Registered number
08685590
Timeless Tradition Ltd
Report and Financial Statements
30 November 2022
Timeless Tradition Ltd
Registered number: 08685590
Director's Report
The director presents his report and financial statements for the year ended 30 November 2022.
Principal activities
The company's principal activity during the period was the development and management of residential property.
Directors
The following persons served as directors during the year:
K Mckie
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 17 November 2023 and signed on its behalf.
K Mckie
Director
Timeless Tradition Ltd
Profit and Loss Account
for the year ended 30 November 2022
2022 2021
£ £
Turnover 37,693 42,111
Cost of sales (32,936) (36,816)
Gross profit 4,757 5,295
Administrative expenses (3,901) (1,573)
Operating profit 856 3,722
Interest receivable - 22
Interest payable - -
Profit on ordinary activities before taxation 856 3,744
Tax on profit on ordinary activities (163) (711)
Profit for the financial year 693 3,033
Timeless Tradition Ltd
Registered number: 08685590
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £ £ £
Current assets
Debtors 3 48,458 48,458
Cash at bank and in hand 184 138
48,642 48,596
Creditors: amounts falling due within one year 4 (16,612) (8,409)
Net current assets 32,030 40,187
Total assets less current liabilities 32,030 40,187
Creditors: amounts falling due after more than one year 5 (27,849) (36,699)
Net assets 4,181 3,488
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 3,181 2,488
Shareholder's funds 4,181 3,488
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Mckie
Director
Approved by the board on 17 November 2023
Timeless Tradition Ltd
Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2022 2021
£ £
Trade debtors 47,458 47,458
Other debtors 1,000 1,000
48,458 48,458
4 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 8,748 200
Corporation tax 2,917 711
Other taxes and social security costs 581 -
Other creditors 4,366 7,498
16,612 8,409
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 27,849 36,699
Other creditors - -
27,849 36,699
6 Other information
Timeless Tradition Ltd is a private company limited by shares and incorporated in England. Its registered office is:
27 First Avenue
Edmonton
London
N18 3PD
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