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REGISTERED NUMBER: 06915624 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

SEARCH TEAM LIMITED

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

SEARCH TEAM LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: I S Mortimer
P L Mortimer





SECRETARY: P L Mortimer





REGISTERED OFFICE: Hawthorne House
Andrews Lane
Willington
Shipston on Stour
Warwickshire
CV36 5BF





REGISTERED NUMBER: 06915624 (England and Wales)





ACCOUNTANTS: Mitchell Gordon LLP
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Abridged Balance Sheet
31 May 2024

31/5/24 31/5/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,822 2,716
Investments 5 741,352 788,363
Investment property 6 250,000 397,151
993,174 1,188,230

CURRENT ASSETS
Debtors 215,844 178,996
Cash at bank 363,814 238,935
579,658 417,931
CREDITORS
Amounts falling due within one year 4,752 6,095
NET CURRENT ASSETS 574,906 411,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,568,080

1,600,066

PROVISIONS FOR LIABILITIES 15,612 28,271
NET ASSETS 1,552,468 1,571,795

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 297,643 289,343
Retained earnings 1,254,725 1,282,352
SHAREHOLDERS' FUNDS 1,552,468 1,571,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Abridged Balance Sheet - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





I S Mortimer - Director


SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Search Team Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared under the going concern basis of accounting.

Turnover
Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Listed investments
Listed investments are revalued at the end of each accounting period and all movements transferred to the revaluation reserve. Any permanent change in value is transferred to the profit and loss reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 9,963
Disposals (1,434 )
At 31 May 2024 8,529
DEPRECIATION
At 1 June 2023 7,247
Charge for year 663
Eliminated on disposal (1,203 )
At 31 May 2024 6,707
NET BOOK VALUE
At 31 May 2024 1,822
At 31 May 2023 2,716

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 June 2023 788,363
Additions 111,109
Disposals (238,809 )
Revaluations 80,689
At 31 May 2024 741,352
NET BOOK VALUE
At 31 May 2024 741,352
At 31 May 2023 788,363

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 May 2024 is represented by:

Valuation in 2014 599
Valuation in 2015 2,505
Valuation in 2016 (22,083 )
Valuation in 2017 65,189
Valuation in 2018 21,156
Valuation in 2019 (21,691 )
Valuation in 2020 (62,641 )
Valuation in 2021 129,927
Valuation in 2022 44,505
Valuation in 2023 1,752
Valuation in 2024 80,689
Cost 501,445
741,352

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 397,151
Disposals (74,762 )
Revaluations (72,389 )
At 31 May 2024 250,000
NET BOOK VALUE
At 31 May 2024 250,000
At 31 May 2023 397,151

The property has been valued by the directors on an open market value basis.

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2015 51,361
Valuation in 2016 6,787
Valuation in 2017 15,353
Valuation in 2018 4,323
Valuation in 2019 5,989
Valuation in 2020 (9,324 )
Valuation in 2021 (9,603 )
Valuation in 2022 31,551
Valuation in 2023 33,687
Valuation in 2024 (72,389 )
Cost 192,265
250,000

SEARCH TEAM LIMITED (REGISTERED NUMBER: 06915624)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. RESERVES
Revaluation
reserve
£   
At 1 June 2023 289,343
Investment property
revaluation (10,000 )
Investment revaluation 80,689
Transfer of reserves (62,389 )

At 31 May 2024 297,643

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31/5/24 31/5/23
£    £   
I S Mortimer and P L Mortimer
Balance outstanding at start of year 123,077 153,933
Amounts advanced 135,076 -
Amounts repaid (96,529 ) (30,856 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 161,624 123,077

Interest on the above loans has been charged at 2% up to 5th April 2023 and 2.25% thereafter. Loans are repayable on demand.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Search Team Limited

The following reproduces the text of the report prepared for the directors 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 Abridged Income Statement and certain other primary statements and the Report of the Directors 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 Search Team Limited for the year ended 31 May 2024 which comprise the Abridged Income Statement, Abridged 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Search Team Limited, as a body, in accordance with the terms of our engagement letter dated 15 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Search Team Limited and state those matters that we have agreed to state to the Board of Directors of Search Team Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Search 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 Search Team Limited. You consider that Search 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 Search 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.






Mitchell Gordon LLP
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH


23 September 2024