Registration number:
TeamEngine Software Ltd
for the Year Ended 31 December 2024
TeamEngine Software Ltd
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
TeamEngine Software Ltd
Company Information
|
Directors |
A M Grondahl P C Begg |
|
Company secretary |
Goodwille Limited |
|
Registered office |
|
|
Auditors |
|
TeamEngine Software Ltd
(Registration number: 11996384)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
14,369 |
1,982 |
|
|
Shareholders' funds |
14,370 |
1,983 |
Approved and authorised by the
|
......................................... |
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the Company is to provide the service TeamEngine, a web-based collaboration product that is delevered as a SaaS (Software as a Service) solution. The customers range from smaller companies to global groups in sectors such as transport, banking, healthcare, education an
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Prior period errors
During the year it was identified that intercompany debtors and creditors were offset in the company's prior year financial statements. A prior year reclassification adjustment was made to correct the comparatives in the current year financial statements.
The impact of this error results in an understatement of current assets and understatement of current liabilities.There is no impact on net assets, shareholder funds or comprehensive income.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Amounts owed to Group undertakings | - | (45,000) | - |
Amounts owed by related parties | - | 45,000 | - |
Revenue recognition
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.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Office equipment |
25% straight line |
Financial instruments
Classification
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Significant judgements and key sources of estimation uncertainty |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty. |
|
Summary audit opinion |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
|
Staff numbers |
The average number of persons employed by the Company (including directors) during the year, was
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Office equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
||
|
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Debtors |
|
Current |
Note |
2024 |
(As restated) |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Prepayments |
|
|
|
|
Other debtors |
|
|
|
|
|
|
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
(As restated) |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
- |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
Dividends |
Final dividends paid
|
2024 |
2023 |
|||
|
Final dividend of £Nil per each |
- |
- |
||
TeamEngine Software Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Relationship between entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The address of TeamEngine Group AB is: