Company registration number 12103859 (England and Wales)
TIMELY IMAGING MEDICAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TIMELY IMAGING MEDICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TIMELY IMAGING MEDICAL LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,970
1,342
Investment property
5
449,274
462,244
1,342
Current assets
Debtors
6
78,418
76,653
Cash at bank and in hand
210,155
461,953
288,573
538,606
Creditors: amounts falling due within one year
7
(83,482)
(77,617)
Net current assets
205,091
460,989
Total assets less current liabilities
667,335
462,331
Provisions for liabilities
(9,369)
(336)
Net assets
657,966
461,995
Capital and reserves
Called up share capital
8
26
26
Profit and loss reserves
657,940
461,969
Total equity
657,966
461,995
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TIMELY IMAGING MEDICAL LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
16 April 2024
16 April 2024
and are signed on its behalf by:
Dr T Hoare
Director
Company registration number 12103859 (England and Wales)
TIMELY IMAGING MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Timely Imaging Medical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle Upon Tyne, United Kingdom, NE12 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
Computers
33% straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
TIMELY IMAGING MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
2
2
TIMELY IMAGING MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
74,213
72,401
Deferred tax
Origination and reversal of timing differences
9,033
(33)
Total tax charge
83,246
72,368
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2022
435
1,649
2,084
Additions
12,263
1,089
13,352
At 31 July 2023
12,698
2,738
15,436
Depreciation
At 1 August 2022
107
635
742
Depreciation charged in the year
921
803
1,724
At 31 July 2023
1,028
1,438
2,466
Carrying amount
At 31 July 2023
11,670
1,300
12,970
At 31 July 2022
328
1,014
1,342
5
Investment property
2023
£
Fair value
At 1 August 2022
Additions
449,274
At 31 July 2023
449,274
The directors believe that the carrying amount of the investment property approximates to its fair value.
Although no formal revaluation has been undertaken at the year end, when taking the length of time the
company has owned the property and current market conditions into consideration, it is unlikely that the
carrying value is significantly different to fair value.
TIMELY IMAGING MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
77,956
75,568
Other debtors
152
Prepayments and accrued income
310
1,085
78,418
76,653
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
74,213
72,401
Other creditors
6,737
2,690
Accruals and deferred income
2,532
2,526
83,482
77,617
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
10
10
Ordinary B shares of £1 each
10
10
Ordinary C shares of £1 each
2
2
Ordinary D shares of £1 each
2
2
Ordinary E shares of £1 each
2
2
26
26
9
Related party transactions
2023
2022
Amounts due to related parties
£
£
Directors
6,588
2,690
There are no set terms as to repayment of this balance and no interest accruing thereon.