REGISTERED NUMBER: 06206180 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2024 TO 31 DECEMBER 2024

FOR

TEAM FACTORS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D McGarry

Mr J D Moodie

Mr J L Shulman

Ms E M Williams

REGISTERED OFFICE:

1-9 John Dickinson Enterprise Centre

London Road

Hemel Hempstead

Hertfordshire

HP3 9QU

REGISTERED NUMBER:

06206180 (England and Wales)

AUDITORS:

Cube Partners Limited

Chartered Accountants and Registered Auditors

5 Giffard Court

Millbrook Close

Northampton

Northamptonshire

NN5 5JF

FIXED ASSETS

Tangible assets

4

69,300

76,913

CURRENT ASSETS

Debtors

5

25,563,738

21,093,238

Cash at bank

9,260

25,292

25,572,998

21,118,530

CREDITORS

Amounts falling due within one year

6

23,701,044

19,683,328

NET CURRENT ASSETS

1,871,954

1,435,202

TOTAL ASSETS LESS CURRENT LIABILITIES

1,941,254

1,512,115

PROVISIONS FOR LIABILITIES

16,027

17,874

NET ASSETS

1,925,227

1,494,241

CAPITAL AND RESERVES

Called up share capital

449,667

449,667

Retained earnings

1,475,560

1,044,574

1,925,227

1,494,241

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 23 September 2025 and were signed on its behalf by:

Mr J D Moodie - Director

1.	STATUTORY INFORMATION

Team Factors 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 (£).

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.

These financial statements are for a short period of eight months. This has been done to bring the company's year end in line with group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover

Turnover comprises fees for the provision of invoice financing services, net of Value Added Tax, and is recognised as explained below.

Fee income from invoice factoring and discounting is recognised on an accruals basis as services are provided, in line with contractual agreements with clients.

Ancillary to the provision of finance to its customers, the company provides various services for which it charges a fee. Income for these services is recognised as the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Fixtures and fittings

-

25% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

The company's financial assets include trade debtors (invoices factored) and cash at bank. These are initially recognised at transaction price and subsequently measured at amortised cost less impairment.

Financial liabilities include borrowings and trade creditors (including client balances payable), measured at amortised cost.

Impairment of financial assets

The carrying amounts of financial assets are reviewed at each reporting date to determine whether there is objective evidence of impairment. Where a client is in financial difficulty or receivables are unlikely to be recovered, an impairment loss is recognised in profit or loss.

Borrowings

Borrowings are initially recorded at the amount of proceeds received, net of transaction costs. They are subsequently measured at amortised cost, with interest charged to the profit and loss account on an effective interest basis. Borrowing costs in relation to the back-back financing facility are shown within cost of sales. The facility is used to provide invoice finance to clients and is backed by the underlying debts of the clients.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 24 (2024 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

and

buildings

fittings

Totals

£

£

£

COST

At 1 May 2024

48,348

86,953

135,301

Additions

-

5,557

5,557

At 31 December 2024

48,348

92,510

140,858

DEPRECIATION

At 1 May 2024

5,238

53,150

58,388

Charge for period

3,223

9,947

13,170

At 31 December 2024

8,461

63,097

71,558

NET BOOK VALUE

At 31 December 2024

39,887

29,413

69,300

At 30 April 2024

43,110

33,803

76,913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

(Unaudited)

£

£

Trade debtors

25,538,716

20,982,965

Amounts owed by group undertakings

4,101

7,996

Other debtors

20,921

102,277

25,563,738

21,093,238

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

(Unaudited)

£

£

Bank loans and overdrafts

15,240,671

11,714,398

Trade creditors

7,153,955

7,048,239

Taxation and social security

691,042

541,604

Other creditors

615,376

379,087

23,701,044

19,683,328

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2024

(Unaudited)

£

£

Bank loans

15,240,671

11,714,398

The company has a credit facility with Aldemore Bank PLC, who holds fixed and floating charges over the company's assets.

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

The Report of the Auditors was unqualified.

Steven Jones (Senior Statutory Auditor)

for and on behalf of Cube Partners Limited

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Team Factors Holdings Limited. The ultimate parent company is Clan Equity Limited.

The smallest and largest group in which the company's results are consolidated is Clan Equity Limited. A copy of the group accounts can be obtained from Clan Equity Limited, whose registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.