Company registration number 06551051 (England and Wales)
TC TEAM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
TC TEAM LTD
COMPANY INFORMATION
Directors
Mr A Moses
Mrs C Moses
Secretary
Mrs C Moses
Company number
06551051
Registered office
Hallbarrow
Heversham
Milnthorpe
LA7 7EB
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
TC TEAM LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
15
Company statement of cash flows
14
Notes to the financial statements
16 - 28
TC TEAM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

TC Team Ltd and its subsidiaries is an independent Supply Chain and Logistics Consultancy and Software company, specialising on the SAP Enterprise Resource Planning system.

 

The management team recognize that whilst statutory financial accounts will have an inherent focus on financial performance, it is important to acknowledge it is our colleagues in the UK and Australia who are the heart of The Config Team. It is their knowledge, skills, enthusiasm, hard work and innovation- week in week out - that enables us to deliver world class services to our global customers.

 

As a leading authority on Supply Chain within the SAP landscape, The Config Team design, implement and support intelligent and innovative solutions that will ensure their client's SAP operations are more than capable for any task, increasing efficiency and delighting key stakeholders both directly within the customer and in the wider supply chain network.

 

The Directors are pleased with the ongoing growth of the business during the financial year ended 30 September 2024. The Config Team has expanded its reach significantly with 21% growth in turnover from £17.9m in the previous financial year to £21.7m for the year ended 30 September 2024. Increasing customer requirements have been met with UK headcount increase from 162 in September 2023 to 177 in September 2024.

 

With continued high growth rates in Sales beyond the UK, The Config Team applied in September 2024 to be considered for a Kings Award for Enterprise; International Trade. In May 2025, the Directors are delighted to announce that The Config Team were successful recipients of a King’s Award within the International Trade category based on the outstanding performance over the past six years in overseas markets and extensive customer base spread across six continents. As an independent, UK family business, winning this award is an incredible honour, as well as a testament to the hard work and passion of our team.

 

The three main revenue streams related to our expertise in SAP Supply Chain (Enterprise Resource Planning) systems are addressed in turn:

 

Consulting (Professional Services)

Having implemented full life-cycle solutions for more than 30 years, The Config Team utilise robust and proven processes allowing ownership, management and delivery of every stage of SAP Supply Chain and Logistics projects, from the initial design through to go-live with dedicated AMS teams based in the UK and Australia providing 24/7 support to customers through their transition from Hypercare to business as usual.

 

Consulting revenue has grown 23% concurrent with our focused growth in people capacity to serve our customer base as they make significant Supply Chain changes with many SAP modules including EWM and S/4 HANA business transformation projects.

 

Software Products (Software sold on a Saas annual model)

As businesses look to create more agile supply chain operations, the adoption of new technologies is becoming more prevalent across the Enterprise Resource Planning landscape. The Config Team's software products streamline and simplify warehouse operations with intelligent mobile solutions and intuitive interfaces to improve supply chain operations.

 

Our three main software products PreBilt™: SAP Supply Chain Mobility, CodingControl™ - connecting Production Line Devices to SAP and IDoc Management Console™ are being rapidly adopted by new customers on a global basis.

 

PreBilt™-SAP Supply Chain Mobility is showing particularly strong growth in relation to new adopters and expanding usage within the current customer base. PreBilt™ enables our customers to rapidly implement mobility processes within their Supply Chain to achieve higher levels of stock and pick accuracy as well as process efficiency.

TC TEAM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Investment in Software Product Development and focus on marketing and pipeline generation saw an increased demand for The Config Team's Software Products resulting in a 34% revenue growth in this area.

 

SAP Support Services (AMS)

Our AMS support team compliments our Consultancy and Software Product lines of business providing on-hand technical and functional experts to ensure customer success post project go-live and ensuring customer SAP Systems thrive during BAU operations. Investment in the sales and management team in conjunction with on-boarding Australian team members has allowed The Config Team to offer 24/7 support across a wide range of SAP modules, allowing customers to build a package of support services that is unique to their needs.

 

Expanding Geographies:

The Config Team Pty Ltd in Australia (a 100% owned subsidiary of The Config Team Ltd) has continued to scale over the past 12 months, increasing headcount from 14 to 18 to enable larger SAP EWM projects to be delivered that were scheduled to start later in the financial year alongside our Integrated Software Solutions- a first for the region.

 

Despite time zone differences, synergies between the two entities are proving highly valuable due to shared resources and additional expert knowledge. The Config Team Pty Ltd (Australia) saw increased customer demand with turnover more than doubling to AUD $5.6m (GBP £2.9m) to September 2024. This turnover is incorporated within the overall turnover reported for The Config Team Ltd.

Principal risks and uncertainties

The business constantly reviews its risk profile at both an operational and strategic level. We remain confident that there is a significant worldwide market based around companies choosing SAP as their ERP system. As other independent consultancies are being steadily acquired by the larger system integrators, The Config Team are proud to have a unique offering in the marketplace of being an independent SAP Supply Chain Specialist, one that is "Small enough to Care, Big enough to Deliver".

Our substantial software development costs have been funded from retained earnings. Combined with our strong retained earnings and our annual recurring revenues from Software and Support, The Config Team Ltd continues to expand its capabilities with a strong focus on developing innovative solutions.

Future developments

In addition to maintaining our current business streams, the company continues to place significant emphasis on expanding the user base of PreBilt™:SAP Supply Chain Mobility on a worldwide basis through enhanced marketing and pre-sales. We are very confident in the growing volume of enquiries and the conversion rate of pipeline enquiries, particularly the adoption by major global organisations.

On behalf of the board

Mrs C Moses
Director
27 June 2025
TC TEAM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be that of consultancy and software development.

 

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £360,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Moses
Mrs C Moses
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs C Moses
Director
27 June 2025
TC TEAM LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TC TEAM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TC TEAM LTD
- 5 -
Opinion

We have audited the financial statements of TC Team Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

TC TEAM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TC TEAM LTD
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

TC TEAM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TC TEAM LTD
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
27 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
TC TEAM LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,669,665
17,931,894
Cost of sales
(13,198,013)
(12,222,277)
Gross profit
8,471,652
5,709,617
Administrative expenses
(5,498,307)
(4,176,090)
Other operating income
-
9,000
Exceptional item
2
-
0
(10,756)
Operating profit
4
2,973,345
1,531,771
Interest receivable and similar income
5
72,273
19,367
Interest payable and similar expenses
7
(10,584)
(966)
Profit before taxation
3,035,034
1,550,172
Tax on profit
8
(798,118)
(267,781)
Profit for the financial year
2,236,916
1,282,391
Profit for the financial year is all attributable to the owners of the parent company.
TC TEAM LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
2,236,916
1,282,391
Other comprehensive income
Currency translation (loss)/gain arising in the year
(10,276)
56,385
Total comprehensive income for the year
2,226,640
1,338,776
Total comprehensive income for the year is all attributable to the owners of the parent company.
TC TEAM LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
30,000
30,000
Tangible assets
11
90,725
105,645
120,725
135,645
Current assets
Debtors
14
5,807,288
5,312,652
Cash at bank and in hand
8,161,462
6,280,520
13,968,750
11,593,172
Creditors: amounts falling due within one year
15
(4,741,315)
(4,242,228)
Net current assets
9,227,435
7,350,944
Total assets less current liabilities
9,348,160
7,486,589
Provisions for liabilities
Deferred tax liability
16
8,764
13,833
(8,764)
(13,833)
Net assets
9,339,396
7,472,756
Capital and reserves
Called up share capital
18
2
2
Other reserves
46,109
56,385
Profit and loss reserves
9,293,285
7,416,369
Total equity
9,339,396
7,472,756

