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Registration number: 09943999

Timeless Classics Limited

Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Timeless Classics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Timeless Classics Limited

(Registration number: 09943999)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,940

1,203

Current assets

 

Stocks

5

387,048

307,333

Debtors

6

1,200

1,592

Cash at bank and in hand

 

57,957

99,406

 

446,205

408,331

Creditors: Amounts falling due within one year

7

(241,419)

(226,029)

Net current assets

 

204,786

182,302

Total assets less current liabilities

 

210,726

183,505

Creditors: Amounts falling due after more than one year

7

(24,100)

(34,015)

Provisions for liabilities

(1,129)

(229)

Net assets

 

185,497

149,261

Capital and reserves

 

Called up share capital

100

100

Retained earnings

185,397

149,161

Shareholders' funds

 

185,497

149,261

 

Timeless Classics Limited

(Registration number: 09943999)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 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 year in question in accordance with section 476; and

The director acknowledges 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 October 2023
 

.........................................
Ms N A Ioan
Director

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

The principal place of business is:
Tully Hoe House
61 Ballykelly Road
Limavady
Derry
BT49 9DS
United Kingdom

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. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of classic cars and watches.Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when sales are agreed.

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Equipment

20% straight line

Office equipment

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

3

Staff numbers

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

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Office equipment
£

Equipment
£

Total
£

Cost or valuation

At 1 February 2022

1,615

5,375

6,990

Additions

3,095

4,600

7,695

At 31 January 2023

4,710

9,975

14,685

Depreciation

At 1 February 2022

1,042

4,745

5,787

Charge for the year

1,408

1,550

2,958

At 31 January 2023

2,450

6,295

8,745

Carrying amount

At 31 January 2023

2,260

3,680

5,940

At 31 January 2022

573

630

1,203

5

Stocks

2023
£

2022
£

Stock

387,048

307,333

6

Debtors

2023
£

2022
£

Other debtors

1,200

1,592

1,200

1,592

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other borrowings

9,915

9,670

Taxation and social security

 

685

2,848

Other creditors

 

230,819

213,511

 

241,419

226,029

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Other borrowings

24,100

34,015