Team34 Limited
Unaudited Financial Statements
For the period ended 30 April 2025
Pages for Filing with Registrar
Company Registration No. 15656636 (England and Wales)
Team34 Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Team34 Limited
Balance Sheet
As at 30 April 2025
Page 1
2025
Notes
£
£
Fixed assets
Tangible assets
3
11,639
Current assets
Debtors
4
37,430
Cash at bank and in hand
514,430
551,860
Creditors: amounts falling due within one year
5
(809,232)
Net current liabilities
(257,372)
Net liabilities
(245,733)
Capital and reserves
Called up share capital
6
1
Share premium account
274,093
Profit and loss reserves
(519,827)
Total equity
(245,733)

For the financial period ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 3 February 2026
N D'Adhemar
Director
Company Registration No. 15656636
Team34 Limited
Notes to the Financial Statements
For the period ended 30 April 2025
Page 2
1
Accounting policies
Company information

Team34 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP.

1.1
Reporting period

These financial statements cover a 13-month period from 17 April 2024 to 30 April 2025, as this was the company’s first financial year and allowed alignment with a May – April reporting cycle going forward. Due to the extended reporting period, the comparative amounts presented are not entirely comparable to future periods, which will be prepared on a 12-month basis from May to April annually.

1.2
Basis of preparation

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 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This reporting period represents the first accounting period since incorporation, during which the company has focused on establishing its operations and, as a result, has not yet generated any turnover.true

The balance sheet shows the company to be in a net liabilities position at the period end, arising from initial start‑up and development costs incurred ahead of revenue generation. The director has considered the company's cash flow forecasts, available funding, and the ongoing financial support committed by stakeholders. On the basis of this review, the director is satisfied that the company will be able to meet its obligations as they fall due.

Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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:

Computers
3 years 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 credited or charged to profit or loss.

Team34 Limited
Notes to the Financial Statements (Continued)
For the period ended 30 April 2025
1
Accounting policies
(Continued)
Page 3
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Financial assets and liabilities are offset, with 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.

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.

Team34 Limited
Notes to the Financial Statements (Continued)
For the period ended 30 April 2025
1
Accounting policies
(Continued)
Page 4
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

1.10
Retirement benefits

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

1.11
Leases
As lessee

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 lease s asset are consumed.

Team34 Limited
Notes to the Financial Statements (Continued)
For the period ended 30 April 2025
Page 5
2
Employees

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

2025
Number
Total
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 17 April 2024
-
0
Additions
13,589
At 30 April 2025
13,589
Depreciation and impairment
At 17 April 2024
-
0
Depreciation charged in the period
1,950
At 30 April 2025
1,950
Carrying amount
At 30 April 2025
11,639
4
Debtors
2025
Amounts falling due within one year:
£
Other debtors
29,685
Prepayments and accrued income
7,745
37,430
Team34 Limited
Notes to the Financial Statements (Continued)
For the period ended 30 April 2025
Page 6
5
Creditors: amounts falling due within one year
2025
£
Trade creditors
2,641
Taxation and social security
18,197
Other creditors
788,394
809,232
6
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of 0.001p each
105,070
1
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