T Team Limited - Accounts to registrar (filleted) - small 18.2
T Team Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| T TEAM LIMITED |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| T TEAM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITOR: |
| Chartered Accountants |
| Statutory Auditor |
| Devonshire House |
| 60 Goswell Road |
| London |
| EC1M 7AD |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| BALANCE SHEET |
| 31 MARCH 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 1. | STATUTORY INFORMATION |
| T Team Limited is a private company, limited by shares, domiciled and registered in England and |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 requirements of the Companies Act 2006 as applicable to |
| companies subject to the small companies regime. The financial statements have been prepared under |
| the historical cost convention. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Training revenue is recognised at the point at which training takes place. Any amounts received in the |
| current financial year that relate to the following financial year are treated as deferred income at the |
| balance sheet date. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2012, was |
| previously being amortised evenly over its estimated useful life of twenty years. At 31 March 2016 |
| there were 16 years unamortised, with a net book value of £240,582. In order to comply with the new |
| accounting standards the directors considered that this balance should be amortised over 10 years. |
| This increased the annual amortisation charge to £24,058 from £15,036. |
| The directors now consider that the goodwill should be amortised over 10 years from the original |
| acquisition date. This year's accounts include an additional catch up amortisation charge of £72,178. |
| At 31 March 2018 the goodwill has a remaining estimated useful life of 4 years and the expected |
| future annual amortisation charge will increase to £30,073. |
| 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. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated |
| impairment losses. |
| Depreciation is provided at the following annual rates in order to write off the cost of each asset less |
| its residual value over its estimated life as follows: |
| Plant and machinery etc - 25% on reducing balance |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in associates |
| Investments in associate undertakings are initially recognised at cost and subsequently measured at |
| cost less any accumulated impairment losses. |
| The investments are reviewed for impairment at each reporting date and any impairment losses or |
| reversal of impairment losses are recognised immediately in profit or loss. |
| Financial instruments |
| 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. |
| Financial instruments |
| Basic financial instruments are measured at amortised cost. The company has no other financial |
| instruments or basic financial instruments measured at fair value. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue |
| costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at |
| the discretion of the company. |
| 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 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. |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2017 |
| and 31 March 2018 |
| AMORTISATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 6. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 April 2017 |
| and 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditor was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| During the year dividends were paid to directors of the company as follows: |
| C Manetta- £54,879 (2017: £23,000) |
| H Manetta- £70,221 (2017: £29,000) |
| C Vera- £24,000 (2017: £24,000) |
| Director's remuneration of £5,400 was paid to H Manetta during the year. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Freight Transport Association Limited, a company |
| incorporated in England and Wales. |