REGISTERED NUMBER: 12450703 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TEAM CORNWALL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J M Cornwall

REGISTERED OFFICE:

Runway East

Arca

Temple Row

Birmingham

B2 5AF

REGISTERED NUMBER:

12450703 (England and Wales)

ACCOUNTANTS:

Brookes Stephens

New Media House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

Fixed assets

Investments

4

430,249

430,249

Current assets

Debtors

5

26,668

-

Cash at bank

-

547

26,668

547

Creditors

Amounts falling due within one year

6

76,833

83,183

Net current liabilities

(50,165

)

(82,636

)

Total assets less current liabilities

380,084

347,613

Creditors

Amounts falling due after more than one year

7

224,185

264,393

Net assets

155,899

83,220

Capital and reserves

Called up share capital

9

1,000

1,000

Retained earnings

154,899

82,220

Shareholders' funds

155,899

83,220

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 26 September 2025 and were signed by:

Mr J M Cornwall - Director

1.	STATUTORY INFORMATION

Team Cornwall 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.

Preparation of consolidated financial statements

The financial statements contain information about Team Cornwall Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced goods and services, excluding value added tax.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised 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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

430,249

NET BOOK VALUE

At 31 December 2024

430,249

At 31 December 2023

430,249

On the 10 March 2020, the company acquired 1000 £1 Ordinary shares of Bell Cornwall Associates Limited, representing 100% of the share capital of that company.

The company paid £425,000 for 500 £1 Ordinary shares of Bell Cornwall Associates Limited and on the same day, issued 999 £1 Ordinary shares in exchange for the remaining 500 £1 Ordinary shares of the company.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

26,668

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

39,810

38,736

Amounts owed to group undertakings

-

7,372

Other creditors

37,023

37,075

76,833

83,183

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

224,185

264,393

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

58,593

101,590

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

263,456

303,129

A bank loan of £220,400 is secured by way of a fixed and floating charge over all property and undertakings of both the company and its subsidiary, Bell Cornwall Associates Limited. The director has provided a personal guarantee of £220,400 in respect of this loan.

A further bank loan of £179,600 is also secured by way of a fixed and floating charge over all property and undertakings of both the company and its subsidiary, Bell Cornwall Associates Limited. The director has provided a personal guarantee of £179,600, supported by a 2nd legal charge over residential property owned by the director, in respect of this loan.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

900

A Ordinary

£1

900

900

100

B Ordinary

£1

100

100

1,000

1,000

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £26,200 (2023 - £32,900) were paid to the director .

At the period end, the company owed the director £34,863 (2023: £34,907). This loan is interest free and repayable on demand.