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REGISTERED NUMBER: 03224661 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

TIMELIMIT LIMITED

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TIMELIMIT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr L W Saunders
Mr G Armstrong



SECRETARY: Mr L W Saunders



REGISTERED OFFICE: Tempus House
4/5 Howley Park Business Village
Morley
Leeds
West Yorkshire
LS27 0BZ



REGISTERED NUMBER: 03224661 (England and Wales)



ACCOUNTANTS: Reed Smith Accountancy Limited
Chartered Certified Accountants
Copia House
Great Cliffe Court
Great Cliffe Road
Barnsley
South Yorkshire
S75 3SP



BANKERS: Barclays Bank Plc
10 Market Street
Bradford
West Yorkshire
BD1 1EG

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 204,332 209,601

CURRENT ASSETS
Inventories 16,577 1,450
Debtors 5 253,009 318,910
Cash at bank and in hand 261,582 72,043
531,168 392,403
CREDITORS
Amounts falling due within one year 6 697,886 553,914
NET CURRENT LIABILITIES (166,718 ) (161,511 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,614

48,090

CREDITORS
Amounts falling due after more than one
year

7

30,639

44,387
NET ASSETS 6,975 3,703

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 6,915 3,643
SHAREHOLDERS' FUNDS 6,975 3,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by:




Mr L W Saunders - Director



Mr G Armstrong - Director


TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Timelimit 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.

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - Straight line over 50 years
Plant and machinery etc - Straight line over 5 years and Straight line over 4 years

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Construction contracts
The company sells building services to the construction industry. When the outcome of a transaction for the
rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the
company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion as a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Leasehold machinery
property etc Totals
£    £    £   
COST
At 1 August 2022 246,312 96,082 342,394
Additions 490 5,188 5,678
At 31 July 2023 246,802 101,270 348,072
DEPRECIATION
At 1 August 2022 73,587 59,206 132,793
Charge for year 4,937 6,010 10,947
At 31 July 2023 78,524 65,216 143,740
NET BOOK VALUE
At 31 July 2023 168,278 36,054 204,332
At 31 July 2022 172,725 36,876 209,601

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 27,792
DEPRECIATION
At 1 August 2022 7,567
Charge for year 4,324
At 31 July 2023 11,891
NET BOOK VALUE
At 31 July 2023 15,901
At 31 July 2022 20,225

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 236,683 304,856
Other debtors 16,326 14,054
253,009 318,910

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts and finance leases 3,748 3,520
Payments on account 144,481 65,566
Trade creditors 237,244 226,793
Taxation and social security 114,946 188,631
Other creditors 187,467 59,404
697,886 553,914

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,167 29,167
Hire purchase contracts and finance leases 11,472 15,220
30,639 44,387

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 15,220 18,740

The finance lease contracts are secured against the items of tangible fixed assets to which they relate.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their combined controlling shareholdings.