Team First App Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09387321 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

TEAM FIRST APP LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

O E Lee

H J Ludlam

W P Young

REGISTERED OFFICE:

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

REGISTERED NUMBER:

09387321 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Limited

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Intangible assets

5

3,314

-

Tangible assets

6

2,931

1,613

6,245

1,613

CURRENT ASSETS

Debtors

7

7,627

206

Cash at bank

483,909

9,905

491,536

10,111

CREDITORS

Amounts falling due within one year

8

44,459

12,686

NET CURRENT ASSETS/(LIABILITIES)

447,077

(2,575

)

TOTAL ASSETS LESS CURRENT LIABILITIES

453,322

(962

)

CREDITORS

Amounts falling due after more than one year

9

-

34,004

NET ASSETS/(LIABILITIES)

453,322

(34,966

)

CAPITAL AND RESERVES

Called up share capital

121

87

Share premium

791,725

119,913

Retained earnings

(338,524

)

(154,966

)

SHAREHOLDERS' FUNDS

453,322

(34,966

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 January 2018 and were signed on its behalf by:

H J Ludlam - Director

1.	STATUTORY INFORMATION

Team First App Ltd 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 April 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 13 January 2015.

Significant judgements and estimates

There are no significant judgements or estimates applied to the numbers contained within these financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Office equipment

-

20% on straight line

Computer equipment

-

20% on straight line

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 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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Going concern

The financial statements have been prepared on the going concern basis. The company incurred losses during the

year however the directors have been successful in raising investment during the year and are continuing to raise

further investment to ensure the company has sufficient resources to meet its future obligations, as and when they

fall due. On this basis, the directors are therefore of the opinion that they should continue to adopt the going

concern basis in preparing the annual financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

Additions

3,536

At 30 April 2017

3,536

AMORTISATION

Amortisation for year

222

At 30 April 2017

222

NET BOOK VALUE

At 30 April 2017

3,314

6.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 May 2016

1,684

332

2,016

Additions

-

1,899

1,899

Disposals

-

(265

)

(265

)

At 30 April 2017

1,684

1,966

3,650

DEPRECIATION

At 1 May 2016

337

66

403

Charge for year

337

45

382

Eliminated on disposal

-

(66

)

(66

)

At 30 April 2017

674

45

719

NET BOOK VALUE

At 30 April 2017

1,010

1,921

2,931

At 30 April 2016

1,347

266

1,613

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Other debtors

7,627

206

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade creditors

4,562

-

Taxation and social security

24,316

-

Other creditors

15,581

12,686

44,459

12,686

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Other creditors

-

34,004

10.	RELATED PARTY DISCLOSURES

As at the date of statement of financial position the company owed £4 (2016: Nil) to the director. In addition the

directors owed £5,189 to the company (2016: £1,711).

These amounts are interest free and repayable on demand.