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mrs C Moses
Director
Company registration number 06551051 (England and Wales)
TC TEAM LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
900,000
900,000
Current assets
Debtors
14
1,353
-
0
Cash at bank and in hand
1,285,683
1,327,369
1,287,036
1,327,369
Creditors: amounts falling due within one year
15
(2,499)
(500,328)
Net current assets
1,284,537
827,041
Net assets
2,184,537
1,727,041
Capital and reserves
Called up share capital
18
2
2
Profit and loss reserves
2,184,535
1,727,039
Total equity
2,184,537
1,727,041

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £817,495 (2023 - £601 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mrs C Moses
Director
Company registration number 06551051 (England and Wales)
TC TEAM LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2
-
0
6,963,978
6,963,980
Year ended 30 September 2023:
Profit for the year
-
-
1,282,391
1,282,391
Other comprehensive income:
Currency translation differences
-
56,385
-
0
56,385
Total comprehensive income
-
56,385
1,282,391
1,338,776
Dividends
9
-
-
(830,000)
(830,000)
Balance at 30 September 2023
2
56,385
7,416,369
7,472,756
Year ended 30 September 2024:
Profit for the year
-
-
2,236,916
2,236,916
Other comprehensive income:
Currency translation differences
-
(10,276)
-
0
(10,276)
Total comprehensive income
-
(10,276)
2,236,916
2,226,640
Dividends
9
-
-
(360,000)
(360,000)
Balance at 30 September 2024
2
46,109
9,293,285
9,339,396
TC TEAM LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2
2,556,438
2,556,440
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
601
601
Dividends
9
-
(830,000)
(830,000)
Balance at 30 September 2023
2
1,727,039
1,727,041
Year ended 30 September 2024:
Profit and total comprehensive income
-
817,496
817,496
Dividends
9
-
(360,000)
(360,000)
Balance at 30 September 2024
2
2,184,535
2,184,537
TC TEAM LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(502,353)
499,987
Income taxes paid
(328)
(668)
Net cash (outflow)/inflow from operating activities
(502,681)
499,319
Investing activities
Interest received
11,029
742
Dividends received
810,000
-
0
Net cash generated from investing activities
821,029
742
Financing activities
Interest paid
(34)
-
Dividends paid to equity shareholders
(360,000)
(830,000)
Net cash used in financing activities
(360,034)
(830,000)
Net decrease in cash and cash equivalents
(41,686)
(329,939)
Cash and cash equivalents at beginning of year
1,327,369
1,657,308
Cash and cash equivalents at end of year
1,285,683
1,327,369
TC TEAM LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,666,981
1,773,057
Income taxes paid
(427,680)
(276,648)
Net cash inflow from operating activities
2,239,301
1,496,409
Investing activities
Purchase of tangible fixed assets
(49,772)
(72,914)
Interest received
72,273
19,367
Net cash generated from/(used in) investing activities
22,501
(53,547)
Financing activities
Interest paid
(10,584)
(966)
Dividends paid to equity shareholders
(360,000)
(830,000)
Net cash used in financing activities
(370,584)
(830,966)
Net increase in cash and cash equivalents
1,891,218
611,896
Cash and cash equivalents at beginning of year
6,280,520
5,612,239
Effect of foreign exchange rates
(10,276)
56,385
Cash and cash equivalents at end of year
8,161,462
6,280,520
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

TC Team Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hallbarrow, Heversham, Milnthorpe, LA7 7EB.

 

The group consists of TC Team Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TC Team Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probably will be recovered.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Private number plate
0%
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and amounts owed to group undertakings are initially recognised at transaction price.

