Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01servicing and repair of watches, sales of watch accessories, the modification and sales of pre-owned watches and the restoration and sales of vintage watches.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09966906 2023-01-01 2023-12-31 09966906 2022-01-01 2022-12-31 09966906 2023-12-31 09966906 2022-12-31 09966906 c:Director1 2023-01-01 2023-12-31 09966906 d:FurnitureFittings 2023-01-01 2023-12-31 09966906 d:FurnitureFittings 2023-12-31 09966906 d:FurnitureFittings 2022-12-31 09966906 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09966906 d:CurrentFinancialInstruments 2023-12-31 09966906 d:CurrentFinancialInstruments 2022-12-31 09966906 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09966906 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09966906 d:ShareCapital 2023-12-31 09966906 d:ShareCapital 2022-12-31 09966906 d:RetainedEarningsAccumulatedLosses 2023-12-31 09966906 d:RetainedEarningsAccumulatedLosses 2022-12-31 09966906 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09966906 c:OrdinaryShareClass1 2023-12-31 09966906 c:FRS102 2023-01-01 2023-12-31 09966906 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09966906 c:FullAccounts 2023-01-01 2023-12-31 09966906 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09966906 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09966906














TIME MANAGEMENT INTERNATIONAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
TIME MANAGEMENT INTERNATIONAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 5


 
TIME MANAGEMENT INTERNATIONAL LIMITED
REGISTERED NUMBER:09966906

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
104

Current assets
  

Stocks
  
42,542
67,007

Debtors: amounts falling due within one year
 5 
165,128
14

Cash at bank and in hand
  
105
14,774

  
207,775
81,795

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(206,793)
(37,463)

Net current assets
  
 
 
982
 
 
44,332

  

Net assets
  
982
44,436


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
981
44,435

  
982
44,436


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 comprehensive income 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 on 12 August 2024.


D Bourn
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
TIME MANAGEMENT INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Time Management International Limited is a private limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activities of the company during the year was that of servicing and repair of watches, sales of watch accessories, the modification and sales of pre-owned watches and the restoration and sales of vintage watches.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currencies

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

 
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Page 2

 
TIME MANAGEMENT INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,  on the following basis:.


Fixtures and fittings
-
33%
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.

 
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for absolete and slow-moving stocks.

 
2.7

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances, bank and related party loans. 
 
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction cost plus attributable transaction cost. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financial transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest. 
Interest bearing borrowings classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method. 
Cash and cash equivalents comprise of cash in hand and bank balances.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable.

Page 3

 
TIME MANAGEMENT INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 January 2023
2,197



At 31 December 2023

2,197



Depreciation


At 1 January 2023
2,093


Charge for the year on owned assets
104



At 31 December 2023

2,197



Net book value



At 31 December 2023
-



At 31 December 2022
104


5.


Debtors

2023
2022
£
£


Trade debtors
-
14

Other debtors
164,780
-

Prepayments and accrued income
348
-

165,128
14


IIncluded within other debtors due within one year is amounts owed by the director of £164,139. Interest has been charged on the loan at the rate of 2.25% per annum and is included in the balance.

Page 4

 
TIME MANAGEMENT INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
159
-

Trade creditors
2,258
22,366

Other taxation and social security
42,306
9,685

Other creditors
157,095
333

Accruals and deferred income
4,975
5,079

206,793
37,463


The bank overdraft is secured by fixed and floating charges over the assets of the company.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1


 
Page 5