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Registration number: 08899138

Timefinders Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Timefinders Ltd.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Timefinders Ltd.

(Registration number: 08899138)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

5,292

6,508

Current assets

 

Debtors

5

38,359

24,125

Cash at bank and in hand

 

44,236

66,371

 

82,595

90,496

Creditors: Amounts falling due within one year

6

(28,752)

(25,898)

Net current assets

 

53,843

64,598

Total assets less current liabilities

 

59,135

71,106

Creditors: Amounts falling due after more than one year

6

(28,557)

(36,555)

Net assets

 

30,578

34,551

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

29,578

33,551

Shareholders' funds

 

30,578

34,551

 

Timefinders Ltd.

(Registration number: 08899138)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2022 and signed on its behalf by:
 

.........................................
Mrs A Hesketh
Company secretary and director

 

Timefinders Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the
provision of social work services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Office equipment

25% straight line basis

Debtors

Trade debtors are amounts due from customers for social work services performed in the ordinary course of business.

 

Timefinders Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 6).

 

Timefinders Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

2,119

8,697

10,816

Additions

-

1,122

1,122

At 31 March 2022

2,119

9,819

11,938

Depreciation

At 1 April 2021

2,119

2,189

4,308

Charge for the year

-

2,338

2,338

At 31 March 2022

2,119

4,527

6,646

Carrying amount

At 31 March 2022

-

5,292

5,292

At 31 March 2021

-

6,508

6,508

5

Debtors

Current

2022
£

2021
£

Trade debtors

31,406

15,545

Prepayments

1,152

1,020

Other debtors

5,801

7,560

 

38,359

24,125

 

Timefinders Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Loans and borrowings

8,330

6,445

Taxation and social security

20,205

19,163

Other creditors

217

290

28,752

25,898

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

28,557

36,555

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

8,330

6,445

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

28,557

36,555

 

Timefinders Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Mrs A Hesketh

Short term loan

3,077

(1,000)

2,077

       
     

 

2021

At 1 April 2020
£

Advances to director
£

Repayments by director
£

At 31 March 2021
£

Mrs A Hesketh

Short term loan

4,077

-

(1,000)

3,077