Registered number
SC352585
Time for You (Fife) Limited
Filleted Accounts
31 January 2024
Time for You (Fife) Limited
Registered number: SC352585
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 40,328 6,833
Current assets
Debtors 4 24,570 24,268
Cash at bank and in hand 53,586 27,013
78,156 51,281
Creditors: amounts falling due within one year 5 (40,082) (23,659)
Net current assets 38,074 27,622
Total assets less current liabilities 78,402 34,455
Creditors: amounts falling due after more than one year 6 (38,371) (6,817)
Provisions for liabilities (5,756) (5,756)
Net assets 34,275 21,882
Capital and reserves
Called up share capital 2 2
Profit and loss account 34,273 21,880
Shareholders' funds 34,275 21,882
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.
R Watson
Director
Approved by the board on 6 August 2024
Time for You (Fife) Limited
Notes to the Accounts
for the year ended 31 January 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 rendering of services and 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 at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Plant and machinery 20% on a Reducing Balance basis
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 4,591 15,425 20,016
Additions - 37,080 37,080
At 31 January 2024 4,591 52,505 57,096
Depreciation
At 1 February 2023 2,639 10,544 13,183
Charge for the year 47 3,538 3,585
At 31 January 2024 2,686 14,082 16,768
Net book value
At 31 January 2024 1,905 38,423 40,328
At 31 January 2023 1,952 4,881 6,833
4 Debtors 2024 2023
£ £
Trade debtors 3,459 3,157
Other debtors 21,111 21,111
24,570 24,268
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - (388)
Go Cardless 39,137 7,311
Corporation tax - 8,221
Other taxes and social security costs 1,020 8,590
Other creditors (75) (75)
40,082 23,659
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,812 6,812
Obligations under finance lease and hire purchase contracts 33,255 -
Other creditors 304 5
38,371 6,817
7 Other information
Time for You (Fife) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
7 Little Craigs View
Burntisland
Fife
KY3 0DB
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