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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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T TEAM LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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T TEAM LIMITED |
T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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T TEAM LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITOR: |
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Chartered Accountants |
Statutory Auditor |
Devonshire House |
60 Goswell Road |
London |
EC1M 7AD |
T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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BALANCE SHEET |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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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. |
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2. | ACCOUNTING POLICIES |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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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. |
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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. |
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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. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated |
impairment losses. |
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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: |
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Plant and machinery etc - 25% on reducing balance |
T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in associates |
Investments in associate undertakings are initially recognised at cost and subsequently measured at |
cost less any accumulated impairment losses. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's |
services are received. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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T TEAM LIMITED (REGISTERED NUMBER: 08101543) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditor was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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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) |
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Director's remuneration of £5,400 was paid to H Manetta during the year. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Freight Transport Association Limited, a company |
incorporated in England and Wales. |