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Registration number: 11202130

Time For You (Hitchin & Letchworth) Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2022 to 31 March 2023

 

Time For You (Hitchin & Letchworth) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Time For You (Hitchin & Letchworth) Ltd

Company Information

Director

Ms Jennifer L Thompson

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Time For You (Hitchin & Letchworth) Ltd

(Registration number: 11202130)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

4,800

Tangible assets

5

956

1,275

 

956

6,075

Current assets

 

Debtors

6

6,579

7,542

Cash at bank and in hand

 

17,914

13,326

 

24,493

20,868

Creditors: Amounts falling due within one year

7

(11,431)

(12,720)

Net current assets

 

13,062

8,148

Total assets less current liabilities

 

14,018

14,223

Creditors: Amounts falling due after more than one year

7

(13,350)

(13,750)

Net assets

 

668

473

Capital and reserves

 

Called up share capital

100

100

Retained earnings

568

373

Shareholders' funds

 

668

473

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges her 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 director on 4 October 2023
 

 

Time For You (Hitchin & Letchworth) Ltd

(Registration number: 11202130)
Balance Sheet as at 31 March 2023

.........................................
Ms Jennifer L Thompson
Director

 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

1

General information

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

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

These financial statements were authorised for issue by the director on 4 October 2023.

The company registration number is 11202130

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

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

Office equipment

25% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2022 - 2).

 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2022

24,000

24,000

At 31 March 2023

24,000

24,000

Amortisation

At 1 March 2022

19,200

19,200

Amortisation charge

4,800

4,800

At 31 March 2023

24,000

24,000

Carrying amount

At 31 March 2023

-

-

At 28 February 2022

4,800

4,800

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,700

1,700

At 31 March 2023

1,700

1,700

Depreciation

At 1 March 2022

425

425

Charge for the period

319

319

At 31 March 2023

744

744

Carrying amount

At 31 March 2023

956

956

At 28 February 2022

1,275

1,275

 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

979

1,043

Other debtors

5,600

6,499

 

6,579

7,542

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,000

3,736

Taxation and social security

 

8,931

8,304

Accruals and deferred income

 

500

500

Other creditors

 

-

180

 

11,431

12,720

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,350

13,750

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Time For You (Hitchin & Letchworth) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,350

13,750

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,000

3,600

Bank overdrafts

-

136

2,000

3,736