2022-03-012023-02-282023-02-28false11815498TIME OFF EVENTS 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TIME OFF EVENTS LIMITED

Registered Number
11815498
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

TIME OFF EVENTS LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Mr M Smith-Halvorsen

Registered Address

Copthorne Stud Effingham Road
Copthorne
Crawley
RH10 3HY

Registered Number

11815498 (England and Wales)
TIME OFF EVENTS LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3133,98383,944
133,98383,944
Current assets
Debtors42,3574,604
Cash at bank and on hand4,1639,527
6,52014,131
Creditors amounts falling due within one year5(613,071)(501,235)
Net current assets (liabilities)(606,551)(487,104)
Total assets less current liabilities(472,568)(403,160)
Creditors amounts falling due after one year6(16,024)(21,851)
Net assets(488,592)(425,011)
Capital and reserves
Called up share capital100100
Profit and loss account(488,692)(425,111)
Shareholders' funds(488,592)(425,011)
The financial statements were approved and authorised for issue by the Director on 11 April 2024, and are signed on its behalf by:
Mr M Smith-Halvorsen
Director
Registered Company No. 11815498
TIME OFF EVENTS LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).
Basis of preparation
The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholder to fund its working capital requirement for a period of at least twelve months for the date these financial statements were approved.
Revenue from rendering of services
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from ticket sales is recognised in the period in which the event occurs. Revenue from other sources is recognised at point of sale. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the agreement.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings10
Office Equipment20
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, 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 for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Share capital
Ordinary shares are classified as equity.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
2.Average number of employees
The average number of employees include directors.

20232022
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 March 2273,11412,69585,809
Additions52,595-52,595
At 28 February 23125,70912,695138,404
Depreciation and impairment
At 01 March 22-1,8651,865
Charge for year-2,5562,556
At 28 February 23-4,4214,421
Net book value
At 28 February 23125,7098,274133,983
At 28 February 2273,11410,83083,944
4.Debtors: amounts due within one year

2023

2022

££
Other debtors-2,999
Prepayments and accrued income2,3571,605
Total2,3574,604
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-920
Bank borrowings and overdrafts5,8275,827
Taxation and social security386-
Other creditors604,589492,438
Accrued liabilities and deferred income2,2692,050
Total613,071501,235
Bank loans shown above are guaranteed by the UK Government under BBLS.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts16,02421,851
Total16,02421,851
Bank loans shown above are guaranteed by the UK Government under BBLS.