ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 false2021-11-01falsecycling team22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12252328 2021-11-01 2022-10-31 12252328 2020-11-01 2021-10-31 12252328 2022-10-31 12252328 2021-10-31 12252328 c:Director1 2021-11-01 2022-10-31 12252328 d:MotorVehicles 2021-11-01 2022-10-31 12252328 d:MotorVehicles 2022-10-31 12252328 d:MotorVehicles 2021-10-31 12252328 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 12252328 d:OfficeEquipment 2021-11-01 2022-10-31 12252328 d:OfficeEquipment 2022-10-31 12252328 d:OfficeEquipment 2021-10-31 12252328 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 12252328 d:ComputerEquipment 2021-11-01 2022-10-31 12252328 d:ComputerEquipment 2022-10-31 12252328 d:ComputerEquipment 2021-10-31 12252328 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 12252328 d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 12252328 d:CurrentFinancialInstruments 2022-10-31 12252328 d:CurrentFinancialInstruments 2021-10-31 12252328 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12252328 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 12252328 d:ShareCapital 2022-10-31 12252328 d:ShareCapital 2021-10-31 12252328 d:RetainedEarningsAccumulatedLosses 2022-10-31 12252328 d:RetainedEarningsAccumulatedLosses 2021-10-31 12252328 c:FRS102 2021-11-01 2022-10-31 12252328 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 12252328 c:FullAccounts 2021-11-01 2022-10-31 12252328 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registered number: 12252328

Team On Form Ltd

Financial statements

For the year ended 31 October 2022

Team On Form Ltd

Registered number: 12252328

Balance sheet

As at 31 October 2022

		2022		2021
Note	£	£	£	£

Fixed assets
Tangible assets	4		32,563		12,727
Current assets
Debtors	5	23,976		92,843
Cash at bank and in hand	6	55,493		28,757
		79,469		121,600
Creditors: amounts falling due within one year	7	(74,504)		(98,736)
Net current assets			4,965		22,864

Net assets			37,528		35,591

Capital and reserves
Called up share capital	2	2
Profit and loss account	37,526	35,589
	37,528	35,591

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 25 July 2023.

Andrew Paine

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

1.	General information

Team On Form Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is C/O Perkins Garages Ltd, Dunmow Road, Rayne, Braintree, CM77 6SA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rates:

Motor vehicles	-	25%	reducing balance
Office equipment	-	20%	reducing balance
Computer equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 4

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

2.Accounting policies (continued)

2.10

Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Directors	2	2

Page 5

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

4.	Tangible fixed assets

	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£
Cost
At 1 November 2021	18,650	523	-	19,173
Additions	39,229	5,385	3,121	47,735
Disposals	(18,400)	-	-	(18,400)
At 31 October 2022	39,479	5,908	3,121	48,508
Depreciation
At 1 November 2021	6,411	35	-	6,446
Charge for the year	11,667	989	676	13,332
Disposals	(3,833)	-	-	(3,833)
At 31 October 2022	14,245	1,024	676	15,945
Net book value
At 31 October 2022	25,234	4,884	2,445	32,563
At 31 October 2021	12,239	488	-	12,727

Debtors

					2022	2021
					£	£


Trade debtors	308	75,000
Other debtors	523	9,779
Prepayments and accrued income	23,145	8,064
	23,976	92,843

Page 6

Team On Form Ltd

Notes to the financial statements

For the year ended 31 October 2022

6.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	55,493	28,756

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Payments received on account	10,000	-
Trade creditors	11,158	298
Corporation tax	-	523
Other taxation and social security	5,046	4,890
Director's loan account	-	15,800
Accruals and deferred income	48,300	77,225
	74,504	98,736

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