team believe the separation will provide focus with objectives being met more efficiently to improve trading going forward. The separation will give clarity of the trading expenses per division. The director's expectation is that the major focus will be on growing Garments as the margin here can be stronger and ultimately very attractive for outside investment within a period of 2 to 3 years. Fabrics already has a solid margin with a slight steadier and simpler cost base.

ON BEHALF OF THE BOARD:





J D Chadwick - Director


26 September 2024

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of Quality Sportswear manufacturers

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £222,216 (2022: £222,216).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
J D Chadwick held office during the whole of the period from 1 January 2023 to the date of this report.

DIRECTOR'S INDEMNITY
The company has made qualifying third party provisions for the benefit of its director which remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The director has chosen to disclose future developments, risk management, engagement with employees, supplier information, environment information and post balance sheet events in the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J D Chadwick - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEAM EDGE LIMITED


Opinion
We have audited the financial statements of Team Edge Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

The comparative figures are unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEAM EDGE LIMITED


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEAM EDGE LIMITED


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:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the Companies Act 2006 was of most significance.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to stock provision and accrued costs.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Performing a physical verification of key assets, including stock.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and consolidated balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEAM EDGE LIMITED


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.




Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

26 September 2024

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £    £    £   

TURNOVER 3 10,657,810 10,505,256

Cost of sales 5,087,256 5,312,445
GROSS PROFIT 5,570,554 5,192,811

Distribution costs 451,434 326,997
Administrative expenses 3,958,515 3,401,636
4,409,949 3,728,633
OPERATING PROFIT 5 1,160,605 1,464,178


Interest payable and similar expenses 6 107,713 89,297
PROFIT BEFORE TAXATION 1,052,892 1,374,881

Tax on profit 7 407,824 278,013
PROFIT FOR THE FINANCIAL YEAR 645,068 1,096,868
Profit attributable to:
Owners of the parent 645,068 1,096,868

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 645,068 1,096,868


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

645,068

1,096,868

Total comprehensive income attributable to:
Owners of the parent 645,068 1,096,868

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 313,338 239,524
Investments 11 - -
313,338 239,524

CURRENT ASSETS
Stocks 12 3,085,488 4,503,199
Debtors 13 2,284,450 2,100,849
Cash at bank and in hand 261,410 88,947
5,631,348 6,692,995
CREDITORS
Amounts falling due within one year 14 2,068,814 3,511,429
NET CURRENT ASSETS 3,562,534 3,181,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,875,872

3,421,090

CREDITORS
Amounts falling due after more than one year 15 (70,509 ) (40,756 )

PROVISIONS FOR LIABILITIES 20 (31,223 ) (29,046 )
NET ASSETS 3,774,140 3,351,288

CAPITAL AND RESERVES
Called up share capital 21 112 112
Retained earnings 22 3,774,028 3,351,176
SHAREHOLDERS' FUNDS 3,774,140 3,351,288

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





J D Chadwick - Director


TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 750,002 750,002
750,002 750,002

CURRENT ASSETS
Debtors 13 - 498
Cash at bank and in hand 8,338 7,865
8,338 8,363
CREDITORS
Amounts falling due within one year 14 17,956 771,594
NET CURRENT LIABILITIES (9,618 ) (763,231 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

740,384

(13,229

)

CAPITAL AND RESERVES
Called up share capital 21 112 112
Retained earnings 22 740,272 (13,341 )
SHAREHOLDERS' FUNDS 740,384 (13,229 )

Company's profit for the financial year 975,829 222,214

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





J D Chadwick - Director


TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 112 2,476,524 2,476,636

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - 1,096,868 1,096,868
Balance at 31 December 2022 112 3,351,176 3,351,288

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - 645,068 645,068
Balance at 31 December 2023 112 3,774,028 3,774,140

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 112 (13,339 ) (13,227 )

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - 222,214 222,214
Balance at 31 December 2022 112 (13,341 ) (13,229 )

