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Timepiece Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 04398417

 

Timepiece Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Timepiece Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

164,313

177,215

Current assets

 

Stocks

56,532

26,927

Debtors

6

1,348,066

1,300,947

Cash at bank and in hand

 

1,310,514

1,110,287

 

2,715,112

2,438,161

Creditors: Amounts falling due within one year

7

(799,973)

(838,904)

Net current assets

 

1,915,139

1,599,257

Total assets less current liabilities

 

2,079,452

1,776,472

Provisions for liabilities

(22,500)

(4,500)

Net assets

 

2,056,952

1,771,972

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,056,950

1,771,970

Shareholders' funds

 

2,056,952

1,771,972

 

Timepiece Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
R C Skinner
Director

Company Registration Number: 04398417

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
12 Castle Street
Exeter
Devon
EX4 3PT

These financial statements were authorised for issue by the Board on 9 November 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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 in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Government grants

Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. During the year, the company received government grants totalling £nil - (2022 - £90,228).

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.

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Goodwill

over 5 years

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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

Short leasehold land and buildings

over 20 years

Equipment

25% reducing balance

Fixtures & Fittings

15% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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.

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2022 - 59).

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Amortisation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

5

Tangible assets

Short leasehold land and buildings
£

Equipment
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 April 2022

384,433

119,078

220,584

724,095

Additions

-

11,556

6,530

18,086

Disposals

-

(35,870)

(6,455)

(42,325)

At 31 March 2023

384,433

94,764

220,659

699,856

Depreciation

At 1 April 2022

262,428

90,885

193,567

546,880

Charge for the year

12,585

7,794

4,779

25,158

Eliminated on disposal

-

(31,720)

(4,775)

(36,495)

At 31 March 2023

275,013

66,959

193,571

535,543

Carrying amount

At 31 March 2023

109,420

27,805

27,088

164,313

At 31 March 2022

122,005

28,193

27,017

177,215

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Debtors

2023
 £

2022
 £

Trade debtors

11,132

5,990

Amounts due from group undertakings

98,531

78,541

Other debtors

1,176,868

1,165,922

Prepayments

61,535

50,494

1,348,066

1,300,947

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
 £

Trade creditors

105,840

232,885

Corporation tax

118,872

74,415

Social security and other taxes

111,972

110,292

Outstanding defined contribution pension costs

1,096

342

Other creditors

57,381

52,859

Accrued expenses

404,812

368,111

799,973

838,904

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments relating to long term leasehold property not included in the balance sheet is £777,245 (2022 - £820,181).

 

Timepiece Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

9

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

At start of period

1,037,198

Repaid

(5,404)

At end of period

1,031,794

2022

Entities with joint control or significant influence
£

At start of period

908,778

Advanced

128,420

At end of period

1,037,198

Terms of loans to related parties

Interest free and repayable on demand.
 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

11

Reserves

During the prior year, £331,770 of the intercompany debt owed by The Hole In The Wall Limited was waived. This was treated as a distribution in the subsidiary in line with the guidance in "TECH 02/17 BL Guidance" on realised and distributable profits under the Companies Act 2006.