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REGISTERED NUMBER: 05036155















Unaudited Financial Statements for the Year Ended 31st December 2023

for

TIMESOURCE LTD

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

TIMESOURCE LTD

Company Information
for the Year Ended 31st December 2023







DIRECTORS: Mr. N Woolley
Mr M G Lloyd
Mr D Woolley





SECRETARY: Mrs. K Woolley





REGISTERED OFFICE: Wingmore, Wilsthorpe Road
Braceborough
Stamford
Lincolnshire
PE9 4NX





REGISTERED NUMBER: 05036155





ACCOUNTANTS: Hayward Wright Ltd
4 Clews Road
Redditch
Worcestershire
B98 7ST

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,088 2,189

CURRENT ASSETS
Stocks 5 524,770 557,923
Debtors 6 271,120 287,601
Cash at bank and in hand 297,862 329,358
1,093,752 1,174,882
CREDITORS
Amounts falling due within one year 7 82,440 148,984
NET CURRENT ASSETS 1,011,312 1,025,898
TOTAL ASSETS LESS CURRENT LIABILITIES 1,012,400 1,028,087

CREDITORS
Amounts falling due after more than one
year

8

(19,062

)

(29,097

)

PROVISIONS FOR LIABILITIES 10 (13 ) (277 )
NET ASSETS 993,325 998,713

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 993,225 998,613
SHAREHOLDERS' FUNDS 993,325 998,713

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

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

The directors acknowledge their 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.

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Balance Sheet - continued
31st December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd September 2024 and were signed on its behalf by:





Mr. N Woolley - Director


TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Notes to the Financial Statements
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

Timesource Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on cost
Computer equipment - 50% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 24,972
Additions 844
At 31st December 2023 25,816
DEPRECIATION
At 1st January 2023 22,783
Charge for year 1,945
At 31st December 2023 24,728
NET BOOK VALUE
At 31st December 2023 1,088
At 31st December 2022 2,189

5. STOCKS
2023 2022
£    £   
Stocks 524,770 557,923

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 227,703 187,317
Other debtors 257 76,409
VAT 23,544 10,386
Prepayments 19,616 13,489
271,120 287,601

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 14,604 9,793
Trade creditors 3,674 2,653
Bad Debt Provision 1,502 1,502
Tax 11,606 20,954
Social security and other taxes 7,156 6,367
Other creditors 17,313 56,333
Directors' loan accounts 6,417 23,960
Accrued expenses 20,168 27,422
82,440 148,984

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 19,062 29,097

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,569 5
Bank loans 10,035 9,788
14,604 9,793

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,188 10,035

Amounts falling due between two and five years:
Bank loans - 2-5 years 8,874 19,062

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 13 277

TIMESOURCE LTD (REGISTERED NUMBER: 05036155)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 277
Provided during year (264 )
Balance at 31st December 2023 13

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Timesource Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timesource Ltd for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Timesource Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Timesource Ltd and state those matters that we have agreed to state to the Board of Directors of Timesource Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timesource Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Timesource Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Timesource Ltd. You consider that Timesource Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Timesource Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hayward Wright Ltd
4 Clews Road
Redditch
Worcestershire
B98 7ST


2nd September 2024