Company registration number: 07167721
Unaudited financial statements
for the year ended 31 December 2023
for
Team Inc Limited
Pages for filing with the Registrar
Team Inc Limited
Accountants' Report to the Director for the preparation of the unaudited financial
statements
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Team Inc Limited for the year ended 31 December 2023 which comprise the Profit and loss account, Balance sheet and the notes to the financial statements from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Director of Team Inc Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Team Inc Limited and state those matters that we have agreed to state to them in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Team Inc Limited and its Director for our work, or for this report.
It is your duty to ensure that Team Inc Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Team Inc Limited. You consider that Team Inc 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 accounts of Team Inc 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.
Horley and Stone Ltd
Finance House
221B Tamworth Road
Long Eaton
Nottingham
British Forces
NG10 1DN
United Kingdom
Date: 24 January 2025
1
Company registration number: 07167721
Team Inc Limited
Balance sheet
as at 31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 5,526 6,819
5,526 6,819
Current assets
Debtors (1) 28,349
Cash at bank and in hand 39,903 40,427
39,902 68,776
Creditors: amounts falling due within
one year
(13,133) (43,397)
Net current assets 26,769 25,379
Total assets less current liabilities 32,295 32,198
Creditors: Amounts falling due after
more than one year
(12,327) (318)
NET ASSETS 19,968 31,880
Capital and reserves
Profit and loss account 19,968 31,880
TOTAL EQUITY 19,968 31,880
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
2
Company registration number: 07167721
Team Inc Limited
Balance sheet - continued
as at 31 December 2023
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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr A Fiddes, Director Mr A Fiddes, Director
24 January 2025 24 January 2025
3
Team Inc Limited
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
Team Inc Limited is a private company registered in England and Wales. Its registered number is 07167721. The company is limited by shares. Its registered office is 60 Bennett Street, Long Eaton, Nottingham, NG10 4RA.
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 historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Land and buildings:
Freehold property - 20% straight line
Plant and machinery etc.:
Plant and machinery - 18% straight line
Computer equipment - 30% reducing balance
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
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Team Inc Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
3 Average number of employees
During the year the average number of employees was 1 (2022 - 1).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 January 2023 58,500 9,760 68,260
Additions - 786 786
At 31 December 2023 58,500 10,546 69,046
Depreciation
At 1 January 2023 58,500 2,941 61,441
Charge for year - 2,079 2,079
At 31 December 2023 58,500 5,020 63,520
Net book value
At 31 December 2023 - 5,526 5,526
At 31 December 2022 - 6,819 6,819
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