Registered number
04839655
T.I.M.C. Independent Financial Advisers Limited
Filleted Accounts
31 July 2024
T.I.M.C. Independent Financial Advisers Limited
Registered number: 04839655
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 89,462 121,153
Current assets
Debtors 4 37,149 40,441
Cash at bank and in hand 208,191 177,278
245,340 217,719
Creditors: amounts falling due within one year 5 (42,698) (42,628)
Net current assets 202,642 175,091
Total assets less current liabilities 292,104 296,244
Creditors: amounts falling due after more than one year 6 (66,914) (68,525)
Provisions for liabilities (1,188) (3,460)
Net assets 224,002 224,259
Capital and reserves
Called up share capital 100 100
Profit and loss account 223,902 224,159
Shareholder's funds 224,002 224,259
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
D Kerry
Director
Approved by the board on 27 August 2024
T.I.M.C. Independent Financial Advisers Limited
Notes to the Accounts
for the year ended 31 July 2024
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Office equipment 33% reducing Balance
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2023 7,998 125,538 133,536
Additions 583 513 1,096
At 31 July 2024 8,581 126,051 134,632
Depreciation
At 1 August 2023 4,537 7,846 12,383
Charge for the year 1,274 31,513 32,787
At 31 July 2024 5,811 39,359 45,170
Net book value
At 31 July 2024 2,770 86,692 89,462
At 31 July 2023 3,461 117,692 121,153
4 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Dianne Kerry
Directors Loan Account 9,981 10,327 (14,841) 5,467
9,981 10,327 (14,841) 5,467
The loan is unsecured, interest-free and repayable on the company's demand.
T.I.M.C. Independent Financial Advisers Limited 04839655 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts April 2024 D Kerry No description of principal activity 04839655 2022-08-01 2023-07-31 04839655 core:WithinOneYear 2023-07-31 04839655 core:AfterOneYear 2023-07-31 04839655 core:ShareCapital 2023-07-31 04839655 core:RetainedEarningsAccumulatedLosses 2023-07-31 04839655 2023-08-01 2024-07-31 04839655 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04839655 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04839655 bus:Director40 2023-08-01 2024-07-31 04839655 1 2023-08-01 2024-07-31 04839655 2 2023-08-01 2024-07-31 04839655 core:PlantMachinery 2023-08-01 2024-07-31 04839655 core:Vehicles 2023-08-01 2024-07-31 04839655 bus:Director1 2023-08-01 2024-07-31 04839655 bus:Director1 1 2023-08-01 2024-07-31 04839655 bus:FRS102 2023-08-01 2024-07-31 04839655 bus:FilletedAccounts 2023-08-01 2024-07-31 04839655 2024-07-31 04839655 core:WithinOneYear 2024-07-31 04839655 core:AfterOneYear 2024-07-31 04839655 core:ShareCapital 2024-07-31 04839655 core:RetainedEarningsAccumulatedLosses 2024-07-31 04839655 core:PlantMachinery 2024-07-31 04839655 core:Vehicles 2024-07-31 04839655 bus:Director1 1 2024-07-31 04839655 2023-07-31 04839655 core:PlantMachinery 2023-07-31 04839655 core:Vehicles 2023-07-31 04839655 bus:Director1 1 2023-07-31 iso4217:GBP xbrli:pure