Company registration number 07478815 (England and Wales)
TIMES THREE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TIMES THREE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TIMES THREE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,523
1,476
Investment properties
4
540,456
540,456
544,979
541,932
Current assets
Debtors
5
15,513
14,881
Cash at bank and in hand
12,309
41,078
27,822
55,959
Creditors: amounts falling due within one year
6
(93,240)
(148,596)
Net current liabilities
(65,418)
(92,637)
Total assets less current liabilities
479,561
449,295
Creditors: amounts falling due after more than one year
7
(391,155)
(395,330)
Provisions for liabilities
(207)
(280)
Net assets
88,199
53,685
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
88,049
53,535
Total equity
88,199
53,685
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TIMES THREE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Mr T J W Taylor
Director
Company Registration No. 07478815
TIMES THREE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Times Three Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Park Road South, Havant, Hampshire, United Kingdom, PO9 1HB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts relate to Times Three Limited as an individual entity,
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end the company had net current liabilities of £65,418 (2021 - £92,637).true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Rental income is recognised on a straight line basis over the term of the relevant lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Fixtures and fittings
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TIMES THREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
TIMES THREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
600
5,763
6,363
Additions
3,460
3,460
At 31 December 2022
4,060
5,763
9,823
Depreciation and impairment
At 1 January 2022
420
4,467
4,887
Depreciation charged in the year
89
324
413
At 31 December 2022
509
4,791
5,300
Carrying amount
At 31 December 2022
3,551
972
4,523
At 31 December 2021
180
1,296
1,476
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
540,456
The investment property was valued on an open market basis on 31 December 2022 by the directors.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,770
Other debtors
13,743
14,881
15,513
14,881
TIMES THREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,175
4,072
Taxation and social security
20,451
11,538
Other creditors
68,614
132,986
93,240
148,596
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
391,155
395,330
The bank loan is secured on the investment property.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable other than by instalments
380,625
380,625