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - 975,829 975,829
Balance at 31 December 2023 112 740,272 740,384

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,545,280 226,892
Interest paid (107,713 ) (89,297 )
Tax paid (668,857 ) 1,796
Net cash from operating activities 768,710 139,391

Cash flows from investing activities
Purchase of tangible fixed assets (213,132 ) (31,025 )
Sale of tangible fixed assets 7,499 -
Net cash from investing activities (205,633 ) (31,025 )

Cash flows from financing activities
Capital repayments in year 610 (51,685 )
Amount introduced by directors 522,059 411,345
Amount withdrawn by directors (492,104 ) (522,059 )
Equity dividends paid (222,216 ) (222,216 )
Net cash from financing activities (191,651 ) (384,615 )

Increase/(decrease) in cash and cash equivalents 371,426 (276,249 )
Cash and cash equivalents at beginning of
year

2

(345,325

)

(69,076

)

Cash and cash equivalents at end of year 2 26,101 (345,325 )

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
(Unaudited)
£    £   
Profit before taxation 1,052,892 1,374,881
Depreciation charges 122,380 110,791
Loss on disposal of fixed assets 9,440 -
Finance costs 107,713 89,297
1,292,425 1,574,969
Decrease/(increase) in stocks 1,417,711 (1,744,010 )
(Increase)/decrease in trade and other debtors (213,556 ) 383,305
(Decrease)/increase in trade and other creditors (951,300 ) 12,628
Cash generated from operations 1,545,280 226,892

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 261,410 88,947
Bank overdrafts (235,309 ) (434,272 )
26,101 (345,325 )
Year ended 31 December 2022
31/12/22 1/1/22
(Unaudited)
£    £   
Cash and cash equivalents 88,947 212,979
Bank overdrafts (434,272 ) (282,055 )
(345,325 ) (69,076 )


TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 88,947 172,463 261,410
Bank overdrafts (434,272 ) 198,963 (235,309 )
(345,325 ) 371,426 26,101
Debt
Finance leases (123,033 ) (610 ) (123,643 )
(123,033 ) (610 ) (123,643 )
Total (468,358 ) 370,816 (97,542 )

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Team Edge Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 09582960 and the registered office is 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. The company is a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the 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 presentation and operational currency is £1 sterling.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and all of its subsidiaries for the year ended 31 December 2023. Any internal sales and profits are eliminated on consolidation and any goodwill arising on consolidation has been written off against accumulated profits carried forward.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Stock provision
Stocks are initially measured at the transaction price and subsequently measured at cost, less obsolescence provision. The directors make estimates as to the recoverability of these stocks and provide for them accordingly.


Accrued stock costs
Accrued stock expenditure is estimated by directors at each year end to ensure that all known liabilities are accounted for in the financial statements.

From a completeness perspective, the directors are not aware of any other critical judgements within the company that give rise to a significant risk of material adjustment within the next financial year.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


2. ACCOUNTING POLICIES - continued

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost and 10% on cost
Plant and machinery - 20% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on cost
Computer equipment - 33% on cost

All fixed assets are initially recorded at cost. Assets are not depreciated until they are brought into use.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Short leasehold refers to improvements to a rented property.

At each balance sheet date, the company reviews the carrying amounts of its furniture and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


2. ACCOUNTING POLICIES - continued

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

Cost is based on purchase invoice plus freight and duty cost after allowing for exchange conversion to sterling.

Stocks comprise garments and fabric.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non convertible preference shares and in non puttable ordinary and preference shares are measured:
-at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or
their fair value can otherwise be measured reliably;
-at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


2. ACCOUNTING POLICIES - continued
Taxation
Tax is recognised in the Statement of comprehensive income, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


2. ACCOUNTING POLICIES - continued

Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Invoice discounting
The company has an invoice discounting agreement that enables it to receive advances against its sales invoices. The company discloses both the debtors and creditors relating to this agreement separately within its balance sheet.

