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REGISTERED NUMBER: 04841439 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

TIMETRUST LTD

TIMETRUST LTD (REGISTERED NUMBER: 04841439)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TIMETRUST LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: P Schreiber





SECRETARY: A Schreiber





REGISTERED OFFICE: 115 Craven Park Road
South Tottenham
London
N15 6BL





REGISTERED NUMBER: 04841439 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

TIMETRUST LTD (REGISTERED NUMBER: 04841439)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 691 813
Investment property 5 2,477,375 2,477,375
2,478,066 2,478,188

CURRENT ASSETS
Debtors 6 74,298 28,768
Cash at bank 347 2,023
74,645 30,791
CREDITORS
Amounts falling due within one year 7 (559,123 ) (654,829 )
NET CURRENT LIABILITIES (484,478 ) (624,038 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,993,588

1,854,150

CREDITORS
Amounts falling due after more than one
year

8

(1,509,557

)

(1,364,972

)

PROVISIONS FOR LIABILITIES (48,830 ) (48,830 )
NET ASSETS 435,201 440,348

CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 753,985 753,985
Retained earnings 11 (318,785 ) (313,638 )
SHAREHOLDERS' FUNDS 435,201 440,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

TIMETRUST LTD (REGISTERED NUMBER: 04841439)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





P Schreiber - Director


TIMETRUST LTD (REGISTERED NUMBER: 04841439)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Timetrust Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:
a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

TIMETRUST LTD (REGISTERED NUMBER: 04841439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 August 2022
and 31 July 2023 9,583
DEPRECIATION
At 1 August 2022 8,770
Charge for year 122
At 31 July 2023 8,892
NET BOOK VALUE
At 31 July 2023 691
At 31 July 2022 813

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 2,477,375
NET BOOK VALUE
At 31 July 2023 2,477,375
At 31 July 2022 2,477,375

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2017 545,815
Valuation in 2020 257,000
Cost 1,674,560
2,477,375

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 61,858 -
Other debtors 12,440 28,768
74,298 28,768

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other creditors 559,123 654,829

TIMETRUST LTD (REGISTERED NUMBER: 04841439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 1,461,451 1,318,053
Other creditors 48,106 46,919
1,509,557 1,364,972

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,461,451 1,318,053

Repayable by instalments
Other loans more 5yrs instal 48,106 46,919

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 1,461,451 1,318,053
Other loans 48,106 46,919
1,509,557 1,364,972

1. Long term bank loan is secured by first charge over the company's investment property.

2. Under the bank loan, £48,106 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
1 Ordinary £1 1 1

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2022 (313,638 ) 753,985 440,347
Deficit for the year (5,147 ) (5,147 )
At 31 July 2023 (318,785 ) 753,985 435,200

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Schreiber.