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Registration number: 11152076

Teal Compliance Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Teal Compliance Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Teal Compliance Limited

(Registration number: 11152076)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,162

4,565

Current assets

 

Debtors

5

83,326

123,843

Cash at bank and in hand

 

68,271

129,336

 

151,597

253,179

Creditors: Amounts falling due within one year

6

(188,473)

(191,517)

Net current (liabilities)/assets

 

(36,876)

61,662

Total assets less current liabilities

 

(33,714)

66,227

Creditors: Amounts falling due after more than one year

6

(13,183)

(24,483)

Provisions for liabilities

(577)

(692)

Net (liabilities)/assets

 

(47,474)

41,052

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(47,574)

40,952

Shareholders' (deficit)/funds

 

(47,474)

41,052

 

Teal Compliance Limited

(Registration number: 11152076)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
Mrs A Worrall
Director

   
     
 

Teal Compliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 9
Quebec Offices
Bury Street
Salford
M3 7DU

These financial statements were authorised for issue by the Board on 8 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be
measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs
incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Teal Compliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% Straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

Teal Compliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Equipment
 £

Total
£

Cost or valuation

At 1 March 2023

7,279

7,279

At 29 February 2024

7,279

7,279

Depreciation

At 1 March 2023

2,714

2,714

Charge for the year

1,403

1,403

At 29 February 2024

4,117

4,117

Carrying amount

At 29 February 2024

3,162

3,162

At 28 February 2023

4,565

4,565

5

Debtors

Current

2024
£

2023
£

Trade debtors

81,644

122,007

Prepayments

1,652

1,836

Other debtors

30

-

 

83,326

123,843

 

Teal Compliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

11,300

11,300

Trade creditors

 

18,582

10,425

Amounts owed to group undertakings and undertakings in which the company has a participating interest

22,500

22,500

Taxation and social security

 

55,273

62,960

Accruals and deferred income

 

79,577

82,329

Other creditors

 

1,241

2,003

 

188,473

191,517

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

13,183

24,483

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,183

24,483

2024
£

2023
£

Current loans and borrowings

Bank borrowings

11,300

11,300

8

Parent and ultimate parent undertaking

The company's immediate parent is Amy Bell Compliance Limited, incorporated in England and Wales.