Company registration number 08800909 (England and Wales)
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,408
2,810
Investments
4
20,012
12
22,420
2,822
Current assets
Trade and other receivables
5
2,522,674
1,799,803
Cash and cash equivalents
35
2,522,674
1,799,838
Current liabilities
6
(1,450,035)
(1,048,784)
Net current assets
1,072,639
751,054
Total assets less current liabilities
1,095,059
753,876
Non-current liabilities
7
(18,026)
(29,540)
Net assets
1,077,033
724,336
Equity
Called up share capital
8
50,200
50,200
Retained earnings
1,026,833
674,136
Total equity
1,077,033
724,336
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
C T Hunter
Director
Company registration number 08800909 (England and Wales)
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Timeless Land Limited (Formerly Maritime Capital Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Suite 17, The Dorcan Complex, Faraday Road, Swindon, SN3 5HQ.
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.
These financial statements for the year ended 31 March 2023 are the first financial statements of Timeless Land Limited (Formerly Maritime Capital Limited) prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Property, plant and equipment
Property, plant and equipment 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:
Leasehold land and buildings
10% Straight line
Computers
10% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of income.
1.4
Non-current investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 trade and other payables, bank loans and loans from fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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 income statement 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
4,012
1,050
5,062
Depreciation and impairment
At 1 April 2022
1,203
1,049
2,252
Depreciation charged in the year
402
402
At 31 March 2023
1,605
1,049
2,654
Carrying amount
At 31 March 2023
2,407
1
2,408
At 31 March 2022
2,809
1
2,810
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
20,012
12
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
12
Additions
20,000
At 31 March 2023
20,012
Carrying amount
At 31 March 2023
20,012
At 31 March 2022
12
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Trade and other receivables
2023
2022
£
£
Amounts falling due within one year:
Trade receivables
26,282
Other receivables
2,223,906
1,675,145
Prepayments and accrued income
298,768
98,376
2,522,674
1,799,803
6
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
9,184
3,832
Trade payables
497,496
102,994
Corporation tax
263,050
184,050
Other taxation and social security
141,606
192,927
Other payables
538,699
564,981
1,450,035
1,048,784
7
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
18,026
29,540
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
50,200 Ordinary shares of £1 each
50,200
50,200
50,200
50,200
10
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Creditors due within one year
Taxation
(329,477)
(47,500)
(376,977)
Other payables
(917,975)
250,000
(667,975)
Net assets
521,836
202,500
724,336
Capital and reserves
Retained earnings
471,636
202,500
674,136
TIMELESS LAND LIMITED (FORMERLY MARITIME CAPITAL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Prior period adjustment
(Continued)
- 8 -
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Profit for the financial period
448,187
-
448,187
Notes to reconciliation
Management expenses
1 - An adjustment has been made to remove expenditure of £250,000 that had originally been recorded during the year ended 31 March 2020.
Corporation tax
2 - An adjustment has been made to remove a corporation tax charge of £47,500 that arose as a result of adjustment 1.
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