Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01false107truetruefalse 02782004 2023-04-01 2024-03-31 02782004 2022-04-01 2023-03-31 02782004 2024-03-31 02782004 2023-03-31 02782004 c:Director1 2023-04-01 2024-03-31 02782004 d:ComputerEquipment 2023-04-01 2024-03-31 02782004 d:ComputerEquipment 2024-03-31 02782004 d:ComputerEquipment 2023-03-31 02782004 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02782004 d:ComputerSoftware 2024-03-31 02782004 d:ComputerSoftware 2023-03-31 02782004 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 02782004 d:CurrentFinancialInstruments 2024-03-31 02782004 d:CurrentFinancialInstruments 2023-03-31 02782004 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02782004 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02782004 d:ShareCapital 2024-03-31 02782004 d:ShareCapital 2023-03-31 02782004 d:SharePremium 2024-03-31 02782004 d:SharePremium 2023-03-31 02782004 d:RetainedEarningsAccumulatedLosses 2024-03-31 02782004 d:RetainedEarningsAccumulatedLosses 2023-03-31 02782004 c:FRS102 2023-04-01 2024-03-31 02782004 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02782004 c:FullAccounts 2023-04-01 2024-03-31 02782004 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02782004 6 2023-04-01 2024-03-31 02782004 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02782004 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02782004 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 02782004 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02782004 d:RetirementBenefitObligationsDeferredTax 2024-03-31 02782004 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02782004 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02782004










TIME TECHNOLOGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TIME TECHNOLOGY LIMITED
REGISTERED NUMBER: 02782004

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,877
3,171

Investments
 6 
1
1

  
1,878
3,172

Current assets
  

Debtors: amounts falling due within one year
 7 
158,020
87,284

Cash at bank and in hand
  
288,136
228,790

  
446,156
316,074

Creditors: amounts falling due within one year
 8 
(186,752)
(81,911)

Net current assets
  
 
 
259,404
 
 
234,163

Total assets less current liabilities
  
261,282
237,335

  

Net assets
  
261,282
237,335


Capital and reserves
  

Called up share capital 
  
255,463
255,463

Share premium account
  
81,624
81,624

Profit and loss account
  
(75,805)
(99,752)

  
261,282
237,335


Page 1

 
TIME TECHNOLOGY LIMITED
REGISTERED NUMBER: 02782004
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






P D Skeffington
Director

Date: 27 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Time Technology Limited, (02782004), is a private company limited by shares. It is incorporated in England & Wales. The registered office is Brook House, Mint Street, Godalming, Surrey, GU7 1HE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
3
years

 
2.4

Tangible fixed assets

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.

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 the following basis:

Computer equipment
-
20%
Straight line

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

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.

Page 5

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 7).


4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
8,950



At 31 March 2024

8,950



Amortisation


At 1 April 2023
8,950



At 31 March 2024

8,950



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 7

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2023
13,642



At 31 March 2024

13,642



Depreciation


At 1 April 2023
10,471


Charge for the year on owned assets
1,294



At 31 March 2024

11,765



Net book value



At 31 March 2024
1,877



At 31 March 2023
3,171


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1




Page 8

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
139,857
87,284

Deferred taxation
18,163
-

158,020
87,284



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
25,394

Trade creditors
31,960
8,383

Other taxation and social security
42,839
38,790

Other creditors
27,885
6,344

Accruals and deferred income
84,068
3,000

186,752
81,911



9.


Deferred taxation




2024


£






Charged to profit or loss
18,163



At end of year
18,163

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(469)
-

Provisions
5,617
-

Losses
13,015
-

18,163
-

Page 9

 
TIME TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

During the year the company incurred consultancy costs of £65,423 (£51,511) from Time Technology LLC, a company incorporated in the United States of America and controlled by Mr P Skeffington.

At the year end the company owed Time Technology LLC £27,564 (£6,866).


 

 
Page 10