Going concern
At the balance sheet date of 31 December 2023, the group made a profit for the year of £645,068 (2022: £1,096,868), and had net assets at that date of £3,774,140 (2022: £3,351,288).

The group has cash reserves as at the date of approval of the financial statements. The director considers that the group has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
(Unaudited)
£    £   
Garments 9,016,810 8,920,037
Fabric 1,641,000 1,585,219
10,657,810 10,505,256

An analysis of turnover by geographical market is given below:

2023 2022
(Unaudited)
£    £   
United Kingdom 10,179,349 10,067,981
Europe 473,043 430,190
ROW 5,418 7,085
10,657,810 10,505,256

4. EMPLOYEES AND DIRECTORS
2023 2022
(Unaudited)
£    £   
Wages and salaries 2,804,732 2,293,672
Social security costs 286,015 274,975
Other pension costs 77,843 56,996
3,168,590 2,625,643

The average number of employees during the year was as follows:
2023 2022
(Unaudited)

Admin 10 7
Sales 9 8
Operations 29 27
48 42

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
(Unaudited)
£    £   
Director's remuneration 625,059 711,250

Information regarding the highest paid director is as follows:
2023 2022
(Unaudited)
£    £   
Emoluments etc 625,059 711,250

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
(Unaudited)
£    £   
Other operating leases 6,594 2,827
Depreciation - owned assets 95,827 91,773
Depreciation - assets on hire purchase contracts 26,552 19,020
Loss on disposal of fixed assets 9,440 -
Auditors remuneration 18,100 -

Auditors remuneration for non audit services is £1,400 (2022: £3,775).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
(Unaudited)
£    £   
Bank interest 45,488 42,557
Other interest payable 17,137 14,903
Stock financing interest 45,088 31,837
107,713 89,297

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
(Unaudited)
£    £   
Current tax:
UK corporation tax 259,498 279,336
No description 146,148 -
Total current tax 405,646 279,336

Deferred tax 2,178 (1,323 )
Tax on profit 407,824 278,013

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:

2023 2022
(Unaudited)
£    £   
Profit before tax 1,052,892 1,374,881
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 -
19 %)

263,223

261,227

Effects of:
Expenses not deductible for tax purposes 12,529 5,798
Depreciation in excess of capital allowances 68 12,311
Adjustments to tax charge in respect of previous periods 146,148 -
Rate change (16,322 ) -
Deferred tax movement 2,178 (1,323 )
Total tax charge 407,824 278,013

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
(Unaudited)
£    £   
Ordinary shares of £0.01 each
Interim 222,216 222,216

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 84,350 135,487 132,118
Additions - 41,250 49,529
Disposals (11,685 ) (8,525 ) (41,650 )
At 31 December 2023 72,665 168,212 139,997
DEPRECIATION
At 1 January 2023 49,760 57,138 63,216
Charge for year 16,480 20,263 49,381
Eliminated on disposal (11,685 ) (8,525 ) (41,651 )
At 31 December 2023 54,555 68,876 70,946
NET BOOK VALUE
At 31 December 2023 18,110 99,336 69,051
At 31 December 2022 34,590 78,349 68,902

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 110,483 21,183 483,621
Additions 119,826 2,527 213,132
Disposals (70,488 ) (8,979 ) (141,327 )
At 31 December 2023 159,821 14,731 555,426
DEPRECIATION
At 1 January 2023 62,284 11,699 244,097
Charge for year 29,540 6,715 122,379
Eliminated on disposal (53,548 ) (8,979 ) (124,388 )
At 31 December 2023 38,276 9,435 242,088
NET BOOK VALUE
At 31 December 2023 121,545 5,296 313,338
At 31 December 2022 48,199 9,484 239,524

