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REGISTERED NUMBER: 06907752 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

TIME BASED ARTS LIMITED

TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TIME BASED ARTS LIMITED

COMPANY INFORMATION
for the year ended 30 April 2023







DIRECTORS: Mr J A Allen
Mr M Skrgatic





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 06907752 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

ABRIDGED BALANCE SHEET
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 612,817 410,968
Investments 5 2 2
612,819 410,970

CURRENT ASSETS
Stocks 164,160 33,111
Debtors 1,385,736 1,890,621
Cash at bank 30,435 208,615
1,580,331 2,132,347
CREDITORS
Amounts falling due within one year 1,077,977 978,570
NET CURRENT ASSETS 502,354 1,153,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,173

1,564,747

CREDITORS
Amounts falling due after more than one year 6 (537,666 ) (566,204 )

PROVISIONS FOR LIABILITIES (84,773 ) (54,456 )
NET ASSETS 492,734 944,087

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 492,732 944,085
SHAREHOLDERS' FUNDS 492,734 944,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

ABRIDGED BALANCE SHEET - continued
30 April 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 January 2024 and were signed on its behalf by:




Mr J A Allen - Director



Mr M Skrgatic - Director


TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2023

1. STATUTORY INFORMATION

Time Based Arts 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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover 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.
Improvements to property - Straight line over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Fixed assets investments
Fixed asset investments are held at cost less amounts provided for permanent diminution in value. The carrying values of fixed asset investment are reviewed for impairment where events or changes in circumstance indicate the carrying value may not be recoverable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 43 ) .

TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022 1,456,415
Additions 389,943
At 30 April 2023 1,846,358
DEPRECIATION
At 1 May 2022 1,045,447
Charge for year 188,094
At 30 April 2023 1,233,541
NET BOOK VALUE
At 30 April 2023 612,817
At 30 April 2022 410,968

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

Totals
£   
COST
At 1 May 2022 132,665
Additions 267,450
Transfer to ownership (132,665 )
At 30 April 2023 267,450
DEPRECIATION
At 1 May 2022 58,041
Charge for year 77,037
Transfer to ownership (76,697 )
At 30 April 2023 58,381
NET BOOK VALUE
At 30 April 2023 209,069
At 30 April 2022 74,624

TIME BASED ARTS LIMITED (REGISTERED NUMBER: 06907752)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 May 2022
and 30 April 2023 2
NET BOOK VALUE
At 30 April 2023 2
At 30 April 2022 2

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans 42,087 34,028

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 576,956 818,877
Hire purchase contracts 278,314 25,166
855,270 844,043

Bank loans and hire purchase contracts are secured by way of a fixed and floating charge over the assets held by the company.

8. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £883,473 (2022: £1,086,088) by Art Practice Limited, a company controlled by the directors.

During the year, the company was recharged £26,250 (2022: nil) in rent and £20,000 (2022: nil) in light and heat from Art Practice Limited.

At the balance sheet date, the company owed £55 (2022: £32) to the directors.