Registered number
04612934
TIMESIGNS LIMITED
Unaudited Accounts
31 December 2023
TIMESIGNS LIMITED
Registered number: 04612934
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,737 7,172
Current assets
Debtors 4 4,623 15,765
Cash at bank and in hand 14,350 12,191
18,973 27,956
Creditors: amounts falling due within one year 5 (3,098) (4,856)
Net current assets 15,875 23,100
Total assets less current liabilities 21,612 30,272
Provisions for liabilities (1,090) (1,363)
Net assets 20,522 28,909
Capital and reserves
Called up share capital 100 100
Profit and loss account 20,422 28,809
Shareholders' funds 20,522 28,909
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
WILLIAM MORRIS
Director
Approved by the board on 10 April 2024
TIMESIGNS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% per annum reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 43,625
At 31 December 2023 43,625
Depreciation
At 1 January 2023 36,453
Charge for the year 1,435
At 31 December 2023 37,888
Net book value
At 31 December 2023 5,737
At 31 December 2022 7,172
4 Debtors 2023 2022
£ £
Trade debtors 4,623 15,765
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 852 1,316
Taxation and social security costs 1,297 2,591
Other creditors 949 949
3,098 4,856
6 Other information
TIMESIGNS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
4 Galesbury Road
Wandsworth
London
SW18 2RL
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