IRIS Accounts Production v24.3.2.46 14762212 Board of Directors 27.3.23 31.12.23 31.12.23 30/1/2025 0 false true false false true false Auditors Opinion Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh147622122023-03-26147622122023-12-31147622122023-03-272023-12-31147622122023-03-2614762212ns15:EnglandWales2023-03-272023-12-3114762212ns14:PoundSterling2023-03-272023-12-3114762212ns10:Director12023-03-272023-12-3114762212ns10:PrivateLimitedCompanyLtd2023-03-272023-12-3114762212ns10:SmallEntities2023-03-272023-12-3114762212ns10:Audited2023-03-272023-12-3114762212ns10:SmallCompaniesRegimeForDirectorsReport2023-03-272023-12-3114762212ns10:SmallCompaniesRegimeForAccounts2023-03-272023-12-3114762212ns10:FullAccounts2023-03-272023-12-3114762212ns10:OrdinaryShareClass12023-03-272023-12-31147622121ns10:OrdinaryShareClass12023-03-272023-12-3114762212ns10:Director22023-03-272023-12-3114762212ns10:RegisteredOffice2023-03-272023-12-3114762212ns5:CurrentFinancialInstruments2023-12-3114762212ns5:ShareCapital2023-12-3114762212ns5:RetainedEarningsAccumulatedLosses2023-12-311476221212023-03-272023-12-3114762212ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3114762212ns5:WithinOneYear2023-12-3114762212ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 14762212 (England and Wales)












FINANCIAL STATEMENTS

FOR THE PERIOD

27 MARCH 2023 TO 31 DECEMBER 2023

FOR

TRUSTED TECH TEAM LIMITED

TRUSTED TECH TEAM LIMITED (REGISTERED NUMBER: 14762212)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 27 MARCH 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRUSTED TECH TEAM LIMITED

COMPANY INFORMATION
FOR THE PERIOD 27 MARCH 2023 TO 31 DECEMBER 2023







DIRECTORS: J K Hamood
J L Sharrocks



REGISTERED OFFICE: The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG



REGISTERED NUMBER: 14762212 (England and Wales)



SENIOR STATUTORY AUDITOR: James Pearce FCA



AUDITORS: TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

TRUSTED TECH TEAM LIMITED (REGISTERED NUMBER: 14762212)

BALANCE SHEET
31 DECEMBER 2023

Notes £   
CURRENT ASSETS
Debtors 5 818,579
Cash at bank 59,778
878,357
CREDITORS
Amounts falling due within one year 6 1,877,313
NET CURRENT LIABILITIES (998,956 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(998,956

)

CAPITAL AND RESERVES
Called up share capital 8 1,000
Retained earnings (999,956 )
SHAREHOLDERS' FUNDS (998,956 )

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

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 29 January 2025 and were signed on its behalf by:





J L Sharrocks - Director


TRUSTED TECH TEAM LIMITED (REGISTERED NUMBER: 14762212)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 27 MARCH 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Trusted Tech 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 (£).


Amounts in the accounts are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company has net liabilities of £998,956 at the balance sheet date. The company is supported by loans from its parent company, Trusted Tech Team, LLC, and the directors have received an undertaking that the parent company will continue to provide such financial support as is necessary for a period of at least 12 months from the date the financial statements are approved.

Management has also prepared detailed forecasts for 12 months from the date of signing the accounts, and having considered the assumptions and conclusions, and the availability of financial resources - in particular the ongoing support of the parent company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and as a minimum for a period of at least 12 months from the date of approval of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

There are no significant estimates or assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Critical judgments
The directors do not believe there are any critical judgments that have been made in applying the company's accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for the sale of computer licences when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This will typically occur when the licence is acquired from the supplier and is made available to the customer.

TRUSTED TECH TEAM LIMITED (REGISTERED NUMBER: 14762212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 27 MARCH 2023 TO 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade creditors, other creditors and intercompany loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled. or they expire.

Taxation
Taxation for the period 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 period 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

TRUSTED TECH TEAM LIMITED (REGISTERED NUMBER: 14762212)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 27 MARCH 2023 TO 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 553,189
Other debtors 94,094
VAT 171,296
818,579

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed to group undertakings 1,619,828
Accrued expenses 257,485
1,877,313

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 197,315

The company has a commitment under a non-cancellable operating lease which expires in October 2024 for the lease of its premises.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1,000 Ordinary £1 1,000

1,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Pearce FCA (Senior Statutory Auditor)
for and on behalf of TC Group

10. RELATED PARTY DISCLOSURES

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.

One of the company's directors is employed via an 'employer of record' under contract to the parent company, with amounts charged to this company through the intercompany loan account. The remuneration paid during the year amounted to £69,577. The individual is considered to be key management personnel.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders of its parent company, Trusted Tech Team, LLC - an entity established in the United States of America. Trusted Tech Team, LLC is ultimately controlled by Peak Trust Company - AK