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REGISTERED NUMBER: 08189133 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

TEAMO MARINE SAFETY PRODUCTS LIMITED

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TEAMO MARINE SAFETY PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: Mr L Mead





REGISTERED OFFICE: Unit 7, Flanders Industrial Estate
Flanders Road
Hedge End
Southampton
Hampshire
SO30 2FZ





REGISTERED NUMBER: 08189133 (England and Wales)






TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 306 1,330
306 1,330

CURRENT ASSETS
Debtors 6 89,886 91,889
Cash at bank 5,277 4
95,163 91,893
CREDITORS
Amounts falling due within one year 7 178,900 145,944
NET CURRENT LIABILITIES (83,737 ) (54,051 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(83,431

)

(52,721

)

CREDITORS
Amounts falling due after more than one
year

8

-

(13,515

)

PROVISIONS FOR LIABILITIES (58 ) (253 )
NET LIABILITIES (83,489 ) (66,489 )

CAPITAL AND RESERVES
Called up share capital 157 157
Share premium 372,032 372,032
Retained earnings (455,678 ) (438,678 )
(83,489 ) (66,489 )

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

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

The director acknowledges his 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.

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

BALANCE SHEET - continued
31 AUGUST 2024


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 director and authorised for issue on 19 May 2025 and were signed by:





Mr L Mead - Director


TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Teamo Marine Safety Products 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.

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.

Going Concern
Despite the company recording a further small loss, the Director is confident that in the longer term the business will be generating sustained profits.

The company has now been restructured so that it is a brand ownership and patent income business with products being sold under licence by an agent. It has always been clear that as a one-product business TeamO Marine safety products Limited would struggle to generate significant returns but there is a good pipeline of new ideas within the organisation that will be brought to market in coming years. The first of those new products was winner of the DAME award at the METS show in Amsterdam in November 2024. This is the preeminent design award in the leisure Marine market and the Director is confident that bringing it to market will significantly enhance the company's profitability in the near-term.

On that basis the Director continues to have confidence that the company can meet its financial obligations as they fall due and continues to adopt the going concern basis.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

All fixed assets are initially recorded at cost.

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.


TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 September 2023 15,980 1,194 17,174
Disposals (15,980 ) (1,194 ) (17,174 )
At 31 August 2024 - - -
AMORTISATION
At 1 September 2023 15,980 1,194 17,174
Eliminated on disposal (15,980 ) (1,194 ) (17,174 )
At 31 August 2024 - - -
NET BOOK VALUE
At 31 August 2024 - - -
At 31 August 2023 - - -

TEAMO MARINE SAFETY PRODUCTS LIMITED (REGISTERED NUMBER: 08189133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 2,197 923 4,055 7,175
Disposals (121 ) (923 ) (1,338 ) (2,382 )
At 31 August 2024 2,076 - 2,717 4,793
DEPRECIATION
At 1 September 2023 1,974 740 3,131 5,845
Charge for year 107 145 698 950
Eliminated on disposal (85 ) (885 ) (1,338 ) (2,308 )
At 31 August 2024 1,996 - 2,491 4,487
NET BOOK VALUE
At 31 August 2024 80 - 226 306
At 31 August 2023 223 183 924 1,330

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 89,886 91,889

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,515 11,458
Taxation and social security 21,876 16,195
Other creditors 143,509 118,291
178,900 145,944

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 13,515