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 - 110,483 110,483
Additions 29,300 78,849 108,149
Disposals - (70,488 ) (70,488 )
Transfer to ownership - (39,995 ) (39,995 )
At 31 December 2023 29,300 78,849 108,149
DEPRECIATION
At 1 January 2023 - 62,284 62,284
Charge for year 5,860 20,692 26,552
Eliminated on disposal - (53,548 ) (53,548 )
Transfer to ownership - (21,588 ) (21,588 )
At 31 December 2023 5,860 7,840 13,700
NET BOOK VALUE
At 31 December 2023 23,440 71,009 94,449
At 31 December 2022 - 48,199 48,199

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 750,002
NET BOOK VALUE
At 31 December 2023 750,002
At 31 December 2022 750,002

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

C T Holdings Limited
Registered office: 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Chadwick Textiles Limited
Registered office: 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR
Nature of business: Quality Sportswear Manufacturer
%
Class of shares: holding
Ordinary 100.00

The company is a sub-subsidiary of Team Edge Limited.


12. STOCKS

Group
2023 2022
(Unaudited
£    £   
Finished goods 3,085,488 4,503,199

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited) (Unaudited)
£    £    £    £   
Trade debtors 1,229,299 1,340,171 - 498
Other debtors 485,936 178,255 - -
Directors' current accounts 492,104 522,059 - -
Prepayments 77,111 60,364 - -
2,284,450 2,100,849 - 498

The amount of invoice discounted debts included within trade debtors at the year end is £1,089,878 (2022: £1,240,936).

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited) (Unaudited)
£    £    £    £   
Bank loans and overdrafts (see note 16) 235,309 434,272 - -
Hire purchase contracts (see note 17) 53,134 82,277 - -
Trade creditors 707,263 641,680 - 399
Amounts owed to group undertakings - - - 688,615
Tax 259,497 522,708 - -
Social security and other taxes 408,245 456,791 - -
Other creditors 79,383 971,806 17,956 82,580
Amounts owed to related parties 30,450 30,450 - -
Accrued expenses 295,533 371,445 - -
2,068,814 3,511,429 17,956 771,594

Amounts owed to group undertakings are repayable on demand and accrue no interest.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
(Unaudited
£    £   
Hire purchase contracts (see note 17) 70,509 40,756

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
(Unaudited
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 235,309 434,272

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
(Unaudited
£    £   
Net obligations repayable:
Within one year 53,134 82,277
Between one and five years 70,509 40,756
123,643 123,033

Group
Non-cancellable operating leases
2023 2022
(Unaudited)
£    £   
Within one year 126,000 126,000
Between one and five years 252,000 378,000
378,000 504,000

Operating leases include rental commitments for the property that the group transacts its business from.

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
(Unaudited
£    £   
Bank overdrafts 235,309 434,272
Hire purchase 123,643 123,033
- 836,118
358,952 1,393,423

The bank borrowings of the group represent amounts owed in respect of an import loan facility and are secured by a debenture on the group's assets in favour of HSBC.

At 31 December 2023 other creditors includes liabilities relating to an invoice discounting facility amounting to a creditor of £nil (2022: £836,118) which are secured by a debenture over the assets of the group, in favour of HSBC. The balance for invoice discounting at 31 December 2023 was a debtor of £391k.

Hire purchase creditors are secured on the assets they are in respect of.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


19. FINANCIAL INSTRUMENTS

GROUP

Carrying amount of financial assets
At 31 December 2023 debt instruments measured at amortised cost amounted to £2,468,749 (2022: £2,129,432).

Carrying amount of financial liabilities
Carrying amount of financial liabilities measured at amortised cost at 31 December 2023 amounted to £1,176,046 (2022: £2,201,241).


COMPANY

Carrying amount of financial assets
At 31 December 2023 debt instruments measured at amortised cost amounted to £8,338 (2022: £8,363).
At 31 December 2023 equity instruments measured at cost less impairment £750,002 (2022: £750,002).

Carrying amount of financial liabilities
Carrying amount of financial liabilities measured at amortised cost at 31 December 2023 amounted to £17,956 (2022: £771,594).

