Company Registration No. 13881068 (England and Wales)
Teampact International Limited
Unaudited accounts
for the year ended 31 January 2024
Teampact International Limited
Unaudited accounts
Contents
Teampact International Limited
Company Information
for the year ended 31 January 2024
Directors
Jonathan James Conibear
Timothy Robert Conibear
William Marshall-Smith
Ayanda Mhlongo
Kavan Antony Seggie
Company Number
13881068 (England and Wales)
Registered Office
Office 2.05 Clockwise, Old Town Hall
30 Tweedy Road
Bromley
BR1 3FE
England
Accountants
Anumerate Limited
Office 2.05, Clockwise
Old Town Hall
30 Tweedy Road
Bromley
BR13FE
Teampact International Limited
Statement of financial position
as at 31 January 2024
Cash at bank and in hand
82,470
15,707
Creditors: amounts falling due within one year
(55,452)
(22,026)
Net current assets
144,787
50,911
Called up share capital
11
8
Share premium
144,751
54,999
Profit and loss account
25
(4,096)
Shareholders' funds
144,787
50,911
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by
Jonathan James Conibear
Director
Company Registration No. 13881068
Teampact International Limited
Notes to the Accounts
for the year ended 31 January 2024
Teampact International Limited is a private company, limited by shares, registered in England and Wales, registration number 13881068. The registered office is Office 2.05 Clockwise, Old Town Hall, 30 Tweedy Road, Bromley, BR1 3FE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
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 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Investments comprise of a 100% holding in a subsidiary company, Teampact (Pty) Ltd, based in South Africa, with registered office address: 37 Church Road, Muizenberg, Cape Town, 7950. Investments in subsidiaries are measured at cost less accumulated impairment.
Teampact International Limited
Notes to the Accounts
for the year ended 31 January 2024
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial.
In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.
Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Due to ongoing financial support from investors and external finance, the Directors are of the opinion that the company is a going concern.
Exemption from preparing consolidated accounts
The company has availed of the exemption under s399 of the Companies Act 2006 which exempts a parent company from preparing consolidated accounts if the company falls within the small companies regime.
The company is applying the exemption from audit available under s479 of the Companies Act 2006 given that both it, and the group headed by it, qualify as small entities under the small companies regime.
Exemption from preparing a cash flow statement
In accordance with the requirements of FRS 102, the company is applying the exemption available to small companies to avail of the reduced disclosure framework and has elected not to prepare a cash flow statement.
Comparative figures have been updated in line with current accounting policies and principles.
There is no material impact on the prior year comparative financial position of the company.
Amounts falling due within one year
Other debtors
117,769
57,230
Teampact International Limited
Notes to the Accounts
for the year ended 31 January 2024
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
6
-
Loans from directors
70
70
Deferred income
54,923
21,923
Allotted, called up and fully paid:
1,068 Ordinary shares of £0.01 each
10.68
8.00
Shares issued during the period:
268 Ordinary shares of £0.01 each
2.68
7
Transactions with related parties
Timothy Conibear is a related party of the company by virtue of being a Director. The Director advanced the following loan to the company during the year:
Timothy Conibear - £70 (2023: £70)
Loans from Directors are unsecured, interest-free and carry no fixed terms of repayment.
Note 5, Debtors, includes an amount of £117,769 (2023: £57,230) which is receivable from a subsidiary company, Teampact (Pty) Ltd. The loan is unsecured, interest-free and has no fixed terms of repayment.
Teampact International Limited is the ultimate parent and has the following subsidiary which is based in South Africa:
- Teampact (Pty) Ltd
Under the Small Company Regime, the entities do not meet the requirements for a consolidated set of accounts.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).