 

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

TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Exceptional item
2024
2023
£
£
Expenditure
HMRC Settlement
-
10,756
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Consulting sales
16,325,451
13,292,381
Product sales
2,717,977
2,022,372
Support sales
2,412,395
2,393,111
Other sales
213,842
224,030
21,669,665
17,931,894
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,217,599
12,775,654
Europe
1,237,875
2,718,439
United States and Canada
1,030,469
1,252,692
Asia Pacific
3,124,305
1,176,134
Other
59,417
8,975
21,669,665
17,931,894
2024
2023
£
£
Other revenue
Interest income
72,273
19,367
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
83,207
(112,627)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
64,692
51,436
Operating lease charges
85,683
90,000
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
72,273
19,367
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
72,273
19,367
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
191
174
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,478,149
10,262,299
-
0
-
0
Social security costs
1,236,254
1,031,932
-
-
Pension costs
650,781
458,787
-
0
-
0
15,365,184
11,753,018
-
0
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,835
-
Other interest on financial liabilities
4,749
966
10,584
966
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
807,569
340,897
Adjustments in respect of prior periods
(4,382)
(75,122)
Total current tax
803,187
265,775
Deferred tax
Origination and reversal of timing differences
(5,069)
2,006
Total tax charge
798,118
267,781
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,035,034
1,550,172
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
758,759
341,038
Tax effect of income not taxable in determining taxable profit
459
-
0
Adjustments in respect of prior years
(4,382)
(75,122)
Effect of change in corporation tax rate
-
377
Super deduction
-
0
(1,679)
Other
43,282
3,167
Taxation charge
798,118
267,781
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
360,000
830,000
10
Intangible fixed assets
Group
Private number plate
£
Cost
At 1 October 2023 and 30 September 2024
30,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
30,000
At 30 September 2023
30,000
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 October 2023
256,367
20,168
276,535
Additions
43,895
5,877
49,772
At 30 September 2024
300,262
26,045
326,307
Depreciation and impairment
At 1 October 2023
154,032
16,858
170,890
Depreciation charged in the year
59,017
5,675
64,692
At 30 September 2024
213,049
22,533
235,582
Carrying amount
At 30 September 2024
87,213
3,512
90,725
At 30 September 2023
102,335
3,310
105,645
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
900,000
900,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
900,000
Carrying amount
At 30 September 2024
900,000
At 30 September 2023
900,000
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Config Team Ltd
Hallbarrow, Heversham, Milnthorpe, LA7 7EB
Ordinary shares
100.00
The Config Team Pty Ltd
664 Collins Street, Docklands, Victoria 3008, Australia
Ordinary shares
100.00
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,429,510
4,083,386
-
0
-
0
Other debtors
1,988,691
955,512
-
0
-
0
Prepayments and accrued income
389,087
273,754
1,353
-
0
5,807,288
5,312,652
1,353
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
195,032
283,136
-
0
-
0
Corporation tax payable
473,280
97,773
2,499
328
Other taxation and social security
1,066,440
865,879
-
-
Other creditors
201,823
648,527
-
0
500,000
Accruals and deferred income
2,804,740
2,346,913
-
0
-
0
4,741,315
4,242,228
2,499
500,328
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
20,154
23,787
Other
(11,390)
(9,954)
8,764
13,833
The company has no deferred tax assets or liabilities.
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Deferred taxation
(Continued)
- 26 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
13,833
-
Credit to profit or loss
(5,069)
-
Liability at 30 September 2024
8,764
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
650,781
450,787

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
6,256
39,156
-
-
Between two and five years
-
6,526
-
-
6,256
45,682
-
-
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
18,000
18,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
-
500,000
Company
Key management personnel
-
500,000
21
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
817,496
601
Adjustments for:
Taxation charged
2,499
141
Finance costs
34
-
0
Investment income
(821,029)
(742)
Movements in working capital:
Increase in debtors
(1,353)
-
(Decrease)/increase in creditors
(500,000)
499,987
Cash (absorbed by)/generated from operations
(502,353)
499,987
TC TEAM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
22
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,236,916
1,282,391
Adjustments for:
Taxation charged
798,118
267,781
Finance costs
10,584
966
Investment income
(72,273)
(19,367)
Depreciation and impairment of tangible fixed assets
64,692
51,436
Movements in working capital:
Increase in debtors
(494,636)
(1,487,291)
Increase in creditors
123,580
1,677,141
Cash generated from operations
2,666,981
1,773,057
23
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
6,280,520
1,880,942
8,161,462
24
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,327,369
(41,686)
1,285,683
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