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
(Unaudited
£    £   
Deferred tax 31,223 29,046

Group
Deferred
tax
£   
Balance at 1 January 2023 29,046
Provided during year 2,177
Balance at 31 December 2023 31,223

The balance comprises the tax effect of accelerated capital allowances of £31,223 (2022 : £29,046).

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,222 Ordinary £0.01 112 112

Ordinary shares have full voting rights.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


22. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 3,351,176
Profit for the year 645,068
Dividends (222,216 )
At 31 December 2023 3,774,028

Company
Retained
earnings
£   

At 1 January 2023 (13,341 )
Profit for the year 975,829
Dividends (222,216 )
At 31 December 2023 740,272


23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for the benefit of the director and employees. The assets of the scheme are administered by trustees in funds independent of those from the group.

24. CONTINGENT LIABILITIES

On 14 November 2022 the company along with its subsidiary company, C T Holdings Limited, entered into an unlimited cross guarantee in favour of HSBC Bank plc to secure the borrowings of its subsidiary company, Chadwick Textiles Limited. At 31 December 2023 the amounts outstanding in respect of this liability was £ 235,309 (2022: £1,270,390). The security for this guarantee is a fixed and floating charge over the company's assets.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
(Unaudited)
£    £   
J D Chadwick
Balance outstanding at start of year 522,059 411,345
Amounts advanced 349,318 310,714
Amounts repaid (379,273 ) (200,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 492,104 522,059

The director's loan balance is interest free and is repaid each year by bonuses and dividends.

26. RELATED PARTY DISCLOSURES

Included within creditors is a balance of £30,450 (2022: £30,450) owed to CT Pension Scheme Altrincham, a pension scheme that the director J Chadwick is a beneficiary of. The balance arises due to rental of property owned by the pension scheme. Included within other debtors is a balance of £34,000 (2022: £34,000) owed by CT Pension Scheme Altrincham.

Included within other debtors is a rent deposit of £60,900 (2022: £60,900) in respect of the property rented from CT Pension Scheme Altrincham.

Included within wages is an amount of £524,002 (2022: £164,794) in respect of design and implementation costs for C Chadwick, wife of the director, J Chadwick.

Included within other creditors is a balance of £7,554 (2022: £83,355 owed from) owed to David Chadwick, a director of Edge Trainingwear Limited. The loan is interest free and has been repaid since the year end.

Included within other creditors is a balance of £nil (2022: £65,000) owed to G Bramall, father-in-law of J D Chadwick. The loan was interest bearing, a charge of £1,898 is included within the company's profit and loss account during the year. The loan was repaid during the year.

At 31 December 2023 the company wrote off the amount of £753,615 owed to its subsidiary companies. The amount has been included in the company's profit and loss account for the year.

Key management personnel are the director J D Chadwick along with the directors of Chadwick Textiles Limited, T E Roberts and J Wilmott. Amounts paid to the key management personnel by the group were remuneration of £938,742,(2022: £859,653) pension contributions of £24,197 (2022: £6,193) and dividends of £222,216 (2022: £222,216).

27. POST BALANCE SHEET EVENTS

On 9 February 2024 Chadwick Textiles Limited transferred its fabric trade by way of a dividend in specie to its parent company, C T Holdings Limited. On 10 February 2024 the director carried out a group reconstruction to move C T Holdings Limited out of the group into a new group headed up by C T Fabrics Team Limited to carry out on the fabrics trade. The Team Edge group have a new holding company, J.D.C. Holdco Limited, which heads up the garments group.

TEAM EDGE LIMITED (REGISTERED NUMBER: 09582960)

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


28. ULTIMATE CONTROLLING PARTY

The controlling party is J D Chadwick.

The ultimate controlling party is J D Chadwick.

29. PROPOSED DIVIDEND

The group resolved on 31 August 2024 to pay a dividend in respect of the year ended 31 December 2023 of £222,216.