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COMPANY REGISTRATION NUMBER: 05036155
Timesource Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Timesource Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
2,769
4,635
Current assets
Stocks
469,751
582,078
Debtors
6
324,621
288,524
Cash at bank and in hand
461,189
275,396
------------
------------
1,255,561
1,145,998
Creditors: amounts falling due within one year
7
268,147
206,004
------------
------------
Net current assets
987,414
939,994
---------
---------
Total assets less current liabilities
990,183
944,629
Creditors: amounts falling due after more than one year
8
38,886
48,333
Provisions
Taxation including deferred tax
3,512
477
---------
---------
Net assets
947,785
895,819
---------
---------
Timesource Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
947,685
895,719
---------
---------
Shareholders funds
947,785
895,819
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
N Woolley
Director
Company registration number: 05036155
Timesource Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The trading address of the company is Unit 1, Chater Court, Halifax Drive, Northfields Industrial Estate, Market Deeping, PE6 8AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
During the year, the UK has experienced a pandamic of the coronavirus which has continued post year -end. This has, and continues to, affect the way the company operates and the markets it operates in. The directors and sharholders however remain committed in supporting the company and has made appropriate adjustments in terms of how it operates and to protect its employees.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are disclosed in the acounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stock provision Stocks are stated net of a provision for slow moving and obsolete stock. The directors review this provision periodically to ensure slow moving and obsolete stock is identified and the provisions are appropriately calculated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% straight line
Computer equipment
-
50% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at fair value when there is reasonable assurace that the conditions attaching to them are met and the grants will be received. The grants related to expenses and are treated as other income in the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2020: 12 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2021
12,011
26,433
38,444
Additions
1,816
1,816
--------
--------
--------
At 31 December 2021
12,011
28,249
40,260
--------
--------
--------
Depreciation
At 1 January 2021
11,147
22,662
33,809
Charge for the year
432
3,250
3,682
--------
--------
--------
At 31 December 2021
11,579
25,912
37,491
--------
--------
--------
Carrying amount
At 31 December 2021
432
2,337
2,769
--------
--------
--------
At 31 December 2020
864
3,771
4,635
--------
--------
--------
6. Debtors
2021
2020
£
£
Trade debtors
193,326
218,347
Other debtors
131,295
70,177
---------
---------
324,621
288,524
---------
---------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,546
1,667
Trade creditors
34,374
85,243
Social security and other taxes
72,355
68,723
Other creditors
151,872
50,371
---------
---------
268,147
206,004
---------
---------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
38,886
48,333
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
31,537
31,308
Later than 1 year and not later than 5 years
105,877
3,917
---------
--------
137,414
35,225
---------
--------
10. Directors' advances, credits and guarantees
The director has a loan account with the company, the balance remained in credit throughout the year. No interest is charged on this loan and it is repayable on demand.