TIMEWELL LIMITED |
Unaudited Financial Statements |
for the Year Ended 30th June 2022 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
TIMEWELL LIMITED (REGISTERED NUMBER: 01993344) |
Notes to the Financial Statements |
for the year ended 30th June 2022 |
1. | STATUTORY INFORMATION |
Timewell Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
DEPRECIATION |
At 1st July 2021 |
Charge for year |
At 30th June 2022 |
NET BOOK VALUE |
At 30th June 2022 |
At 30th June 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2021 |
and 30th June 2022 |
NET BOOK VALUE |
At 30th June 2022 |
At 30th June 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2021 |
Disposals | ( |
) |
Revaluations | (379,015 | ) |
At 30th June 2022 |
NET BOOK VALUE |
At 30th June 2022 |
At 30th June 2021 |
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 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgages |
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 |
Revaluations in the year | (379,015 | ) |
Transfer of realised profits | (129,000 | ) |
At 30th June 2022 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |