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TIMEWELL LIMITED

Unaudited Financial Statements

for the Year Ended 30th June 2022






TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)






Contents of the Financial Statements
for the year ended 30th June 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TIMEWELL LIMITED

Company Information
for the year ended 30th June 2022







DIRECTORS: R McKee
Mrs C R McKee





SECRETARY: Mrs C R McKee





REGISTERED OFFICE: 1 Abbots Quay
Monks Ferry
Birkenhead
Wirral
CH41 5LH





REGISTERED NUMBER: 01993344 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Balance Sheet
30th June 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,771 3,260
Investments 5 2 2
Investment property 6 2,763,241 3,292,256
2,766,014 3,295,518

CURRENT ASSETS
Debtors 7 64,899 431,139
Cash at bank 1,200 26,430
66,099 457,569
CREDITORS
Amounts falling due within one year 8 143,342 112,689
NET CURRENT (LIABILITIES)/ASSETS (77,243 ) 344,880
TOTAL ASSETS LESS CURRENT LIABILITIES 2,688,771 3,640,398

CREDITORS
Amounts falling due after more than one
year

9

(1,782,584

)

(2,376,025

)

PROVISIONS FOR LIABILITIES (1,538 ) (1,538 )
NET ASSETS 904,649 1,262,835

CAPITAL AND RESERVES
Called up share capital 22,500 22,500
Revaluation reserve 11 1,132,883 1,640,898
Retained earnings (250,734 ) (400,563 )
SHAREHOLDERS' FUNDS 904,649 1,262,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Balance Sheet - continued
30th June 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2023 and were signed on its behalf by:





R McKee - Director


TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Notes to the Financial Statements
for the year ended 30th June 2022

1. STATUTORY INFORMATION

Timewell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

The valuation of investment property held in the balance sheet.

The useful economic lives and residual values of fixed assets are assessed by management on a timely basis.

Turnover
Turnover represents gross rents receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans from related parties and investments in non-puttable ordinary shares.

Debtors, creditors, intercompany loans (being repayable on demand) and directors loans (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid.

Bank loans are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.


TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Notes to the Financial Statements - continued
for the year ended 30th June 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Notes to the Financial Statements - continued
for the year ended 30th June 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st July 2021
and 30th June 2022 95,517
DEPRECIATION
At 1st July 2021 92,257
Charge for year 489
At 30th June 2022 92,746
NET BOOK VALUE
At 30th June 2022 2,771
At 30th June 2021 3,260

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st July 2021
and 30th June 2022 2
NET BOOK VALUE
At 30th June 2022 2
At 30th June 2021 2

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2021 3,292,256
Disposals (150,000 )
Revaluations (379,015 )
At 30th June 2022 2,763,241
NET BOOK VALUE
At 30th June 2022 2,763,241
At 30th June 2021 3,292,256

TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Notes to the Financial Statements - continued
for the year ended 30th June 2022

6. INVESTMENT PROPERTY - continued

Fair value at 30th June 2022 is represented by:
£   
Valuation in 2022 1,132,883
Cost 1,630,358
2,763,241

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,630,358 1,651,358

Investment properties were valued on an open market basis on 30th June 2022 by the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 64,899 431,139

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 43,076 44,950
Taxation and social security 15,883 -
Other creditors 84,383 67,739
143,342 112,689

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Other creditors 1,782,584 2,376,025

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgages 1,782,584 2,376,025

TIMEWELL LIMITED (REGISTERED NUMBER: 01993344)

Notes to the Financial Statements - continued
for the year ended 30th June 2022

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans and mortgages - 2,376,025

The bank loans and mortgages are secured against the properties to which they relate.

11. RESERVES
Revaluation
reserve
£   
At 1st July 2021 1,640,898
Revaluations in the year (379,015 )
Transfer of realised profits (129,000 )

At 30th June 2022 1,132,883

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th June 2022 and 30th June 2021:

2022 2021
£    £   
R McKee and Mrs C R McKee
Balance outstanding at start of year 431,139 59,121
Amounts advanced - 431,139
Amounts repaid (366,240 ) (59,121 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 64,899 431,139

13. RELATED PARTY DISCLOSURES

The company's directors, Mr R McKee and Mrs C McKee, have given personal guarantees to one of the company's lenders to provide additional security on certain property loans. The maximum liability under these guarantees at the balance sheet date is £345,215.

14. CONTROLLING PARTY

The company is under the control of Mr R McKee, company director.